News Article

NextEnergy Solar Fund Chase 170 MW Pipeline

NextEnergy Solar Fund has reported unaudited net asset value (NAV) per share, ex-dividend, of GBP 1.004 at the end of September, up from GBP 0.987 three months earlier.

The London-listed solar investor said the rise was due to the generation outperformance of its portfolio, as well as increases in the power price and inflation forecasts.

Total NAV grew to GBP 350.1 million (USD 436.8m/EUR 401m) from GBP 283.1 million at the end of June. 

The company also said it will publish prospectus about its proposed share issuance programme of up to 350 million new ordinary shares or C shares on or around November 15. It is targeting an initial issue of up to 100 million shares that should raise gross proceeds of up to GBP 104.5 million.

NextEnergy Solar Fund added it has an acquisition pipeline under letters of intent totalling about 170 MWp and representing an investment value of about GBP 175 million. Most of the projects are expected to fall under the 1.2 Renewable Obligation Certificate (ROC) per MWh subsidy regime.

It is also pursuing additional acquisition opportunities of about 440 MWp.

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