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NESF Nextenergy Solar Fund Limited

0.40 (0.47%)
28 Nov 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Nextenergy Solar Fund Limited NESF London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.40 0.47% 85.70 16:35:07
Open Price Low Price High Price Close Price Previous Close
85.10 85.10 85.50 85.70 85.30
more quote information »
Industry Sector

Nextenergy Solar NESF Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 25/11/2023 16:44 by masurenguy
NextEnergy Solar Fund Manager says share price "unjustified" after solid interims

NextEnergy Solar Fund Ltd (LSE:NESF) Manager Ross Grier visits the Proactive London studio to speak with Thomas Warner following the release of interim results for the six months ended 30 September 2023. Grier discusses the fund's performance, noting a slight decrease in net asset value, primarily due to an increased discount rate for UK assets, reflecting the current high-interest rate market. He says NESF successfully launched the Whitecross Solar Farm (36 megawatts) in the UK and is advancing the construction of the Camilla Battery Storage asset, set to be operational in the first half of 2024.

A key achievement highlighted by Greer was the progress in NESF's capital recycling program, which involves selling assets to fund growth opportunities. This strategy was exemplified by the profitable sale of the Hatherden asset at a significant premium. Focusing on generating total returns for investors, NESF prioritises operational excellence and dividend growth, maintaining a strong track record as a dividend payer with a current target of 8.35 pence.

Looking ahead, Grier says that NESF will continue emphasising operational efficiency across its assets, advancing the capital recycling program, and integrating the Camilla battery storage asset into its portfolio. He suggests that the current share price is "unjustified" given the performance of the fund so far this year. He projects a positive outlook for NESF, anticipating a share price increase aligned with net asset value as market sentiment improves.

Disclosure: I have a holding here.
Posted at 24/11/2023 19:49 by topvest
All infrastructure assets have a finite life unless extended. It's built into the NPV already. I suppose NESF is cheaper because of the relatively mature asset base with 11 years remaining and the relatively high use of gearing. I suspect lots of solar farms will get permission to extend at the end of their life (for a cost), but its not factored in to the NPV. On the other hand their revenues for the next 11 years are well protected for inflation. Many other assets aren't. I'm happy to take a c9% dividend yield growing by inflation and the possibility of a sale of the portfolio closing the large discount.
Posted at 19/10/2023 06:56 by masurenguy
Dividend held !

Interim Dividend Declaration

NextEnergy Solar Fund is pleased to announce a second interim dividend of 2.09 pence per Ordinary Share for the quarter ended 30 September 2023, in line with its previously stated target of paying dividends of 8.35p for the year ended 31 March 2024. The interim dividend of 2.09 pence will be paid on 29 December 2023 to shareholders on the register as at the close of business on 17 November 2023. The ex-dividend date is 16 November 2023.
Posted at 17/8/2023 10:59 by marktime1231
A quadruple whammy today, not just ex-div and a 5p slice off NAV due to discount rate adjustment etc.

NESF's first JV project with Eelpower the standalone 50MW BESS "Camilla" in Fife has missed its 23Q2 energise target -- actually the lead contractor has gone bust, something you would have thought had been observed before now. The impact is a loss of over £0.5M revenues this coming winter because the project has slipped in to 2024. Perhaps Eelpower would like to share that pain? No attention drawn to any impact on other Eelpower JV projects, but NESF point out the whole industry supply chain is under stress. And why are NESF investing in standalone BESS instead of coupling storage with existing connected solar farms?

Also, NESF admits it has zero progress to report on its fanfared "capital recycling" programme to cut net debt, gearing is at 46%.

No wonder this has slipped to a 20% discount and pretty much an all-time-low share price

The promise that income will continue to cover the progressive dividend by a comfortable margin will no doubt keep income-hungry investors on board but NESF is an (another) ugly red line in my portfolio.
Posted at 12/7/2023 14:37 by speedsgh
New QuotedData research note...

Recycling champion -

From an operational standpoint, NextEnergy Solar Fund (NESF) is doing well. As we discuss on page 5 of this note, the board, encouraged by a high proportion of predictable revenue, has felt comfortable in declaring an inflation-matching 11% increase in NESF’s dividend per share, and is confident that this will be well-covered by earnings.

In the face of a difficult market for fundraising (expanding the fund by issuing new shares), NESF’s managers propose recycling capital from its portfolio of subsidy-free solar assets. In the short term, the proceeds would be used to reduce borrowings (gearing) and fund a potential share buyback. Longer-term, the proceeds would be used to secure new solar and energy storage opportunities that present a suitable return profile.

After a good 2022/23 financial year, new investments could boost the NAV and cashflows further. Share buybacks could turn the tide on NESF’s share price discount to net asset value (NAV) and lower debt levels could calm investors’ nerves. Combine this with a prospective dividend yield of 9.1% and NESF’s future looks bright.

Posted at 19/6/2023 06:20 by masurenguy
Full Year Results for period ended 31 March 2023

Portfolio continues to outperform, 11% dividend target increase well placed to deliver shareholders attractive, inflation-protected income

Financial Highlights:

Net Asset Value ("NAV") and Capital Position:

-- NAV per ordinary share increased to 114.3p (31 March 2022, as reported: 113.5p).
-- Ordinary shareholders' NAV increased to £674.4m (31 March 2022, as reported: £668.5m).
-- Ordinary shareholder annualised total return for the year of 8.6% (31 March 2022: 11%).
-- Earnings per ordinary share of 8.2p (31 March 2022: 21.7p).
-- Total gearing (including preference shares) of 45% (31 March 2022: 42%).
-- Weighted average cost of capital of 5.7% (31 March 2022: 5.3%).
-- Weighted average discount rate of 7.3% (31 March 2022: 6.3%).


-- Total dividend of 7.52p per ordinary share declared for the period (31 March 2022: 7.16p).
-- Cash dividend cover for the period 1.4x (31 March 2023: 1.2x).
-- 11% dividend target increase to 8.35p per share for the financial year ending 31 March 2024.
-- Forecasted target cash dividend cover of 1.3x-1.5x, of which 1x-1.1x is from fixed revenues for the financial year ending 31 March 2024.
-- Total dividends declared since IPO of £305.8m or 55.72p per share.

Kevin Lyon, Chairman of NextEnergy Solar Fund Limited, commented: "The twelve months to 31 March 2023 were a productive period as the Company made strong progress across various strategic initiatives announced during the year to generate value and provide future growth for investors. It is a real testament to the Company's performance during the period that we were able to announce an 11% dividend target increase to 8.35p per share, which remains well covered as one of the largest dividend increases in the peer group."
Posted at 12/5/2023 07:00 by masurenguy
Unaudited Quarterly NAV and Operational Update

NextEnergy Solar Fund announces its unaudited Net Asset Value as at 31 March 2023, and its latest operational update.

Financial Highlights

-- 11% dividend target increase to 8.35p per ordinary share for the financial year ending 31 March 2024.

-- Forecasted target dividend cover of 1.3x-1.5x for the financial year ending 31 March 2024 based on high visibility of future cash flows.

-- Total dividend of 7.52p per ordinary share declared for the financial year ended 31 March 2023.

-- Total dividends declared since IPO of GBP305.8m or 55.72p per share.
-- Net Asset Value ("NAV") per ordinary share of 114.3p.
-- Ordinary shareholders' NAV of GBP674.4m.
-- Total gearing (including preference shares) of 45 %.

Portfolio & Operational Highlights

-- Total installed capacity of 865MW.

-- 99 operating solar assets.

-- Portfolio generation outperformance of +3.8% against budget for twelve months ended 31 March 2023, translating into additional revenues of c.GBP4.8m.

-- Capital Recycling Programme announced on 27 April 2023, aiming to capture significant value from the divestment of a 236MW portfolio of subsidy-free UK solar assets, the proceeds from which will be used to:

o Reduce gearing;

o Invest in future long-term growth opportunities; and

o Buy back shares

Dividend Target

The Board of NESF has approved a dividend target of 8.35p per ordinary share for the financial year ending 31 March 2024, representing an 11% increase from the previous year's dividend of 7.52p per ordinary share. The dividend target is forecasted to be 1.3x-1.5x covered, supported by the high degree of visibility of the Company's revenues. The dividend target increase is not dependent on completion of the Company's recently announced Capital Recycling Programme and dividend cover forecasts do not assume revenues from, or sale proceeds connected with, the Capital Recycling Programme .

NAV Correction

As part of the Company's continual improvement of internal systems, the Company identified that the reporting module within its accounting software included an excess of working capital. This created an omission of certain VAT payable accounts from the report which feeds into the calculation of the Company's NAV. This resulted in an overstatement of NAV of GBP15.9m at 31 December 2022 and the Company has made a correcting adjustment of (2.7p) per share or (GBP15.9m) to the Company's 31 March 2023 unaudited NAV. This has no impact on the cash flow generated by the business or on its dividend cover. The Company continues to work closely with external advisers on its programme to strengthen controls, processes, and reporting.
Posted at 28/4/2023 06:56 by masurenguy
NextEnergy Solar puts assets up for sale to raise capital, buy back shares
Renewables fund hopes sale of five solar assets will generate enough money to cut its debts, provide funds for investment and buy back shares currently on a 12% discount.

NextEnergy Solar (NESF) is selling a big slug of its portfolio in a bid to tackle its share price discount, cut debts and re-invest in battery storage. In what analysts see as a test case for renewables funds, whose share price de-ratings have prevented them from raising money through equity issues, NESF has put five unsubsidised UK solar assets up for sale. Although the investment company did not say how much it was looking to raise, it said it aimed to ‘capture significant value’ from the sale of the 236MW portfolio. This represents 28% of the 865MW total capacity NESF had last September. With a current net asset value (NAV) of £717m that could imply a price tag of up to £179m. Alternatively, excluding two assets under development, the generating capacity reduces to a sixth of the current portfolio which gives a lower sum of £119m.

Underlining the size of the transaction, NESF said it would use the proceeds to ‘materially reduce’ its £166m of borrowings and provide funds for its £500m investment pipeline and launch a share buyback programme to narrow its 12% discount to NAV. Numis Securites analyst Colette Ord said the assets would have to sell for £0.7m per MW to clear NESF’s credit facilities with NatWest, AIB Group and Santander. ‘Any outcome will also be interesting for the broader renewables peer group, where shares have been trading at notable discounts to NAV. Something we feel undervalues the return potential of many of the funds in the sector, including yields of 6-7%,’ the analyst said. Ord added: ‘The market will watch the valuation multiples with interest and if they continue to support or exceed current NAV levels we would expect this to be a rerating catalyst to close many of the prevailing discounts which persist across the various infrastructure strategies.’

Winterflood’s Emma Bird said: ‘At face value, we consider today’s announcement a prudent step to strengthen NESF’s balance sheet. Asset disposals will serve as an important barometer for current valuations of solar assets in the wider sector.’ Bird said the divestment had the additional benefit of reducing NESF’s tax liability with respect to the UK’s Electricity Generator Levy, and tilted the portfolio more towards capital growth which in aggregate is NAV accretive. She described NESF’s the 12% discount as a ‘compelling entry point’.

Stifel’s Iain Scouller retained his ‘positive’ recommendation, noting NESF’s ‘self-help measure’ could be a catalyst for narrowing the discount to the mid-single digit level. ‘We also think that other funds in the sector may follow-suit, and start reducing leverage through asset sales,’ he said. Liberum’s Shonil Chande retained a ‘buy’ recommendation for the FTSE 250-listed company with a target price of 125p. He highlighted the ‘above average’ 7% dividend yield, ‘solid cover, lower risk revenue model through high levels of hedging as well as the opportunity for accretive NAV growth as battery assets are acquired and developed as an attractive investment thesis.’

The shares added 1.6p to 108.4p. Over five years, including dividends, they have provided a total return of 34%, among the lowest in the sector.
Posted at 10/2/2023 11:23 by speedsgh
Yes, 5% increase on corresponding quarter in 2022 but this is not new news. Target dividend of 7.52p (1.88p per quarter) for the current FY was announced in their 2022 Full Year results released in June last year and today's announcement is for the 3rd quarterly dividend of 1.88p in the company's current FY. Only 4 months to go however to find out what their target dividend for FY24 will be.


Dividend Target:

NESF provides a regular attractive dividend for income seeking investors. For the financial year ended 31 March 2022, the Company declared a total dividend of 7.16p per ordinary share, with the dividend remaining covered throughout the year. The Company has a progressive annual dividend policy, and when appropriate, the Board considers increasing the target dividend paid to shareholders. To date the Board has increased the target dividend every year since the Company listed in 2014. The Board of NESF recently approved a target dividend of 7.52 pence per ordinary share for the year ending 31 March 2023, representing a 5.0% increase from the previous year. This increase is above the 4.1% calculated RPI rise forecast by HM Treasury for the 2022 calendar year.

The Company has achieved all its dividend targets whilst maintaining a covered dividend throughout the eight years and continues to target a covered dividend beyond this financial year.
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.

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