NextEnergy Solar Fund Limited (LON:NESF) said electricity generation from its portfolio has been 8.1% above budget year to date.

This additional power has added £5mln to revenues, said the FTSE 250 fund, while its active management and power prices strategies had added a further £7mln.

Net asset value for the three months to end December rose to 100.7p (30 September 2020: 99.6p), with net equity rising to £591mln (30 September 2020: £583.5m)

A second interim dividend of 1.7625p per ordinary share was declared for the year ending 31 March 2021 (31 March 2020: 1.7175p)

Next Energy added that currently it has 763 MWp total capacity installed across 91 operating solar assets with all budgeted generation hedged for the financial year to March 2021 and 83% for the year to March 2022.

Kevin Lyon, NextEnergy Solar Fund Chairman, said: “I am pleased that, following what has been an extremely challenging period for all, NESF can present an increase in NAV.

“NESF entered the final quarter of this financial year in a very strong position, having secured attractive prices for the totality of expected generation this current financial year, plus a significant portion of expected generation for 2021/22.

Michael Bonte-Friedheim, chief executive, added: “The successful active management of NESF’s assets in the year was clear as the group enjoyed above-budget electricity generation, good asset management alpha from our portfolio management, and a significant cash benefit from our power price contract fixes.

“Progress towards our subsidy-free goal of 150 MWp is on track as NESF continues to lead the market in a transition to a subsidy-free model in the UK and beyond.”

Shares rose 0.8% to 101.2p.

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