High power prices drive up NextEnergy Solar Fund's asset value

• NextEnergy Solar Fund (NESF) has actually seen its net asset value remain to surge in the middle of high wholesale power prices, as its trading group makes the most of its expanding portfolio of assets.

The professional solar as well as energy storage fund has seen its NAV per share grow by 7.2% since the end of June 2022, due primarily to increases in power expenses.

" Today's reported NAV is the greatest that NESF has ever before released, as well as it is urging to see that NESF's share price has actually started to reinforce in line with peers," claimed Kevin Lyon, chairman of NextEnergy Solar Fund.

" We believe the existing share price remains to provide investors an appealing entrance point to an engaging investment chance. The group at NextEnergy Funding remain to work hard to deliver NESF's superior efficiency and also amazing future development pipeline."

Around 50% of NESF revenues originate from government-backed subsidies through ROCs and also FITs, while the rest comes from the sale of budgeted power generation into the market. This final segment has actually seen one of the most growth, as power prices have remained to be high against the background of continuing macroeconomic and geo-political occasions.

The firm has actually an overall mounted capability of 865MW including 100 operating solar assets, which have actually outmatched by +4.5% for the quarter ended 30 June 2022, equating right into added revenues of c. ₤ 2 million. It has a variety of assets in Spain as well as Portugal also.

In addition, NESF likewise has a 6MW co-located battery storage space project at its North Norfolk Solar Farm and a 50MW standalone battery storage space project in Fife, Scotland, that is presently under construction as part of a 250MW joint venture with Eelpower.

NESF has funding to pursue the short-term immediate pipeline, including bringing online this protected battery storage project and finishing the construction of its post-subsidy solar assets.

" I am really delighted to be able to report the 3rd successive NAV uplift that NESF has launched; one year ago NESF reported an unaudited NAV per ordinary share of 98.7 p, today NESF introduced 121.7 p, an increase of c. 23%," stated Michael Bonte-Friedheim, Chief Executive Officer of NextEnergy Group.

" NESF continues to provide financiers with an eye-catching earnings return protected versus inflation, along with giving a financial investment chance that makes an actual distinction in the fight against climate modification."

The fund saw its NAV per ordinary share increase by 8.2 p (c. 7.2%) with it currently resting at 121.7 p.

An increase in ordinary shareholder NAV has actually additionally been observed with an increase of ₤ 48.7 million to ₤ 717.2 million. Out of the complete ₤ 145 million Revolving Credit Facilities offered to the business, ₤ 48 million stays undrawn and available for implementation since the 30 June 2022.

The firm has mentioned it has exclusivity over or possesses the project civil liberties for the substantial bulk of an attractive pipeline of ₤ 350 million of domestic and also worldwide assets across the solar and battery area.