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LONDON (Alliance News) - NextEnergy Solar Fund Ltd on Thursday said its net asset value increased in the first half and said the capacity in its solar energy portfolio is running ahead of its expectations.
The fund, which invests in operational solar power plants in the UK, said its net asset value per share rose to 104.0 pence at the end of September, from 103.3p at the end of March, as its total net asset value increased to GBP289.0 million from GBP248.8 million. Its total shareholder return for the half was 6.3%, while its net asset value return was 6.4%.
The company said the energy generated from its portfolio increased to 147.5 gigawatt hour, 5.7% higher than it had budgeted for. That has further expanded since the period-end, and NextEnergy's portfolio now has 25 solar photovoltaic plants.
Operating profit for the half was broadly flat at GBP8.5 million, compared to GBP8.3 million a year earlier, and the fund will pay an interim dividend of 3.125p, up from 2.625p.
"Our strong pipeline of short-term acquisition targets, which we will finance via further equity issuance and increased debt facilities, gives us a strong platform for incremental growth," said Kevin Lyon, NextEnergy's chairman.
Shares in NextEnergy were up 0.2% to 104.00p on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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