NextEnergy Solar Fund Limited Net Asset Value Update (5266D)
20 Febrero 2020 - 01:00AM
UK Regulatory
TIDMNESF
RNS Number : 5266D
NextEnergy Solar Fund Limited
20 February 2020
20 February 2020
NextEnergy Solar Fund Limited
("NESF" or "Company")
Net Asset Value Update
-- Ordinary shareholders' NAV at 31 December 2019 of GBP620m (30 September 2019: GBP649m)
-- Net asset value per ordinary share of 106.1p (30 September 2019: 111.2p)
-- Gearing of 40% (30 September 2019: 39%)
-- Second interim dividend of 1.7175p per ordinary share for the
year ending 31 March 2020 (year ended 31 March 2019: 1.6625p)
-- Total capacity installed of 755 MW (30 September 2019: 705 MW)
-- 90 operating solar assets (30 September 2019: 89)
The Company announces its unaudited Net Asset Value ("NAV") as
at 31 December 2019. The NAV per ordinary share amounted to 106.1p
as at 31 December 2019, compared to 111.2p as at 30 September
2019.
The movement in NAV per ordinary share was driven primarily by
the following main factors:
-- a significant reduction in the medium- and long-term
forecasts for power prices in the UK as provided to the Company by
its two appointed market consultants (3.9p negative impact per
ordinary share)
-- a reduction in short-term inflation forecasts (0.8p negative impact per ordinary share)
-- secured lease extensions during the period (0.5p positive impact per ordinary share)
-- OFGEM's Targeted Charging Review removing elements of the
embedded benefit from 2021 onwards as announced by the Company on
25 November 2019 (1.4p negative impact per ordinary share)
NESF has not changed the discount rates employed across the
portfolio for valuation purposes. The Company's policy is to change
tax assumptions after confirmation in budget or pre-budget
statements. In the event the UK corporation tax rate were to remain
at 19% over the long-term, an increase from the Government's
current fiscal policy of a reduction from 19% to 17% from 2020
onwards, the estimated impact to NAV per ordinary share would be a
c.0.8p reduction.
The Company's December 2019 factsheet is available on the
Company's website nextenergysolarfund.com.
For further information:
NextEnergy Capital Limited 020 3746 0700
Michael Bonte-Friedheim
Aldo Beolchini
Cenkos Securities Plc 020 7397 8900
Justin Zawoda-Martin
Robert Naylor
William Talkington
Shore Capital 020 7408 4090
Anita Ghanekar
MHP Communications 020 3128 8100
Oliver Hughes
Apex Fund and Corporate Services (Guernsey) 01481 735
Limited 827
Nicholas Robilliard
Notes to Editors:
NESF is a specialist investment company that invests primarily
in operating solar power plants in the UK. It is able to invest up
to 15% of its Gross Asset Value in operating solar power plants in
OECD countries outside the UK. The Company's objective is to secure
attractive shareholder returns through RPI-linked dividends and
long-term capital growth. The Company achieves this by acquiring
solar power plants on agricultural, industrial and commercial
sites.
As at 31 December 2019, NESF had raised equity proceeds of
GBP592m and issued preference shares of GBP200m since its initial
public offering on the main market of the London Stock Exchange in
April 2014. The Company's subsidiaries had financial debt
outstanding of GBP212m, on a look-through basis including project
level debt. Of the financial debt, GBP193m was long-term fully
amortising debt, and GBP19m was drawn under a short-term credit
facility.
NESF is differentiated by its access to NextEnergy Capital Group
(NEC Group), its Investment Manager, which has a strong track
record in sourcing, acquiring and managing operating solar assets.
WiseEnergy is NEC Group's specialist operating asset management
division and over the course of its activities has provided
operating asset management, monitoring, technical due diligence and
other services to over 1,300 utility-scale solar power plants with
an installed capacity in excess of 1.9 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at nextenergysolarfund.com, nextenergycapital.com and
wise-energy.eu.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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