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 £602.4m (30 September 2017: £602.5m)
· 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 £30.9m
· 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 £30.9m. 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 |
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Aldo Beolchini |
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Cantor Fitzgerald Europe |
020 7894 7667 |
Sue Inglis |
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Fidante Partners Europe Limited |
020 7832 0900 |
Tom Skinner Justin Zawoda-Martin |
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Shore Capital |
020 7408 4090 |
Anita Ghanekar |
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Macquarie Capital (Europe) Limited |
020 3037 2000 |
Nick Stamp |
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MHP Communications Limited |
020 3128 8100 |
Andrew Leach [email protected] |
Ipes (Guernsey) Limited |
01481 713 843 |
Nick Robilliard |
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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 £591.9m since its initial public offering on the main market of the London Stock Exchange in April 2014. It also has credit facilities of £291m in place (£150m from a syndicate including MIDIS, NAB and CBA; MIDIS: £54.0m; NIBC: £21.7m; ING c.£34.2m; and UniCredit c.£32.1m).
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.
