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(Alliance News) - NextEnergy Solar Fund Ltd on Thursday said it continued to offer very attractive returns despite a decline in net asset value, as it kept its eyes on consistent dividend increases.
The London-based renewable energy investment company said net asset value in its first financial quarter to June 30 fell to 109.3 pence per share from 121.7p a year prior.
It declared an interim dividend of 2.08p per share, up 11% from 1.88p a year ago. The company eyes a target dividend of 8.35p for its current financial year 2024 ending March 31, up 11% from 7.52p.
Portfolio generation outperformance against budget for the three months to June 30 was 3.9%, compared to 4.5% a year prior. The amount of operating solar assets was 99, down from 100.
Looking ahead, Chair Helen Mahy said: "NESF has made steady steps in the first quarter across its various strategic initiatives and added to its operating solar portfolio post-period by energising Whitecross, a 36 megawatt solar asset in Lincolnshire. Progressing the capital recycling programme remains a key priority for the company; proceeds will in the first instance be used to reduce short term debt in the current macroeconomic environment. The company continues to offer shareholders a very attractive return with a strong dividend yield, through the generation of vital renewable electricity."
NextEnergy Solar Fund shares fell 2.6% to 89.33p each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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