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(Alliance News) - Infrastructure investor NextEnergy Solar Fund Ltd boosted its annual dividend Tuesday after a rise in income and asset value.
For the year ended March, net asset value per share grew 5.5% to 110.9 pence from 105.1p the year prior. Income rose 35% to GBP55.6 million from GBP41.1 million the yea prior. Total shareholder return stood at 12%, up from 6.2% the year before.
"We have experienced strong generation throughout the year driven by high levels of solar irradiation, with periods last summer and this February being particularly significant," Chair Kevin Lyon said.
NextEnergy proposed a 6.65 pence per share dividend for the year, up 3.6% from 6.42p the year before. The firm is targeting a 6.87p payout for the new financial year.
"Over the course of the last twelve months, as we head into the subsidy free era, we have focused on optimising our portfolio of assets, which continues to outperform budget," Lyon added. "Our simultaneous programme of lease extensions and re-structuring across these assets has added significant value to the NAV."
"We continue to be on track in building our first free subsidy-free plant with plans to build more in the future," Lyon continued.
Shares in NextEnergy were 0.7% higher at 120.78p in London on Tuesday.