VH Global keeps stable interim payout as net value declines

(Alliance News) - VH Global Sustainable Energy Opportunities PLC on Wednesday said its net asset value decreased in its latest quarter, but still maintained an interim dividend in line with guidance.

The London-based investor in energy infrastructure said its NAV at June 30 was 110.21 pence per share, down from 112.32p at March 31. Its total leverage is 2.2% of its NAV.

VH Global meanwhile declared a dividend of 1.38p per share for the three months ended June 30, unchanged from the previous quarter. It reaffirmed its annual dividend target of 5.52p for 2023.

VH Global said the payout is 1.3 times covered thanks to its continually "robust" portfolio income, and it expects the ratio to become stronger as more projects become operational.

The company noted that "after a period of macroeconomic volatility, key macroeconomic indicators have begun to stabilise," and said its projects made strong progress during the quarter. In particular, it said its ten operating Brazilian solar assets "continued their strong performance generating power ahead of budget", with three more sites expected to commence operations in the first quarter of 2024.

Also in Brazil, its hydro facility "continues to be a strong performer in the portfolio with earnings 13% ahead of budget". Moreover its two US terminal storage assets "continue to deliver a robust performance" with earnings 21% and 16% ahead of budget.

Looking ahead, VH Global said it continues to target a positive 10% total NAV return for 2023.

Shares in VH Global were down 1.8% at 86.04p on Wednesday in London.

By Emma Curzon, Alliance News reporter

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