NextEnergy Solar Fund Limited Budget Announcement (6763S)
10 July 2015 - 4:00PM
UK Regulatory
TIDMNESF
RNS Number : 6763S
NextEnergy Solar Fund Limited
10 July 2015
10 July 2015
NextEnergy Solar Fund Limited ("NESF", or the "Company")
UK Summer Budget 2015 - Impact on NESF
The Board of NESF has reviewed the impact on its business of
measures announced by the Chancellor of the Exchequer in the Summer
Budget 2015 (the "Budget"). Measures announced in the Budget which
impact the Company include the removal of the Climate Change Levy
exemption for renewable electricity generation, effective 1 August
2015 (such removal was previously planned for the end of the
2022/23 financial year). Further measures include a reduction in
corporation tax to 19% in 2017 and to 18% in 2020.
The Company's Investment Manager, NextEnergy Capital IM Limited,
and its Investment Advisor, NextEnergy Capital Limited, have
undertaken a preliminary assessment on the impact of the Budget
measures on NESF's net asset value ("NAV") per share of 103.3p as
at 31 March 2015. The preliminary analysis indicates a reduction of
c. 2.0% to the NAV at that date had all of the above proposals been
effective then.
The Company will release a full update of its NAV as at 30 June
2015 by 31 July 2015. The impact of the Budget measures will be
included in the NAV update. The NAV update is also expected to
reflect the positive impact of the increase in completions on the
Company's operational assets, increasing them from ten
(representing 126.7 MW) as at 31/3/2015 to 14 (representing 191.0
MW) as at 30/6/15.
NESF's dividend policy remains unchanged, with a target of 6.25p
per share for the period ending 31 March 2016. Payment of the
second interim dividend of 2.625p per share will take place, as
planned, on 30 July 2015 to all shareholders on the register on 10
July 2015.
For further information:
NextEnergy Capital Limited 020 3239 9054
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Shore Capital 020 7408 4090
Bidhi Bhoma
Anita Ghanekar
Macquarie Capital (Europe)
Limited 020 3037 2000
Ken Fleming
Nick Stamp
MHP Communications 020 3128 8100
Andrew Leach / Jamie
Ricketts / Eleanor Mahmoud
Notes to Editors:
NextEnergy Solar Fund (NESF)
NESF is a specialist investment company that invests in
operating solar power plants in the UK. Its objective is to secure
attractive shareholder returns through RPI-linked dividends and
long-term capital growth. The Company achieves this by acquiring
solar power plants on agricultural, industrial and commercial
sites.
NESF has raised equity proceeds of GBP246.6m since its initial
public offering on the main market of the London Stock Exchange in
April 2014. It also has a two-year revolving credit facility of
GBP31.5m in place.
NESF is differentiated by its access to NextEnergy Capital Group
(NEC Group), its Investment Manager, which has a strong track
record in sourcing, acquiring and managing operating solar assets.
WiseEnergy is NEC Group's specialist operating asset management
division, providing solar asset management, monitoring and other
services to over 1,000 utility-scale solar power plants with an
installed capacity in excess of 1 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at www.nextenergysolarfund.com, www.nextenergycapital.com
and www.wise-energy.eu.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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