NextEnergy Solar Fund Limited NAV Update and Quarterly Dividend (6708W)
February 13 2017 - 2:00AM
UK Regulatory
TIDMNESF
RNS Number : 6708W
NextEnergy Solar Fund Limited
13 February 2017
13 February 2017
NextEnergy Solar Fund Limited ("NESF", or the "Company")
Net Asset Value Update, Quarterly Dividend and Scrip Dividend
Alternative
-- NAV at 31 December 2016 of GBP466.6m (30 September 2016: GBP350.1m)
-- NAV per share of 102.6p (30 September 2016: 102.0p)
-- On track for dividend target of 6.31p per share for year
ending March 2017 (including two interim dividends of 1.5775p per
share each previously paid)
-- Quarterly dividend of 1.5775p per share announced for quarter ending 31 December 2016
-- Medium- and long-term power price forecasts marginally
increased to reflect market conditions
-- At 31 December 2016 the Company's portfolio comprised 31
plants with an installed capacity of 423.6MWp (30 September 2016:
29 plants for 413.7MWp installed)
NESF, the specialist investment company that invests in
operating solar power plants in the UK, announces its Net Asset
Value ("NAV") at 31 December 2016.
The Company's NAV was GBP466.6m as at 31 December 2016, compared
to GBP350.1m at 30 September 2016. The increase in NAV results
primarily from the Company's successful fundraise of c.GBP115.3m in
November 2016.
The NAV per share amounted to 102.6p as at 31 December 2016,
compared to 102.0p as at 30 September 2016. The increase in NAV per
share was mainly due to income generated from investments and to
the change in fair value of investments resulting from the increase
in the Company's independent market consultants' medium- and
long-term forecasts for power prices in the UK. The dividend of
1.5775p per share paid on 30 December for the quarter ended 30
September 2016 also affected the Company's NAV.
The Company also announces an interim dividend of 1.5775p per
Ordinary Share for the quarter ending 31 December 2016. The
quarterly dividend of 1.5775p will be paid on 31 March 2017 to
shareholders on the register as at the close of business on 24
February 2017. The ex-dividend date will be 23 February 2017.
The Company will also be offering shareholders a scrip dividend
alternative to this quarterly dividend as detailed in the Scrip
Circular dated 25 August 2016, a copy of which can be viewed and/or
downloaded from 'Circulars' in the Investor Relations part of the
website (www.nextenergysolarfund.com).
Election forms will be sent to shareholders later this month,
and if shareholders wish to receive all or part of this interim
dividend by way of new shares in the Company, election forms need
to be filed by 5.00pm on 13 March 2017. If no action is taken, the
quarterly dividend will be paid as cash.
NESF has posted the Company's updated factsheet on its website
today.
For further information:
NextEnergy Capital Limited 020 3239 9054
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Fidante Capital 020 7832 0900
Robert Peel
Justin Zawoda-Martin
Shore Capital 020 7408 4090
Bidhi Bhoma
Anita Ghanekar
Macquarie Capital (Europe) Limited 020 3037 2000
Nick Stamp
MHP Communications 020 3128 8100
Andrew Leach / Jamie Ricketts
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 GBP465m since its initial
public offering on the main market of the London Stock Exchange in
April 2014. It also has credit facilities of GBP270.2m in place
(GBP150m from a syndicate including MIDIS, NAB and CBA; MIDIS:
GBP54.7m; Bayerische Landesbank: GBP43.8m; and NIBC: GBP21.7m).
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 1,250 utility-scale solar power plants with an
installed capacity in excess of 1.7 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
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