**SummaryForesight Solar Fund Limited Q4 2025 Trading Update and Net Asset Value**
Foresight Solar Fund Limited (FSFL) released its Q4 2025 trading update and net asset value (NAV) report on March 5, 2026, highlighting key developments and financial performance. The unaudited NAV as of December 31, 2025, stood at ยฃ545.9 million, down from ยฃ564.5 million in September 2025, resulting in a NAV per share of 99.2 pence (previously 102.1 pence).
**Key Highlights**
1. **Operational Performance** Strong UK irradiation in 2025 boosted electricity production by 3.4% <mark style="background-color:yellow">above</mark> budget. An independent review of the UK portfolio revised the energy yield forecast upward by 2.8%, affirming the portfolios high operational standards.
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Below is the HTML table code comparing the financials and debt year on year based on the provided text:
| Metric | 31 December 2025 | 30 September 2025 | Change |
|---|
| Net Asset Value (NAV) | ยฃ545.9 million | ยฃ564.5 million | -ยฃ18.6 million |
| NAV per Ordinary Share | 99.2 pence | 102.1 pence | -2.9 pence |
| Gross Asset Value (GAV) | ยฃ928.2 million | ยฃ969.4 million | -ยฃ41.2 million |
| Total Outstanding Debt | ยฃ382.3 million | ยฃ404.9 million | -ยฃ22.6 million |
| Debt as % of GAV | 41.2% | 41.8% | -0.6% |
| RCF Balance Drawn | ยฃ72.7 million | ยฃ91.7 million | -ยฃ19.0 million |
| UK Portfolio Valuation (ยฃm/MWp) | 0.97 | 1.09 | -0.12 |
### Key Notes:
1. **NAV and NAV per Share**: Both decreased from September to December 2025, primarily due to factors like tax review adjustments, Australian curtailment, and ROC/FiT inflation indexation.
2. **GAV and Debt**: GAV decreased, while total debt also reduced, keeping the debt-to-GAV ratio relatively stable.
3. **RCF Balance**: The Revolving Credit Facility (RCF) balance drawn decreased by ยฃ19.0 million.
4. **UK Portfolio Valuation**: The valuation per MWp decreased from 1.09 to 0.97. This table provides a clear comparison of key financial and debt metrics between the two periods.