In an update statement this morning, NextEnergy Solar (NESF) announced that generation over the first half of its financial year, to 30 September, was 11.1% above budget. Solar irradiation exceeded expectations by 10.8%. NESF reaffirmed its full-year dividend target of 7.05p for the financial year ending 31 March 2021.
High Garrett 8.5MWp subsidy-free solar asset energised
NESF also announced the energisation of its 8.5MWp subsidy-free solar asset, High Garrett. This new site brings NESF’s total subsidy-free portfolio to 64MWp following Bosworth (an extension to the Hall Farm asset) and Staughton, which were energised in 2019. The company says that its total subsidy-free generation capacity is enough to power approximately 20,000 homes each year.
Having started construction earlier this year, the 8.5MWp asset was successfully energised on 22 October 2020. The energisation of High Garrett, NESF’s third subsidy-free asset, brings the total capacity of the NESF ‘s operating assets to 763MWp across 91 individual solar assets, including three residential rooftop portfolios. The company says that it intends to add a total of approximately 150MWp (of which 64MWp is now operational) in UK subsidy-free capacity to its portfolio as it looks to play a lead role in the transition of the solar industry from a subsidy-based setup to providing clean electricity on market competitive terms.
About NESF
NESF invests primarily in operating solar power plants in the UK (it may invest up to 30% of its gross assets in other OECD countries). NESF has a diversified portfolio comprising 91 operating solar assets, primarily on agricultural, industrial and commercial sites, with a combined installed power capacity of c.763MW. As at 30 June 2020, the company has gross assets of £987m, of which 88% is invested in the UK, and net assets of £576. The majority of long-term cash flows from its investments are inflation-linked.
NESF: NextEnergy Solar says first half generation was 11.1% above budget