NextEnergy Solar Fund Limited Net Asset Value & Interim Dividend (3638M)
11 Mayo 2020 - 1:00AM
UK Regulatory
TIDMNESF
RNS Number : 3638M
NextEnergy Solar Fund Limited
11 May 2020
11 May 2020
NextEnergy Solar Fund Limited
("NESF" or "the Company")
Unaudited Net Asset Value Update and Interim Dividend
Announcement
NextEnergy Solar Fund announces its unaudited Net Asset Value
("NAV") as at 31 March 2020.
The Company's unaudited NAV as at 31 March 2020 was GBP579m (31
December 2019: GBP620m), resulting in an unaudited NAV per ordinary
share of 99.0p (31 December 2019: 106.1p per share).
The reduction in the unaudited NAV per ordinary share primarily
reflects the adoption of the most recent forward power curves
released by the Company's two independent market forecasters. These
forward power curves reflect a substantial reduction in power
prices in the short- to medium-term, and incorporate an anticipated
reduction in demand for electricity and a corresponding decrease in
energy-related commodity prices as a result of the effects of the
COVID-19 pandemic.
Compared to December 2019, the blended curve used by the Company
has declined on average by 16.9% over the next five years,
including a 21.2% reduction over 2020 and 2021 and by 5.0% from
2025 until 2050. The blended curve corresponds to an average solar
capture price of c.GBP39.9 per MWh for the period 2020-2024 and
GBP46.8 per MWh for the period 2025-2050 (in 2020 prices). This
downward shift in the blended curve resulted in a negative impact
on NAV per ordinary share of approximately 6.5p per share.
NESF has reduced its unlevered discount rate from 6.50% to 6.25%
for the first 30 years of operation and increased the unlevered
discount rate for the period thereafter to 7.25% for each operating
subsidised solar project located in the UK. The change in discount
rates is driven by the observed increased market valuations of
operating solar plants in the UK as well as the reduction in UK
interest rates. The risk premium on Italian operating assets and UK
subsidy-free assets remains unchanged.
The above NAV numbers are unaudited and the Company will publish
an audited NAV as at 31 March 2020 as part of its final results for
the year.
Interim Dividend
The Company is pleased to announce an interim dividend of 1.7175
pence per Ordinary Share for the quarter ending 31 March 2020. The
interim dividend of 1.7175 pence will be paid on 30 June 2020 to
shareholders on the register as at the close of business on 22 May
2020. The ex-dividend date is 21 May 2020.
The Company will also be offering shareholders a scrip dividend
alternative to this interim dividend as detailed in the Scrip
Circular dated 8 August 2019, a copy of which can be v i e w e d
and / or downloaded from 'Circulars' in the Investor Relations part
of the NESF w e b s ite ( nextenergysolarfund.com ) . The Scrip
Share reference price will be announced on 28 May 2020, with
elections to be made by 8 June 2020.
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
Darren Vickers
MHP Communications 020 3128 8100
Oliver Hughes
Giles Robinson
Apex Fund and Corporate Services
(Guernsey) Limited 01481 735 827
Nick Robilliard
Notes to Editors ([i]) :
A constituent of the FTSE 250 Index, NextEnergy Solar Fund
("NESF") is a renewable energy infrastructure investment company
that invests primarily in operating solar power plants in the UK
(it may invest up to 15% of its gross assets in other OECD
countries). The Company is committed to ESG principles and
responsible investment and makes a meaningful contribution to
reducing CO2 emissions through the generation of clean solar power.
NESF has been designated a Guernsey Green Fund by the Guernsey
Financial Services Commission and has been awarded the London Stock
Exchange's Green Economy Mark.
NESF has a diversified portfolio comprising 90 operating solar
assets, primarily on agricultural, industrial and commercial sites,
with a combined installed power capacity in excess of 755MW. As at
31 March 2020, the Company has gross assets of GBP993 million, of
which 89% is invested in the UK, and net assets of GBP579 million.
The majority of long-term cash flows from its investments are
inflation-linked.
NESF's investment objective is to provide ordinary shareholders
with a sustainable and attractive dividend that increases in line
with RPI over the long term, while delivering an element of capital
growth through reinvesting net cash generated in excess of the
target dividend. The dividend is payable quarterly and the Company
has announced a total dividend for the year to 31 March 2020 of
6.87p per ordinary share.
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, which since its founding 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 1.6 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at nextenergysolarfund.com , nextenergycapital.com and
wise-energy.eu .
[1] Note: All data is unaudited as at 31 March 2020, being the
latest date in respect of which NESF has published financial
information.
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
NAVFLFVSELIILII
(END) Dow Jones Newswires
May 11, 2020 02:00 ET (06:00 GMT)
Nextenergy Solar (LSE:NESF)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Nextenergy Solar (LSE:NESF)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024