(Alliance News) - NextEnergy Solar Fund Ltd on Friday said its first half results were helped by surging power prices.
The renewable energy investor said net asset value per share at September 30 rose 4.2% to 103.1 pence from 98.9p at its March year end.
Shares in the company were 1.0% higher at 99.95p each in London on Friday morning.
The NAV increase reflected "higher power curves and higher market views of inflation", NextEnergy said.
"The 2021 interim period has put UK energy at the forefront of minds and agendas driven by unprecedented high power prices in the UK, global gas shortages, and the recent UN climate change conference, COP26, highlighting the immediate need to switch to renewable energy sources like solar," Chair Kevin Lyon said.
"I am pleased to report that the period has been successful for NESF both financially and operationally. NESF has achieved some important milestones in the period, taking its first significant strategic step into the UK energy storage market by signing its maiden 50 megawatt standalone battery investment, signing a GBP100 million joint venture partnership with battery specialist Eelpower, and committing USD50 million to NextPower III, a specialist international solar fund managed by NextEnergy Capital."
NextEnergy "energised" the South Lowfield 50MW asset back in June. It is located in North Yorkshire. Alongside the Camden project, also a 50MW asset, it will produce enough clean energy to power 29,000 UK homes per year, NextEnergy said.
NextEnergy raised its total first half payout by 1.6% to 3.58p per share from 3.525p.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
NextEnergy Solar (NESF)