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NextEnergy Solar Fund Ltd on Monday reported a rise in its quarterly net asset value, citing an ‘increase in power forecast assumptions’ and hiking its payout in response.
The renewable energy investor reported NAV per share of 121.7 pence on June 30. This represented a 7.2% increase against the 113.5p recorded three months earlier on March 31.
NextEnergy explained that the main contributor to the rise in its NAV during the period was an increase in power price forecast assumptions, driven by an ‘uplift in the short to medium-term power forecasts’.
NextEnergy posted a 7.3% increase in ordinary shareholders' net asset value to £717.2 million compared to £668.5 million at March 31.
Chair Kevin Lyon said: ‘Today's reported NAV is the highest that NESF has ever released and it is encouraging to see that NESF's share price has started to strengthen in line with peers.’
Chief Executive Officer Michael Bonte-Friedheim added: ‘12 months ago NESF reported an unaudited NAV per ordinary share of 98.7p, today NESF announced 121.7p, an increase of 23%.’
The company declared an interim dividend of 1.88 pence per share for the quarter ended on June 30, up 5.0% from 1.79p a year prior.
It said its financial 2022 target dividend amounts to 7.52 pence per share, which is supported by a ‘strong dividend cover’.
Turning to its operations, NextEnergy said the total installed capacity remained at 865 megawatts since March 31. It has 100 fully operating solar assets, compared to 99.
The company said portfolio generation outperformance was up 4.5% for the quarter, which amounted to about £2.0 million in revenue.
Shares were up 2.7% at 122.00 pence each on Monday morning in London.
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