Nextenergy Solar Dividends - NESF

Nextenergy Solar Dividends - NESF

Stock Name Stock Symbol Market Stock Type
Nextenergy Solar Fund Limited NESF London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-0.60 -0.55% 109.00 12:42:14
Open Price Low Price High Price Close Price Previous Close
110.00 108.80 110.00 109.60
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Nextenergy Solar NESF Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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Posted at 21/11/2022 07:14 by masurenguy
Interim Results for period ended 30 September 2022

NextEnergy Solar Fund is pleased to announce its interim results at 30 September 2022.

Financial Highlights

-- +9.4p (c.8.3%) increase in Net Asset Value ("NAV") per ordinary share to 122.9p over the six-month period (31 March 2022: 113.5p).

-- +£56.2m increase in ordinary shareholders' NAV to £724.7m (31 March 2022: £668.5m).

-- Earnings per ordinary share of 13.1p (30 September 2021: 7.74p).

-- Total Gearing (including preference shares) of 42% (31 March 2022: 42%).

-- Second interim dividend of 1.88p per ordinary share for the quarter ended 30 September 2022 (30 September 2021: 1.79p).

-- Estimated cash dividend cover of 1.3x - 1.5x for FY22/23 (31 March 2022: 1.2x).

-- Total dividends paid of 3.76p per ordinary share in respect of the six months ended 30 September 2022 (30 September 2021: 3.58p).

-- Target dividend of 7.52p per ordinary share for the year ended 31 March 2023 (a year-on-year increase of 5%, above the 4.1% calculated Retail Price Index ("RPI") rise for the 2021 calendar year).

Posted at 18/11/2022 17:41 by carterit
From citywire today at 17.20
The exclusion of battery storage is clearly good for funds in this sub-sector: Gresham House (GRID), Gore Street (GSH) and Harmony Energy Income (HEIT).

Winterflood also pointed out that if biogas was confirmed as exempt, it would benefit JLEN Environmental Assets (JLEN), a diversified fund that generates some of its revenue from the sale of heat and biogas and enjoys some subsidy in the form of the feed-in-tariff scheme.

With its portfolio focused on Ireland and Europe, Greencoat Renewables (GRP) is also in the clear.

Chande said other funds with less than 30% UK exposure and at low risk from the levy were Thomas Lloyd (TLEI), Ecofin US Renewables (RNEW), Aquila European Renewables (AERI) and SDCL Energy Efficiency Income (SEIT).

VH Global Sustainable Energy Opportunities (GSEO) should also be excluded as its only UK asset is a gas-powered plant with carbon-capture facilities, said Chande.

‘While we do await finer details of the levy, the initial technical note indicated that behind-the-meter solar rooftop projects supplied by Atrato Onsite Energy (ROOF) will be exempt whilst Downing Renewables (DORE) is exempt due to UK capacity being under a 100GWh/pa de minimis allowance,’ the analyst said.

Funds such as Greencoat UK Wind (UKW) and Bluefield Solar Income (BSIF) with the highest exposure to subsidised CfD and ROC revenues should see a smaller reduction in NAVs, said Winterflood’s Ratnasingam.

UK Wind rose 3% yesterday, one of the biggest risers in the sector, and rallied another 3.7% today. Foresight Solar (FSFL) and NextEnergy Solar (NESF) gained over 2% yesterday.

The latter’s rise may have surprised Ratnasingam as he believed FSFL could be the most vulnerable to a knock to NAV as it had recently set its power price assumption at the higher end of the sector range of £80-£175/MWh for 2023 and £65-£150/MWh in 2024.

By contrast, he said NESF was ‘relatively attractive’ because of its investments in battery storage through a 500MW joint venture with Eelpower. Investor’s Newell estimated it was in line for a reduction in NAV of just 0.3%.

However, further clarification is needed as Chande included NESF, BSIF and UKW in a list of five that also included Renewables Infrastructure Group (TRIG) and JLEN he believed could see reductions of around 2.5% in NAV.

‘Arguably this is already reflected in discounts,’ he said. Until the smoke clears, however, those gaps between share prices and NAVs look set to remain.

Posted at 12/10/2022 11:01 by marktime1231
I agree contract law is on NESF side here. Even if the government get legislation through to rip up old contracts then NESF are entitled to compensation if necessary through the courts. Imposing a windfall tax would be without challenge though?

The option remains open to voluntarily agree new price formulae which lop a huge amount off current wholesale prices while locking in a future price floor which would be, as you say, much better than the base case on which NESF is invested. The government needs to make an acceptable offer and NESF need to accept it ... NESF have already transferred two unsubsidised wind farms on to AR4 prices even though they weren't in the original auction, so there is precedent.

Rees-Mogg might be the problem here, judging by his stuttering performance on TV this morning. He might know chapter and verse on parliamentary procedure and constitutional law, but not so much about business, energy and industry or how to make a fair deal.

Posted at 01/10/2022 12:12 by tole renewable energy dividend stock yields 7%. Should I buy shares?Jabran Khan takes a closer look at this dividend stock with its enticing yield. Could now be a good time to buy the shares?Published 28 September, 3:15 pm BSTNESFFemale analyst sat at desk looking at pie charts on paperImage source: Getty ImagesBoosting my passive income stream through dividend-paying stocks is a key part of my investment strategy. When considering any potential share to buy, I look at the yield on offer. I noticed that NextEnergy Solar Fund (LSE:NESF) currently offers a dividend yield of over 7%. Could it be a good dividend stock option for me to buy and hold?Solar panel investment fundAs an introduction, NextEnergy is an investment fund that focuses on solar energy infrastructure assets. It owns a series of assets throughout the UK with a total energy generation of 865MW, as I write.Solar energy has risen in prominence in recent years, like many other renewable energy options. This is because the planet battles climate change, and many governments are looking to cut harmful carbon emissions.So what's happening with NextEnergy shares currently? Well, as I write, they're trading for 103p. At this time last year, the stock was trading for 94p. This is a 9% return over a 12-month period.To buy or not to buySo what are some of the pros and cons of me buying NextEnergy shares?FOR: A major positive for me is the current renewable energy market as a whole, as well as NextEnergy's growth to date. Renewable energy around the world is a burgeoning market as everyone races to create alternative fuel solutions, in line with increasing demand for electricity. NextEnergy has grown its estate consistently since it began. It has grown its output year on year for the past eight years. In addition to this, its costs remain largely fixed, which could help boost growth and shareholder returns.AGAINST: As a real estate investment trust, NextEnergy must return 90% of profits to shareholders. The issue I have here is that it is using debt to finance growth. I am usually put off by debt so will keep a keen eye on its balance sheet.FOR: As a potential dividend stock, NextEnergy's yield looks solid right now. It has a track record of increasing its payout since 2015. This is important for me as I want to boost my holdings with stocks that pay regular and consistent dividends. In addition to this, the shares look cheap on a price-to-earnings ratio of just five currently.AGAINST: As with any passive income stock, it is worth remembering that dividends are never guaranteed. They can be cancelled at the discretion of the business at any time. This is usually to conserve cash in times of economic volatility or unexpected events.A dividend stock I would buyReviewing all the information at hand, I do like the look of NextEnergy shares. I believe it could be a great stock to boost my passive income stream as it operates in a growth market. I am conscious of the risks involved too, however.I would be happy to add NextEnergy shares to my holdings.
Posted at 22/9/2022 11:02 by marktime1231
NESF benefitting from being in the right sector, up in to the FTSE250 this week, and much of the generation income of around £70M pa (?? is that right) is indexed. Inflation is to some extent our friend. Not all good news though, as at 31 March 2022 NESF had around £96M of credit on unhedged floating interest rates. Swings and roundabouts.

Compared to other solar funds NESF has borrowed and issued preference shares to the max in order to develop its pipeline. We get a sector-leading progressive yield and strongly improving NAV. When and how NESF reduces its debt is a worry.

Posted at 12/9/2022 12:32 by marktime1231
Good that NESF is expanding its battery storage investments, subject to approval to changing its terms of business which strangely limit the battery side to 10%. Looking at Eelpower I wonder who owns and funds them, and how closely now they are linked to NESF who seem to dominate the JV arrangement. Are Eelpower kind of doing the asset manager / developer job for NESF, eg finding and signing up pipeline opportunities for us?

Reports that NESF has been selected for admission to the FTSE250 from Mon 19 Sep



Bluefield Solar also promoted a sign that renewables are the place to be.

Posted at 12/9/2022 06:57 by masurenguy
Important new JV agreement with an existing partner for battery storage. This may potentially prompt some further fund raising requirement in due course !

New GBP200m Battery Storage Joint Venture Partnership

NextEnergy Solar Fund is pleased to announce that it has advanced its position in the energy storage sector through a new GBP200m Joint Venture Partnership ("JVP2") with Eelpower Limited ("Eelpower"). JVP2 reflects the successful relationship built with Eelpower, offering enhanced terms by increasing NESF ownership to 75%, with Eelpower holding the remaining 25%. JVP2 is separate to the existing GBP100m Joint Venture Partnership ("JVP1") announced last year. The Company's first 50MW battery storage project through JVP1 is currently under construction in Fife, Scotland, and is expected to be energised and grid-connected in the first half of 2023.

Energy storage remains a key strategic priority to the Company and forms part of its long-term equity growth story. JVP2 significantly increases the Company's position in the UK battery storage sector and provides a unique opportunity through both JVP1 and JVP2, to actively pursue a high-quality pipeline of over 500MW (GBP300m) battery energy storage opportunities, which are already under exclusivity.

Utilisation of full capacity of both JVP1 and JVP2 remains subject to shareholder and FCA approval due to the Company's existing investment policy being limited to 10% of Gross Asset Value into energy storage. The Company's investment manager and advisor, NextEnergy Capital, will be consulting investors over the coming months to seek support to increase this limit to allow the Company to fully capture the energy storage growth opportunities available to the fund.

The Company continues to benefit from the unique skillset offered by Eelpower, the leading specialist in the UK battery market with a strong track record and extensive experience in the delivery, management, and optimisation of battery storage assets in the UK. Eelpower will provide EPC and ongoing specialist asset management services to the storage assets.

Kevin Lyon, Chairman of NextEnergy Solar Fund commented:"Battery storage is a vital technology in increasing the penetration of renewables in the UK. NESF has made excellent progress expanding and diversifying into this technology through its relationship with Eelpower. NESF has created a unique opportunity to become a key player in this space, whilst enhancing the existing portfolio of solar assets. Pending shareholder and FCA approval, NESF can further diversify and offer investors continued exciting growth prospects."

Posted at 23/8/2022 10:08 by marktime1231
I was and still am curious cc what you switched to. You obviously study the options so it would be good to know your thinking. AEET is new to me, more risk (edit - wow and some) but more opportunity?

On the face of it yes NESF has high borrowing going in to a cycle where everyone is now pointing to interest rates being higher for longer, but the downside is offset I think by some fixed borrowing costs, and upside is the benefit of inflation indexing in the price agreements.

If NESF ever did swing to a reasonable premium they could tap the market to cut net debt, and with such good dividend coverage might be able to do so without trimming the distribution? But yes on the face of it 40% gearing sounds high.

NESF still has strongly appreciating NAV, growing at something like 23% a year did they say, and while paying a 6.5% dividend, in a hot sector where I think wholesale prices are at 8-10 x normal. There will be demand for whatever NESF can produce, much of it conservatively but safely locked in to long term purchase agreements.

Yes they may be fluffing the NAV a little over discount rates, but there is still good news on the way when new developments are commissioned and especially when they add storage to allow them to capture the evening peak market. And income more than covers costs. So there is opportunity here too.

On balance I am very happy to be here and on balance am happy there is more good news in the outlook than bad. My instinct then and now was that you sold out too soon cc, by at least 5p, but I respect your concerns, it is always valid to crystallise some gains, and it may be you have spotted a bargain.

(edit - and debt which is hugely discounted on credit risk fears now and where I am also adding but prefer SMIF to BIPS)

Posted at 27/6/2022 06:42 by masurenguy
Solid and steady performance. Current discount to NAV is circa 4% and this years target yield is 6.9%

Full Year Results for the year ended 31 March 2022

NextEnergy Solar Fund, the specialist renewable energy investment company, is pleased to announce its full year results and annual report, for the year ended 31 March 2022.

Financial Highlights

-- +14.6p (c.15%) increase in NAV per share to 113.5p (31 March 2021: 98.9p).
-- Increased ordinary shareholders' NAV of GBP668.5m (31 March 2021: GBP580.8m).
-- Shareholder annualised total return for the year of 11% (31 March 2021: 5.1%).
-- Gearing (including preference shares) of 42% (31 March 2021: 43%).
-- Dividends per ordinary share of 7.16p (31 March 2021: 7.05p).
-- Increased cash dividend cover before scrip to 1.2x (31 March 2021: 1.1x).
-- 5.0% increase in FY22/23 target dividend to 7.52p per ordinary share.
-- Estimated dividend cover of between 1.3x and 1.5x for the FY22/23.

The UK power market continues to experience sustained high prices. Prevailing market conditions around the supply of gas continue to look challenging given recent macroeconomic and geo-political events, highlighting the importance of energy security. Against this backdrop, NESF offers strong diversification and protection for investors in their portfolios, in conjunction with helping accelerate Net Zero ambitions following COP26. For the current financial year, NESF is targeting an attractive dividend of 7.52p per ordinary share, supported by a strong expected dividend cover.

Posted at 09/5/2022 06:16 by masurenguy
Significant extension of battery storage capacity.

First Co-Located 6MW Battery Storage Project

NextEnergy Solar Fund announces the selection of its first site for a co-located battery storage project. The project will extend the existing 11MW North Norfolk solar farm within the NESF portfolio to include a 6MW/12MWh battery system. Planning permission for the co-located battery system has been secured, with construction expected to commence on site later this year. North Norfolk solar farm is a subsidised solar asset that benefits from Ofgem's Renewables Obligation Certificate ("ROC") scheme with a 1.6 banding. The Company will continue closely to align the configuration of its co-located battery projects with Ofgem's latest guidance.

The Company continues to identify additional co-located battery storage opportunities through its retrofit program, in addition to its existing 250MW joint venture with Eelpower for standalone battery storage. The retrofit program for co-located battery storage aims to leverage NESF's 91 UK solar assets and the expertise of the NESF investment management team at NextEnergy Capital in bringing innovative projects to fruition. An additional four potential locations for co-located battery storage systems have been identified to date and are being progressed into development stage. Working alongside leading delivery partners in the UK battery sector, NESF expects that co-location of battery storage systems alongside the Company's existing solar portfolio will provide additional asset, technology and revenue diversification, whilst also accessing the favourable future revenue opportunities that battery storage systems present.

Michael Bonte-Friedheim, Group CEO of NextEnergy Group said:"NESF's first co-located battery site at the North Norfolk solar farm marks another key milestone for the Company. Implementing co-located batteries across the portfolio presents an attractive growth opportunity for NESF as these assets offer both synergies with our PV assets, as well as offering diversification to our portfolio income. Battery storage is a market that NESF has been preparing for some time, having acquired two small scale co-located batteries at Salcey Farm and Pierces Farm in 2017, and we look forward to keeping the market up to date on the results of this programme, now and in the future ."

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