We view FSFL’s H1 June 2016 results as solid (NAV TR 3.4%) given the environment and the fund’s 7.5% asset level discount rate. As a result of Foresight’s power curve strategy, FSFL’s curve looks to have missed the market lows but, given its starting price of £40/MWh, we aren’t expecting future updates to the curve to be massively accretive. The NAVs in the renewables sector will rise as soon as power prices stop falling (which, largely, they seem to have d
