30th Jun 2015 10:46
LONDON (Alliance News) - NextEnergy Solar Fund Ltd, which invests in operating solar power plants in the UK, Tuesday said it is confident of achieving its dividend target for its current financial year.
The investment company said it is aiming for further "incremental growth" in the current financial year, ending March 31, 2016.
"The UK solar industry is a fast developing sector illustrated by our active pipeline of acquisition opportunities, and we expect further market growth in the following periods," Chairman Kevin Lyon said in a statement.
The chairman said that investment manager NextEnergy Capital Group "has identified a pipeline of over 200 megawatts of short-term acquisition targets and is actively progressing further opportunities". Lyon said the company aims to continue to raise capital - through equity and debt - to finance the growth of its portfolio.
"Following the company's initial public offering on the London Stock Exchange in April 2014, we have achieved the principal objectives we set ourselves. These objectives centred on capital deployment, investment track record, payment of dividends to shareholders, operational and financial performance, and growth in the company's net asset value," Lyon said.
Lyon said the board is confident of achieving its dividend target of 6.25 pence per share for the financial year ending March 31, 2016.
It paid a first interim dividend of 2.625p in December and expects to pay a second interim dividend of the same amount in July.
The chairman's comments came as the investment company said its net assets grew to GBP248.4 million at the end of March 2015 from GBP85.6 million on April 25 of the prior year. Net assets per share increased to 103.3 pence from 100.0p over the same period.
Shares in the company were up 0.1% at 108.49p late Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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