NextEnergy Solar Fund Limited Net Asset Value(s) (3688U)
29 Julho 2015 - 3:03AM
UK Regulatory
TIDMNESF
RNS Number : 3688U
NextEnergy Solar Fund Limited
29 July 2015
29 July 2015
NextEnergy Solar Fund Limited ("NESF" or the "Company")
Net Asset Value Update and Quarterly Factsheet at 30 June
2015
-- NAV up to GBP250.2m (March 2015: GBP248.4m) due to improved
operational performance and the completion of four additional
acquisitions
-- NAV per share up to 104.1p (March 2015: 103.3p)
-- Current valuation includes 14 completed acquisitions out of a
total portfolio of 18 announced transactions
-- Impact of Summer Budget reduces NAV per share to 100.9p from 104.1p
NESF, the specialist investment company that invests in
operating solar power plants in the UK, is pleased to announce its
Net Asset Value ("NAV") as at 30 June 2015.
The Company's NAV increased from GBP248.4m as at 31 March 2015
to GBP250.2m as at 30 June 2015. The increase is mainly due to the
operational performance of the Company's portfolio and the value
uplift generated by the valuation on a discounted cash flow ("DCF")
basis of four additional assets as a result of the Company
completing their acquisition. In calculating its 30 June 2015 NAV,
the Company made no changes to the underlying financial and
operating assumptions used in calculating its NAV as at 31 March
2015.
The portfolio of completed assets valued on a DCF basis has
increased to 14 assets, representing 190.8MW, out of a total
portfolio of 18 announced transactions totalling 234.5MW.
Acquisition of the remaining four projects has been completed
following 30 June 2015.
The NAV per ordinary share increased from 103.3p as at 31 March
2015 to 104.1p as at 30 June 2015.
The Company has updated its assessment of the impact of the
measures announced in the Summer Budget ("Budget") on NESF's NAV.
Measures announced in the Budget which impact the Company include
the removal of the Climate Change Levy exemption for renewable
electricity generation, effective 1 August 2015 (such removal was
previously planned for the end of the 2022/23 financial year), and
a reduction in corporation tax to 19% in 2017 and to 18% in 2020.
The updated analysis indicates that the adjusted NAV as at 30 June
2015 would have been 100.9p per share had the measures announced in
the Budget been effective then.
The Company's second interim dividend of 2.625p per ordinary
share in respect its financial year ended 31 March 2015 will be
paid on 30 July 2015.
The Company will post its 30 June 2015 factsheet on its website
(www.nextenergysolarfund.com) on 3 August 2015.
For further information:
NextEnergy Capital Limited 020 3239 9054
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Shore Capital 020 7408 4090
Bidhi Bhoma
Anita Ghanekar
Macquarie Capital (Europe)
Limited 020 3037 2000
Ken Fleming
Nick Stamp
MHP Communications 020 3128 8100
Andrew Leach / Jamie Ricketts / Eleanor Mahmoud
Notes to Editors:
NextEnergy Solar Fund (NESF)
NESF is a specialist investment company that invests in
operating solar power plants in the UK. Its 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.
NESF has raised equity proceeds of GBP246.6m since its initial
public offering on the main market of the London Stock Exchange in
April 2014. Its credit facilities include a two-year revolving
facility of GBP31.5m from Macquarie and a GBP22.7 million facility
from NIBC.
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, providing solar asset management, monitoring and other
services to over 1,200 utility-scale solar power plants with an
installed capacity in excess of 1.5 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at www.nextenergysolarfund.com, www.nextenergycapital.com
and www.wise-energy.eu.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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