15th May 2025 14:19
NextEnergy Solar Fund Ltd - Guernsey-based specialist investor in solar energy and energy storage - Chair Helen Mahy has informed the board that she wishes to step down as a director and "pursue other interests", effective from the close of business on Thursday. Company says the board has promoted Paul Le Page to interim chair while NextEnergy "concludes a formal process to confirm a permanent successor". Le Page was previously a senior independent director.
Also on Thursday, NextEnergy says its board approves a maintained dividend target of 8.43 pence per share for the year ending March 31, 2026. Company expects this to be covered in a 1.1x to 1.3x range by earnings post-debt amortisation, and supported by a high degree of revenue visibility. Also says the target offers an attractive approximately 12% dividend yield. Adds that it "has an impressive track record having achieved all its dividend targets whilst maintaining a covered dividend throughout the last eleven years and continues to target a covered dividend beyond the current financial year". Also, NextEnergy Solar declares a 2.11p per share fourth interim dividend for the quarter ended March 31 this year, bringing the total payout for the year ended March 31 to 8.43p per share.
"The board and I are pleased to announce NextEnergy Solar Fund's twelfth dividend target which continues to represent one of the largest dividend yields in the FTSE 350," Mahy says. "Despite the ongoing challenging macroeconomic backdrop for the wider sector, NextEnergy Solar Fund's high-quality portfolio of solar energy and battery storage assets continues to prove resilient and deliver regular income to shareholders. This maintained dividend target reflects these stable and visible cash flows."
Current stock price: 68.91p
12-month change: down 12%
By Emma Curzon, Alliance News reporter
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