15th Jan 2015 10:00
LONDON (Alliance News) - NextEnergy Solar Fund Ltd Thursday said it is on course to deliver its target dividend of 5.25p per share for its first financial year, with the specialist investment fund focused on operational solar photovoltaic assets also expecting to raise further equity in the coming weeks.
Providing its outlook for the year ending March 31, the fund said it is also on course to deliver, thereafter, annual dividends of, in aggregate, 6.25p per share, adjusted subsequently on an annual basis in direct proportion to variations in the UK Retail Prices Index measure of inflation.
The fund also said it has a strong pipeline of assets available for acquisition, with a total capacity of about 174 megawatts peak with investment value of about GBP237 million secured. The majority of these are expected to be accredited under the 1.4 Renewable Obligation Certificate regime.
NextEnergy Solar Fund also said it is pursuing a further issue of new shares to allow it to "take advantage" of its pipeline of investment opportunities. It expects the issue to take place in February 2015 and that the issue price will be based on the unaudited NAV per ordinary share as recorded at the end of January.
The fund provided a snapshot of its financial position at the end of December 2014.
Financial Information (As at 31 December 2014)
Net assets | GBP181.2M |
NAV per ordinary share | 100.3p |
Market capitalisation | GBP187.4M |
Share price | 103.75p |
Share price premium to NAV | 3.4% |
NextEnergy Solar Fund shares were flat at 104.00 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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