TIDMNESF
RNS Number : 0677I
NextEnergy Solar Fund Limited
10 August 2021
LEI: 213800ZPHCBDDSQH5447
10 August 2021
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Quarterly Net Asset Value, Operational Update and Interim
Dividend
NextEnergy Solar Fund, the specialist solar power renewable
energy investment company, announces its unaudited Net Asset Value
("NAV"), its latest operational update, and its interim dividend
for the quarter ended 30 June 2021.
The Company continues to outperform operationally and remains
well-placed to provide shareholders with an ongoing attractive
risk-adjusted return from a diversified portfolio of solar
infrastructure assets.
Financial highlights
-- Unaudited NAV per ordinary share of 98.7p (31 March 2021: 98.9p)
-- Ordinary shareholders' unaudited NAV of GBP580m (31 March 2021: GBP581m)
-- Interim dividend of 1.79p per ordinary share for the quarter
ended 30 June 2021 (30 June 2020: 1.7625p)
-- Ordinary shareholders' unaudited Gross Asset Value ("GAV") of
GBP1,058m (31 March 2021: GBP1,025m)
Operational highlights
-- Increased total installed capacity to 893MW (31 March 2021: 814MW)
-- Increased operating solar assets to 99 (31 March 2021: 94)
-- Successfully energised five sites, including South Lowfield (51MW)
-- Electricity generation 3.8% above budget for the quarter,
equating to c.GBP1.1m in additional revenue for the quarter
-- Committed $50m to NextPower III LP ("NPIII"), a private solar infrastructure fund:
o Adding 28MW to NESF installed capacity on a look-through
equivalent basis
-- Secured new GBP100m Revolving Credit Facility on highly
attractive terms at 120bps over SONIA ("Sterling Overnight Index
Average")
-- Irradiation levels exceeded expectations by 4.8%, for the quarter
-- Continued active hedging strategy securing future UK
contracted revenues, budgeted generation hedged as at 6 August
2021:
o 2021/22 financial year: 90%
o 2022/23 financial year: 63%
o 2023/24 financial year: 31%
NAV
The Company's latest unaudited NAV as at 30 June 2021 is broadly
in line with the 31 March 2021 NAV.
The NAV reflects the Company's strong operating performance
(+2.1p per ordinary share), changes to short-term inflation
assumptions (+0.8p per ordinary share), and an increase in power
price forecast assumptions (+0.2p per ordinary share). Detracting
from the Company's NAV, the revaluation of new assets (-0.6p per
ordinary share), movement in residual value (-0.4p per ordinary
share), and normal routine distributions to the fund (-1.3p per
ordinary share).
Short-term forward UK baseload power prices continue to
strengthen and in part were already captured in NESF's previous NAV
due to its successful forward hedging strategy which locked in
higher prices as they emerged. Our hedging activities demonstrated
NESF's continued ability to deliver consistent NAV performance,
whilst removing short-term merchant risk, cash flow volatility and
ensuring guaranteed stable future cash flows.
The latest power price projections of the Company's consultants
have indicated that future power price estimates are currently
lower than the figures used in March 2021, signalling a slight
reduction in the power price consultant estimates from 2027
onwards.
Electricity sales strategy
NESF continues to lock in tapered power price hedges over a
36-month period at levels above the three independent market
consultant's predicted levels. This proactive risk mitigation helps
secure and underpin both dividend commitments and dividend
cover.
NESF implements this strategy through NextEnergy Capital's
specialist in-house energy sales team with direct access to energy
market trading.
Dividend
The Company is pleased to announce an interim dividend of 1.79p
per ordinary share for the quarter ended 30 June 2021. This will be
paid on 30 September 2021 to shareholders on the register as at the
close of business on 20 August 2021. The ex-dividend date is 19
August 2021.
The Company will also be offering shareholders a scrip dividend
alternative to this interim dividend as detailed in the Scrip
Circular dated 12 July 2021, a copy of which can be viewed and / or
downloaded from 'Circulars' in the Investor Relations part of the
NESF website (nextenergysolarfund.com). The Scrip Share reference
price will be announced on 26 August 2021, with elections to be
made by 3 September 2021.
NESF continues to target a dividend of 7.16p per ordinary share
for the financial year ended 31 March 2022 (31 March 2021:
7.05p).
NextPower III LP
NESF's $50m NPIII commitment is the current equivalent to
ownership of 11.4% of NPIII's 245MW operational assets, providing
exposure to a growing portfolio of both development and operational
international solar assets.
On the 14 July 2021, NPIII announced the acquisition of
Portfolio Guanaco II in Chile, adding a further 45MW to the NPIII
portfolio. This increased NPIII's total installed capacity to
245MW.
Future pipeline
In line with its investment policy, the Company continues to
advance a significant pipeline of international solar assets
(400MW), UK energy storage assets (500MW), and international
co-investment opportunities through NESF's commitment to NPIII.
These investment opportunities aim to achieve robust financial
returns, increase dividend cover, and add geographical,
technological, and revenue diversification to the NESF
portfolio.
Factsheet
The 30 June 2021 factsheet is now available on the Company's
website.
Kevin Lyon, Chairman of NextEnergy Solar Fund said:
"NESF continues to provide solid operational performance and
lock in guaranteed cash flows to meet our shareholder dividend
targets. Our commitment into NPIII and pipeline of energy storage,
international solar assets and co-investment opportunities provides
strong momentum into the second half of the calendar year, where
significant progress is being made in executing these additional
dividend-enhancing acquisitions."
Michael Bonte-Friedheim, CEO and Founding Partner of NextEnergy
Capital, added:
"During the period, short- and medium-term power prices in the
UK increased significantly. NESF continues to benefit from
NextEnergy Capital's energy sales desk and our ability to manage
forward power sales to take advantage of higher market prices or
reducing exposure to falling prices. Hedging forward power
generation allows us to reduce volatility and increase visibility
of cash flows."
For further information:
NextEnergy Capital Group 020 3746 0700
Michael Bonte-Friedheim ir@nextenergysolarfund.com
Aldo Beolchini
Ross Grier
Peter Hamid (Investor Relations)
Cenkos Securities 020 7397 8900
James King
William Talkington
Shore Capital 020 7408 4090
Anita Ghanekar
Fiona Conroy - Corporate Broking
Camarco 020 3781 8334
Owen Roberts
Eddie Livingstone-Learmonth
Apex Fund and Corporate Services (Guernsey)
Limited 01481 735 827
Nick Robilliard
Duke Le Prevost
Notes to Editors(1) :
About NextEnergy Solar Fund
NESF is a specialist solar power renewable energy investment
company listed on the premium segment of the London Stock Exchange
that invests in operating utility-scale solar power plants. The
Company may invest up to 30% of its gross asset value in non-UK
OECD countries, 15% in solar-focused private equity structures, and
10% in energy storage.
NESF currently has a diversified portfolio comprising 99
operating solar assets (primarily on agricultural, industrial, and
commercial sites), and a $50m commitment into NextPower III (a
private ESG solar infrastructure fund providing exposure to
operating and in-development international solar assets).
The NESF portfolio has a combined installed power capacity of
893MW (including NextPower III MW on an equivalent look-through
basis).
As at 30 June 2021, the Company had gross assets of GBP1,058
million and net assets of GBP580 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.
For further information on NESF please visit
nextenergysolarfund.com
Commitment to ESG
NESF is committed to ESG principles and responsible investment
which make a meaningful contribution to reducing CO2 emissions
through the generation of clean solar power. NESF will only select
investments that meet the requirements of NEC Group's Sustainable
Investment Policy. Based on this policy, NESF benefits from NEC's
rigorous ESG due diligence on each investment. NESF is committed to
reporting on its ESG performance in accordance with the UN
Sustainable Development Goals framework and the EU Sustainable
Finance Disclosure Regulation.
NESF has been awarded the London Stock Exchange's Green Economy
Mark and has been designated a Guernsey Green Fund by the Guernsey
Financial Services Commission.
NESF's sustainability-related disclosures in the financial
services sector in accordance with Regulation (EU) 2019/2088 can be
accessed on the ESG section of both the NESF website (
nextenergysolarfund.com/esg/ ) & NEC Group website (
nextenergycapital.com/sustainability/transparency-and-reporting/
).
About NextEnergy Capital Group ("NEC Group")
NESF is managed by the NextEnergy Capital Group, a specialist
solar investment manager, which has a strong track record in
sourcing, acquiring, and managing operating solar assets. NEC Group
is a leading player in the global solar investment sector and has
over 190 team members with offices in UK, Italy, India, and the USA
and assets under management of over $2.8bn across three
institutional funds.
NextEnergy Capital Group donates at least 5% of its net annual
profits to NextEnergy Foundation. NextEnergy Foundation is an
international charity that was founded in 2016. Its mission is to
participate proactively in the global effort to reduce carbon
emissions, provide clean power sources in regions where they are
not yet available, and contribute to poverty alleviation.
For further information on NEC Group please visit
nextenergycapital.com
For further information on NextEnergy Foundation visit
nextenergyfoundation.org
About WiseEnergy
WiseEnergy is NEC Group's specialist operating asset management
division made up over 110 professionals. NESF is differentiated by
its access to WiseEnergy, which provides 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 2.2GW, across seven markets.
For further information on WiseEnergy please visit
wise-energy.com
([1]) Note: All financial data is as at 30 June 2021, 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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NAVFLFVRTLIAIIL
(END) Dow Jones Newswires
August 10, 2021 02:00 ET (06:00 GMT)
Nextenergy Solar (LSE:NESF)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Nextenergy Solar (LSE:NESF)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024