NextEnergy Solar Fund Limited Replacement Net Asset Value and Quarterly Dividend (1741P)
February 05 2019 - 11:47AM
UK Regulatory
TIDMNESF
RNS Number : 1741P
NextEnergy Solar Fund Limited
05 February 2019
5 February 2019
NextEnergy Solar Fund Limited
Correction: Net Asset Value and Quarterly Dividend
An amendment has been made to the 'Net Asset Value Update and
Quarterly Dividend' announcement released to the market on 4
February 2019 under RNS No 9912O.
It corrects the quarterly dividend figure in the highlights
section of the announcement. The correct figure is an interim
dividend of 1.6625 pence per Ordinary Share for the quarter ending
31 December 2018.
All other details remain unchanged.
The full amended text is shown below.
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Net Asset Value Update and Quarterly Dividend
-- NAV at 31 December 2018 of GBP732.8m, including GBP100m in
Preference Shares (30 September 2018: GBP610m)
-- NAV per Ordinary Share of 108.8p (30 September 2018: 105.1p)
-- Equity discount rate lowered by 0.25% to 6.50% for unlevered
assets. Unchanged risk premium for levered assets of between 0.7%
and 1.0% and premium of 1.25% for Italian portfolio
-- Issuance of GBP100m 4.75% Preference Shares on 12 November 2018
-- At 31 December 2018, the Company's portfolio comprised 87
operating assets with an installed capacity of 691MW (30 September
2018: 87 plants for 691MW installed).
-- Quarterly dividend of 1.6625p per Ordinary Share announced
for quarter ending 31 December 2018
-- On track for dividend target of 6.65p per Ordinary Share for
the year ending March 2019 (including two dividends of 1.6625p
relating to the first two quarters)
Net Asset Value
NESF, the specialist investment company that invests primarily
in operating solar power plants in the UK, announces its Net Asset
Value ("NAV") at 31 December 2018.
The NAV per Ordinary Share amounted to 108.8p as at 31 December
2018, compared to 105.1p as at 30 September 2018.
The increase in NAV per Ordinary Share was driven by a decrease
in the equity discount rate from 6.75% to 6.5%, an improvement in
NESF's capital structure following the issuance of a first GBP100m
tranche of Preference Shares, higher than budgeted ROC recycle
income and power generation significantly above expectations during
the period (by c.8.0% year to date).
The equity discount rate was reduced to reflect the observed
increase in the market value of operating solar power plants across
the UK and Italy, and accounted for an increase of 1.8p/Ordinary
Share. The revenue generated by the increase in power generation
during the period contributed 1.0p/Ordinary Share.
NESF has posted the Company's updated factsheet on its website
today.
Interim Dividend
NextEnergy Solar Fund Limited is pleased to announce an interim
dividend of 1.6625 pence per Ordinary Share for the quarter ending
31 December 2018. The interim dividend of 1.6625 pence will be paid
on 29 March 2019 to shareholders on the register as at the close of
business on 22 February 2019. The ex-dividend date is 21 February
2019.
The Company will also be offering shareholders a scrip dividend
alternative to this interim dividend as detailed in the Scrip
Circular dated 10 August 2018, a copy of which can be viewed and /
or downloaded from 'Circulars' in the Investor Relations part of
the NESF website (www.nextenergysolarfund.com). The Scrip Share
reference price will be announced on 28 February 2019, with
elections to be made by 8 March 2019.
For further information:
020 3746
NextEnergy Capital Limited 0700
Michael Bonte-Friedheim
Aldo Beolchini
020 7894
Cantor Fitzgerald Europe 7667
Robert Peel
020 7832
Fidante Capital 0900
John Armstrong-Denby
020 7408
Shore Capital 4090
Anita Ghanekar
020 3037
Macquarie Capital (Europe) Limited 2000
Nick Stamp
020 3128
MHP Communications 8100
Oliver Hughes
01481 755
Ipes (Guernsey) Limited 137
Nicholas Robilliard
Notes to Editors:
NESF is a specialist investment company that invests primarily
in operating solar power plants in the UK. It is able 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.
As at 31 December 2018, NESF has raised equity proceeds of
GBP692m since its initial public offering on the main market of the
London Stock Exchange in April 2014. It also has credit facilities
outstanding of c.GBP296m in place (GBP148m from a syndicate
including MIDIS, NAB and CBA; MIDIS: GBP52m; Santander GBP40m; and
Bayerische Landesbank GBP56m).
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 provided
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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