Foresight Solar (LON: FSFL)  reported a resilient operational performance for 2025, maintaining its full-year dividend at 8.10p per share, fully covered 1.3 times by cash generation, as active power price hedging helped offset a still-volatile energy market. The fund generated 1,038GWh of electricity over the period and returned £56.1mn to shareholders through dividends and buybacks, while signalling an unchanged payout target for 2026, equivalent to a double-digit yield at current share prices.

Yet the results also reflect the valuation pressures weighing on listed renewables. Net asset value fell to £545.9m (99.2p per share) from £634.4m a year earlier, as higher discount rates and sector headwinds continued to erode asset values despite stable cash flows. Management is responding with a mix of strategic initiatives, including asset disposals, fee reductions and potential private market solutions aimed at narrowing the persistent discount to NAV, while advancing its growth strategy through battery storage, notably the launch of its first operational BESS asset, and selective portfolio optimisation.