May was a busy month for the Foresight Solar team. The month started with the unveiling of the Q1 2025 net asset value at £620.9 million, equivalent to 111.0 pence per share. Lower power price forecasts for the UK and Spain were the primary drivers of the reduction in the period.

The board published a trading update to 30 April 2025, showing electricity generation in the UK, our main market, was 9.4% above budget – the number jumped to 12.4% excluding network outages. The directors also shared developments on the ongoing strategic considerations, disclosing a proposal had been made but didn’t advance.

With our annual general meeting (AGM) happening on 17 June 2025, the notices were mailed to shareholders outlining the board’s recommendations. There are 15 resolutions in the document, each accompanied by clear explanations and voting recommendations.

In the final week of the month, we announced a key balance sheet management initiative with extension and reduction of our revolving credit facility (RCF). The multicurrency line was resized to £100 million, resulting in fee savings of approximately £1 million over the life of the facility.