Clue: Masculine person of courage following fairy's orbital point (10)
Answer: PERIHELION
Explanation: Definition: orbital point
A charade of PERI ('fairy': G&S *Iolanthe; or, The Peer and the Peri*) plus HE ('masculine') plus LION ('person of courage', perhaps better taken in conjunction with HE), for the point of nearest approach in the orbit of a planet or other body circling the sun.