(Alliance News) - NextEnergy Solar Fund Ltd reported on Monday a strong performance in its portfolio as it increased its net asset value per share and increased its annual revenue.
At March 31, the renewable energy investment company reported a net asset value per share of 113.5 pence. This represented a 15% increase against the 98.9p posted at the same time a year prior.
NextEnergy posted a total return in the year ended March 31 of 11%, up from 5.1% the previous year.
The company explained that the main contributor its NAV during the year was an increase in power price forecast assumptions.
Portfolio revenue in the year grew 19% to GBP114 million from GBP96 million. The earnings before interest, tax, depreciation and amortisation of the portfolio increased further, rising 22% to GBP90 million from GBP74 million.
At the end of the year, NextEnergy hit 100 fully operating solar assets, up from 94 at the same time a year prior. Totalled installed capacity rose to 865 megawatts from 814 megawatts.
Chief Executive and Founder Michael Bonte-Friedheim said: "NESF's portfolio continues to outperform technically, financially and operationally, providing vital low-cost of production power generation to the UK, in an environment of rising inflationary pressure, with increased focus on energy security. NESF remains well placed to deliver shareholders an attractive, inflation-protected income, while pursuing more of the exciting growth prospects the sector offers."
Shares in NextEnergy Solar Fund were up 0.9% at 110.00 pence on Monday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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NextEnergy Solar (NESF)