NextEnergy Solar Fund Limited Net Asset Value and Interim Dividend (0294W)
13 Agosto 2020 - 1:01AM
UK Regulatory
TIDMNESF
RNS Number : 0294W
NextEnergy Solar Fund Limited
13 August 2020
LEI: 213800ZPHCBDDSQH5447
13 August 2020
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Net Asset Value Update and Interim Dividend
NextEnergy Solar Fund, the solar power renewable energy
investment company, is pleased to announce its unaudited Net Asset
Value ("NAV") as at 30 June 2020.
Financial highlights
-- Net asset value per ordinary share of 98.4p (31 March 2020: 99.0p)
-- Ordinary shareholders' NAV of GBP576m (31 March 2020: GBP579m)
-- First interim dividend of 1.7625p per ordinary share for the year ending 31 March 2021
Operational highlights
-- Electricity generation +18.3% above budget
-- Total capacity installed of 755 MW (31 March 2020: 755 MW)
-- 90 operating solar assets (31 March 2020: 90)
The movement in NAV per ordinary share was driven primarily by
the following factors:
-- Additional generation during the period (1.0p positive impact per ordinary share)
-- A reduction in short-term inflation forecasts (1.9p negative impact per ordinary share)
In addition to the above, NESF has engaged a third consultant to
provide power price forecasts for the UK market. The Company
utilised the average across all three consultants for NESF's
long-term UK power market projections and the forward market prices
for the next two years for the un-hedged portion of the portfolio.
NESF believes this methodology is more robust in projecting future
power prices in the UK and reduces the volatility resulting from
any individual consultant's forecasts deviating from consensus
projections.
The Company's June 2020 factsheet is available on the Company's
website (nextenergysolarfund.com).
Interim Dividend and Scrip Dividend Alternative
NESF is pleased to announce an interim dividend of 1.7625 pence
per Ordinary Share for the quarter ended 30 June 2020, payable on
30 September 2020 to shareholders on the register as at the close
of business on 21 August 2020. The ex-dividend date is 20 August
2020.
The Company will also be offering shareholders a scrip dividend
alternative to this interim dividend and will shortly publish its
annual Dividend and Scrip Dividend Alternative Circular for the
financial year ending 31 March 2021. The scrip dividend alternative
is subject to shareholders approving the renewal of the scrip
dividend authority at the Company's Annual General Meeting to be
held in September 2020. The Scrip Share reference price will be
announced on 27 August 2020, with elections to be made by 4
September 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 8734
Oliver Hughes
Giles Robinson
Ailsa Prestige
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 C O2e 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 c.755MW. As
at 30 June 2020, the Company has gross assets of GBP987 million, of
which 88% is invested in the UK, and net assets of GBP576 million.
The majority of long-term cash flows from its investments are
inflation-linked.
NESF's investment objective is to provide ordinary shareholders
with attractive risk-adjusted returns, principally in the form of
regular dividends, by investing in a diversified portfolio of
primarily UK-based solar energy infrastructure assets. The dividend
is payable quarterly, and the Company has announced a dividend
target for the year ending 31 March 2021 of 7.05p 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 1,500 utility-scale solar power plants with an installed
capacity in excess of 1.7 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 as at 30 June 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
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