NextEnergy Solar Net Asset Value Up; Sets Share Issue Programme (ALLISS)

LONDON (Alliance News) - NextEnergy Solar Fund Ltd on Friday said its net asset value rose in its first quarter, helped by an uplift in power price forecasts, and set out a proposed share issuance programme.

The company said its net asset value per share as at the end of June was 101.9 pence, up from 98.5 pence at the end of March, helped by an uplift in power price forecasts from 2017 onwards, as well the fund's operating results.

The uplift in power price forecasts reflects an increase in forward power prices and incorporates an increase until 2022, NextEnergy said, with forecasts thereafter remaining largely unchanged from previous estimates.

NextEnergy proposed a tap issuance programme of 54.9 million shares, equivalent to nearly 20% of its existing voting share capital in response to market demand.

This will be conducted via a bookbuilding process, with an issue price of 100.4 pence per share, representing a 1.75% premium to its net asset value of 98.7 pence per share at the end of June after adjusting for its second interim dividend paid for the year to end-March.

Shares in NextEnergy were flat at 102.53 pence Friday morning.

Next Energy said it currently has a substantial pipeline of acquisition targets and further opportunities, and noted that whilst the medium and long term effects of the UK's vote to leave the European Union are "as yet unknown", it may benefit from a lower interest rate environment.

Cantor Fitzgerald Europe, Fidante Capital, Macquarie Capital (Europe) Ltd, and Shore Capital Stockbrokers Ltd and Shore Capital and Corporate Ltd are acting as joint bookrunners.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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