NextEnergy Solar Fund has announced its half year results for the six months to 30 September 2015. During the period, its net assets grew by 16.2% from £248.4m to £289.0m, reflecting a fund raising £38.8m, whilst NAV per share increased by 0.7% from 103.3p on 31 March 2015 to 104.0p. At the end of the period the company had an investment portfolio of 19 solar photovoltaic plants with a total of c.240MW installed capacity in operation. Energy generated from the portfolio amounted to 147.5GWh (5.7% higher than the company had budgeted for) and reported profit for the period was £8.6m (earnings per share: 3.56p). The first interim dividend (3.125p per share) for the period is due to be paid in December 2015 with a total share price return of 6.3% and NAV total return of 6.4%.
Since the period end, the investment portfolio has been expanded to 25 solar PV plants for a total of c.276MW and investment value of c.£320m. The company says it is on track to achieve target of 6.25p per share dividend distribution for the full year ending 31 March 2016. The company’s revolving credit facility has been increased to £100m, of which £68.5m yet to be drawn down. The company says it has a strong pipeline of c.250MW short-term acquisition targets and further opportunities are under consideration and that it will finance these via further equity issuance and increased debt facilities.
NextEnergy Solar sees half-year generation 6% ahead of budget : NESF