After the downpours of the last few weeks it might be easy to forget how sunny it was last year – NextEnergy Solar generation 9% above budget – NextEnergy Solar results for the year ended 31 March 2019 show:
- A net asset value per ordinary share of 110.9p (2018: 105.1p);
- Ordinary shareholder total return 11.8% (2018:6.2%);
- Dividends per ordinary share of 6.65p (target dividend of 6.87p per share for the 2019/20 financial year);
- Cash dividend cover excluding the impact of issuing shares in lieu of dividend of 1.3x (2018: 1.1x)
- Ordinary shareholders’ NAV of GBP645m (2018: GBP605m)
- Gearing of 36% as at 31 March 2019 (2018: 31%)
- Added value from asset management activities of 0.1% (2018: 1.8%)
- Gross asset value of GBP1,014m (2018: GBP875m)
- Total capacity installed of 691MW (2018: 569MW)
- Total electricity generation of 693GWh (2018: 451GWh)
- 87 operating solar assets as at 31 March 2019 (2018: 63)
- Generation above budget of +9.1% (2018: +0.9%)
- 195,600 tonnes of CO2 emissions avoided per annum (2018: 124,000)
Kevin Lyon, chairman, commented: “We have experienced strong generation throughout the year driven by high levels of solar irradiation, with periods last summer and this February being particularly significant.
Over the course of the last twelve months, as we head into the subsidy free era, we have focused on optimising our portfolio of assets, which continues to outperform budget. Our simultaneous programme of lease extensions and re-structuring across these assets has added significant value to the NAV.
We continue to be on track in building our first free subsidy-free plant with plans to build more in the future.
One of our strengths in the sector is our financial innovation. This year we issued preference shares, which have increased cashflow and have significantly enhanced returns for ordinary shareholders and provided financial stability for the future.”