NextEnergy Solar reports positive performance for first quarter of 2022 – NextEnergy Solar (NESF) has announced an 8.7% quarterly increase in its unaudited NAV per ordinary share from 104.4p as at 31 December to 113.5p as at 31 March 2022 and an interim dividend of 1.79p per ordinary share for the three-month period.
Meanwhile the portfolio has returned 1.9% for the year ended 31 March 2022, translating into additional revenues of around £1.96m. The company is predicting a dividend cover of between 1.3x and 1.5x for the current financial year. The reconfirmed target dividend of 7.52 pence per ordinary share represents a 5% increase from the previous year’s dividend of 7.16 pence per ordinary share. This increase is above the 4.1% calculated RPI rise for the 2021 calendar year.
Manager Next Energy Capital’s electricity sales desk continues to successfully manage risk and opportunistically lock in above forecast power prices in line with NESF’s electricity sales strategy and NESF’s hedging positions (covering 716MW UK portfolio) as at 31 March 2022 were: 2022/23: 80%, average fix price of £71MWh, 2023/24: 74%, average fix price of £73MWh and 2024/25: 42%, average fix price of £86MWh.
The past year has also seen a number of achievements for Next Energy Capital including the establishment of a new ESG board committee and the appointment of a new senior hire to the NESF team.
NESF’s full year audited results will be released at the end of June.
NESF : NextEnergy Solar reports positive performance for first quarter of 2022