NextEnergy Solar Fund Limited NAV Update, Quarterly Dividend and Acquisitions (5485D)
01 February 2018 - 6:00PM
UK Regulatory
TIDMNESF
RNS Number : 5485D
NextEnergy Solar Fund Limited
01 February 2018
1 February 2018
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Net Asset Value Update, Quarterly Dividend and Acquisitions
-- NAV at 31 December 2017 of GBP602.4m (30 September 2017: GBP602.5m)
-- NAV per share of 104.7p (30 September 2017: 105.1p)
-- Quarterly dividend of 1.605p per share announced for quarter ending 31 December 2017
-- On track for dividend target of 6.42p per share for the year
ending March 2018 (including two quarterly dividends of 1.605p per
share each previously paid)
-- Medium- and long-term UK power price forecasts reduced to reflect market conditions
-- Unlevered discount rate for UK assets reduced by 0.25% (from
7.0% to 6.75%) to reflect increasing market value of operating
solar PV assets
-- Acquisition of four operating solar plants (North Norfolk,
Axe View, Low Bentham and Henley) totalling 25.9MWp with an
investment value of GBP30.9m
-- At 31 December 2017, the Company's portfolio comprised 63
plants with an installed capacity of 569MWp (30 September 2017: 50
plants for 504.9MWp installed)
Net Asset Value
NESF, the specialist investment company that primarily invests
in operating solar power plants in the UK, announces its Net Asset
Value ("NAV") at 31 December 2017.
The NAV per share amounted to 104.7p as at 31 December 2017,
compared to 105.1p as at 30 September 2017. The movement in NAV per
share was mainly due to the change in the Company's independent
market consultants' medium- and long-term forecasts for power
prices in the UK, and the reduction in the unlevered discount rate
for UK solar PV assets from 7.0% to 6.75%.
NESF has posted the Company's updated factsheet on its website
today.
Quarterly Dividend and Scrip Dividend Alternative
NESF is pleased to announce a quarterly dividend of 1.605 pence
per Ordinary Share for the quarter ending 31 December 2017. The
quarterly dividend of 1.605 pence will be paid on 29 March 2018 to
shareholders on the register as at the close of business on 23
February 2018. The ex-dividend date will be 22 February 2018.
The Company will also be offering shareholders a scrip dividend
alternative to this quarterly dividend as detailed in the Scrip
Circular dated 21 August 2017, a copy of which can be viewed and/or
downloaded in the Investor Relations part of the website. The Scrip
Share reference price will be announced on 1 March 2018, with
elections to be made by 12 March 2018.
Acquisitions
NESF is further pleased to announce the signing and completion
of four share purchase agreements for the acquisition of four
operating solar plants with a total installed capacity of 25.9MWp
and an investment value of GBP30.9m. The plants were acquired from
three different counterparties and comprise North Norfolk (11.0MWp,
Norfolk, 1.6 Renewable Obligation Certificate ("ROC") regulation),
Axe View (5.0MWP, Devon, 1.2 ROCs), Low Bentham (5.0MWp,
Lancashire, 1.2 ROCs) and Henley (5.0MWp, Shropshire, 1.2
ROCs).
All acquisitions were connected to the grid before acquisition,
and were funded by the Company's existing financial resources.
NESF continues to pursue further transactions from its pipeline
of acquisition opportunities and expects to announce further
investments in due course.
For further information:
NextEnergy Capital Limited 020 3893 1500
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Fidante Partners Europe
Limited 020 7832 0900
Tom Skinner
Justin Zawoda-Martin
Shore Capital 020 7408 4090
Anita Ghanekar
Macquarie Capital (Europe)
Limited 020 3037 2000
Nick Stamp
MHP Communications Limited 020 3128 8100
Andrew Leach
nextenergy@mhpc.com
Ipes (Guernsey) Limited 01481 713 843
Nick Robilliard
Notes to Editors:
NESF is a specialist investment company that invests primarily
in operating solar power plants in the UK. It has the authority to
invest up to 15% of its Gross Asset Value in operating solar power
plants in OECD countries outside the UK. The Company's 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 GBP591.9m since its initial
public offering on the main market of the London Stock Exchange in
April 2014. It also has credit facilities of GBP291m in place
(GBP150m from a syndicate including MIDIS, NAB and CBA; MIDIS:
GBP54.0m; NIBC: GBP21.7m; ING c.GBP34.2m; and UniCredit
c.GBP32.1m).
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 and over the course of its activities has been providing
operating asset management, monitoring, technical due diligence and
other services to over 1,300 utility-scale solar power plants with
an installed capacity in excess of 1.9 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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