NextEnergy Solar Fund Limited Interim Management Statement (9550N)
August 01 2014 - 1:00AM
UK Regulatory
TIDMNESF
RNS Number : 9550N
NextEnergy Solar Fund Limited
01 August 2014
1 August 2014
NextEnergy Solar Fund Limited
Interim Management Statement
NextEnergy Solar Fund Limited ("NESF" or the "Company"), a
specialist investment fund focused on operational solar
photovoltaic ("PV") assets located in the UK, is issuing this
Interim Management Statement ('IMS') in accordance with FCA
Disclosure and Transparency Rule 4.3 and in respect of the period
since the Company's admission to the Main Market of the London
Stock Exchange on 25 April up until 31 July 2014.
Highlights
-- GBP85.6 million initial public offering ("IPO") in April 2014
-- Approximately 73% of IPO proceeds committed to or invested in six solar assets
-- Majority of capital invested in operating assets
-- All operating assets performing in line with management expectations
-- NESF on track for full-year dividend payout of 5.25 pence per ordinary share
-- Significant pipeline of further investments under consideration
Background to the Company
NESF was admitted to trading on the Main Market of the London
Stock Exchange on 25 April 2014 and had an opening NAV of 100 pence
per ordinary share. The Company targets aggregate returns to
investors that equate to an unlevered net IRR of between 7 and 9%
and, with effect from the financial year beginning 1 April 2015, an
annual dividend of 6.25 pence per ordinary share (adjusted in
direct proportion to annual variations in RPI) in each financial
year. The Company expects to pay a dividend of 5.25 pence per
ordinary share for its first financial year ending 31 March 2015.
The Company's investment manager is NextEnergy Capital IM Limited,
part of the NextEnergy Capital Group (the "IM").
Portfolio
Since its IPO, NESF has acquired or committed to acquire six
solar PV plants located in the UK. The total investment value of
these six assets amounts to c. GBP62.5 million, or c. 73% of IPO
proceeds. The majority of investment relates to the acquisition of
operating solar power plants, while the remainder comprises plants
which will be acquired by NESF upon commissioning. NESF has
acquired or committed to acquire a 100% interest in each of the
plants. The operating plants are all performing, and construction
of the assets to be acquired at commissioning is progressing, in
line with expectations. The portfolio is set out in the table
below.
Project Name Status MW Acquisition Value
(GBPM)
------------------- ---------------- ---- -----------------
Higher Hatherleigh Operating 6.1 7.1
Shacks Barn Operating 6.3 8.0
Gover Farm In Construction 9.4 10.5
Bilsham In Construction 12.5 15.0
Brickyard In Construction 3.8 3.9
Ellough Operating 14.9 18.0
------------------- ---------------- ---- -----------------
Total 53.0 62.5
Pipeline
The Company, in conjunction with the IM, continues to progress
execution of transactions that will allow full deployment of the
IPO proceeds within four months from the IPO.
In addition, the IM has identified and is undertaking the due
diligence on a large set of additional opportunities for the
Company. These opportunities will enable the fund to present
attractive incremental growth options to its investors in due
course.
Outlook
Considering NESF's success in rapidly deploying capital to date,
the transactions currently under execution as well as the further
opportunities identified, the Directors believe that NESF continues
to offer investors an attractive investment opportunity.
The market conditions continue to be favourable for NESF due to
the number of assets currently under development and/or
construction by third parties. Given the proposed change to the
regulatory framework regarding the abolition of renewable energy
obligations ("ROCS") in April 2015, NESF has observed increased
levels of activity among developers and construction agents. The
increased level of activity appears to be due to these market
participants seeking to commission plants before the end of the
ROCS regime. In turn, an increased number of plants being
commissioned by short-term asset owners will result in more
opportunities for NESF to acquire operating plants in the current
tax year.
Enquiries
NextEnergy Capital Limited 020 3239 9054
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Gareth Price
Shore Capital 020 7408 4090
Bidhi Bhoma
Anita Ghanekar
MHP Communications 020 3128 8100
Rupert Trefgarne
Jamie Ricketts
Notes to Editors:
NextEnergy Solar Fund
NextEnergy Solar Fund (www.nextenergysolarfund.com) is a
specialist investment fund focused on operational solar
photovoltaic ("PV") assets located in the UK. The Company intends
to provide investors with a sustainable and attractive dividend
that increases in line with RPI over the long term and an element
of capital growth through the re-investment of net cash generated
in excess of the target dividend.
Further information on NextEnergy Capital and WiseEnergy is
available at www.nextenergycapital.com and www.wise-energy.eu.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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