Snapshot: ROC‑backed solar exposure
| Vehicle | ROC solar exposure | How clear is it? | Key evidence |
|---|---|---|---|
| NESF – NextEnergy Solar Fund | High | Explicit | Named UK sites with ROC banding (e.g. Barnby 5 MW, 1.2 ROC) |
| FSFL – Foresight Solar Fund | High | Strong but indirect | Talks about UK “ROC‑backed solar portfolios” as valuation benchmarks; NAV sensitivity to ROC/FiT indexation |
| JLEN → FGEN – Foresight Environmental Infrastructure | High (mixed tech) | Explicit | Solar portfolio described as “older vintage assets with high value subsidy tariffs… Government‑backed incentives (ROC and FiT)” |
| TRIG – The Renewables Infrastructure Group | Moderate / assumed | Implied only | UK solar parks with long‑term contracted, inflation‑linked revenues; ROC not named but very likely part of the mix for older UK solar |
NESF – NextEnergy Solar Fund
- Pure‑play solar, very ROC‑heavy.
- 2024 annual report explicitly labels assets with ROC banding, e.g. Barnby, Nottinghamshire – 5.0 MW, 1.2 ROC.
- Separate RNS on ROC/FiT indexation consultation confirms material exposure to both schemes.
Verdict: NESF is one of the cleanest ways to own a diversified book of UK ROC‑backed solar.
FSFL – Foresight Solar Fund
- Large UK‑tilted solar portfolio; reports repeatedly reference ROC/FiT inflation indexation as a NAV driver.
- 2023 results note that sales of large ROC‑backed UK solar portfolios are used as valuation benchmarks for FSFL’s own UK assets—strongly implying similar ROC‑backed characteristics.
Verdict: High probability that a big chunk of the UK book is ROC‑backed, even if each site’s banding isn’t spelled out in the headline text.
JLEN (now FGEN – Foresight Environmental Infrastructure)
- FGEN’s solar page is very clear:
- “Solar portfolio includes older vintage assets with high value subsidy tariffs.”
- “Government‑backed incentives (ROC and FiT).”
- Named projects (Amber, Branden, CSGH, Monksham, etc.) include explicit ROC accreditation levels (e.g. 2 ROCs, 1.6 ROCs, 1.4 ROCs).
Verdict: JLEN/FGEN absolutely owns ROC‑backed UK solar—though it’s a smaller sleeve within a broader environmental infra mix.
TRIG – The Renewables Infrastructure Group
- TRIG runs a big, diversified portfolio (wind, solar, batteries) with ground‑mounted UK solar and “high proportion of contracted, inflation‑linked revenues.”
- Given commissioning vintages and UK focus, it’s very likely that some UK solar parks are ROC‑backed, but public materials don’t explicitly label ROC banding the way NESF/FGEN do.
Verdict: Treat TRIG as ROC‑adjacent rather than a clean ROC solar play—great for diversified infra, less precise if you’re targeting ROC cashflows.
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