NextEnergy Solar Fund Limited Targeted Charging Review and NAV Update (6028U)
26 November 2019 - 4:55AM
UK Regulatory
TIDMNESF
RNS Number : 6028U
NextEnergy Solar Fund Limited
25 November 2019
25 November 2019
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Targeted Charging Review and NAV Update
On 21 November 2019, after a year of consultation, the Office of
Gas and Electricity Markets ("OFGEM") published its Targeted
Charging Review ("TCR") document, detailing changes to the embedded
benefits regime:
-- OFGEM's partial reform does not go as far as to impose a
charge, instead it reduces the variable payments that NESF receives
on certain connection voltages in certain locations
If NESF takes a prudent approach and assumes no embedded
benefits for the Balancing Services Use of System ("BSUoS") from
April 2021 onwards, the Company's Investment Adviser ("IA"),
NextEnergy Capital Limited, expects the impact on the Company's net
asset value ("NAV") per ordinary share, to be in the region of
-1.4p per ordinary share, in line with the estimate provided in the
IA report section of the Interim Results. Assuming all else remains
unchanged since 30 September 2019, the position today would be as
follows:
-- Ordinary shareholders' NAV of GBP641m (30 September 2019: GBP649m)
-- NAV per ordinary share of 109.8p (30 September 2019: 111.2p)
-- Gross asset value of GBP1,052m (30 September 2019: GBP1,060m)
NESF's dividend policy remains unchanged, with a target of 6.87p
per ordinary share for the year ending 31 March 2020. Payment of
the second interim dividend of 1.7175p per ordinary share will take
place, as planned, on 31 December 2019.
For further information:
020 3746
NextEnergy Capital Limited 0700
Michael Bonte-Friedheim
Aldo Beolchini
020 7894
Cantor Fitzgerald Europe 7719
Robert Peel
020 7408
Shore Capital 4090
Anita Ghanekar
020 3128
MHP Communications 8100
Oliver Hughes
Apex Fund and Corporate Services (Guernsey) Limited 01481 735 827
Nicholas Robilliard
Notes to Editors:
NESF is a specialist investment company that invests primarily
in operating solar power plants in the UK. It is able 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.
As at 30 September 2019, NESF raised equity proceeds of GBP792m
(including GBP200m of preference shares) since its initial public
offering on the main market of the London Stock Exchange in April
2014. The Company's subsidiaries had financial debt outstanding of
GBP211m, on a look-through basis including project level debt. Of
the financial debt, GBP197m was long-term fully amortising debt,
and GBP14m was drawn under a short-term credit facility.
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 provided
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 nextenergysolarfund.com, nextenergycapital.com and
wise-energy.eu.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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