14th Nov 2019 14:08
(Alliance News) - NextEnergy Solar Fund Ltd reported "robust" first-half results on Thursday, "characterized by another period of outperformance."
The infrastructure investor said that its net asset value per ordinary share was 111.2 pence on September 30, up from 110.9p on March 31.
The company said its ordinary shareholder total return was 6.7% for the six months to September, up from 3.4% from the same period a year ago.
NextEnergy said it powered 134,000 UK homes in the past six months, compared to 125,000 a year ago and generated electricity 5% above the budget.
Kevin Lyon, chair of the company, said: "We are particularly proud of our maiden subsidy-free plant, Hall Farm II of 5.4MW, which was energized during the period and is the UK's first subsidy-free solar plant owned by a listed investment company."
"Its successful development and commissioning gives us industry leadership in this space, and work is underway on our next subsidy-free plant - a 50 MW plant currently under construction and due for commissioning by the end of the financial year," Lyon said.
NextEnergy also said it has issued GBP100 million of preference shares during the period, and "used this to repay financial debt, which resulted in enhanced returns for ordinary shareholders, whilst providing financial stability for the future".
NextEnergy shares were trading flat in London at 122.50 pence each on Thursday.
By Loreta Juodagalvyte; [email protected]
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