NextEnergy Solar Fund says its net asset value at the end of January 2015 was 101p (£182.4m), up 0.7% on the level at the end of December 2014. previously announced acquisitions of Bilsham, Gover Farm and Brickyard completed during January 2015. The Company is currently targeting a final dividend of 2.625p per Ordinary Share for the six months ending 31 March 2015 and, thereafter, annual dividends of, in aggregate, 6.25p per Ordinary Share (adjusted afterwards for inflation, based on the RPI).
They say they have a pipeline of potential deals worth £207m with the capacity to generate 148MWp the majority of which are expected to be accredited under 1.4 ROC regime and the remainder already in operation.
The projected electricity price used in the NAV calculation (based on a DCF) has been reduced by 9%.
They have authority to issue up to 155m new shares and plan to do this via an institutional placing and an offer for sale at a price of 102.77p per share, a premium of 1.75% to the NAV per Ordinary Share as at 31 January 2015 and a premium of 2.8% to the closing share price of 100.0p.
NESF : NextEnergy Solar announces NAV and plans fund raise