Trading at parity with a prospective yield of 6% (fully index linked) and fully committed to existing projects, FSFL seems to be in good shape. Solar assets, whilst shorter dated than PPP, feel a lot more transparent than the infrastructure funds with (according to the managers) clean inflation linkage and low variance in annual production – the actual valuation models rely on long term electricity price forecasts provided by independent consultants. The briefing below represents the pr
