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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Nextenergy Solar Fund Limited | NESF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.70 | 0.94% | 75.40 | 16:35:21 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 74.30 | 74.30 | 76.20 | 75.40 | 74.70 |
| Industry Sector |
|---|
| ALTERNATIVE ENERGY |
| Top Posts |
|---|
Posted at 12/4/2024 13:28 by marktime1231 Someone shares your enthusiasm for NESF, some chunky buys late this morning up to 72.5p, looks like a serious investor has run out of patience waiting for a better price. Hope I haven't missed the boat, should have dived in when it ducked under 71p. |
Posted at 28/3/2024 17:35 by gateside Interactive Investor paid the dividend today |
Posted at 19/3/2024 07:17 by masurenguy 1GW Milestone and 50MW Energy Storage Asset Online>NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce that the Company's maiden standalone 50MW energy storage asset, named Camilla, has successfully begun commercial operations. This is a significant milestone for the Company as it increases NESF's total installed net capacity above 1GW to 1,014MW. Camilla connected to the National Grid in December 2023 and progressed successfully through its final phases of commissioning early this year. Camilla is a 50MW 1 hour lithium-ion battery located in Fife, Scotland, which has been pre-configured for augmentation to 2 hours. Camilla is the first asset to be delivered through the Company's £300m Joint Venture Partnership programme with Eelpower Limited. The Company is encouraged by the recent progress made by the National Grid as it continues to make improvements in the dispatching capability of batteries in the Balancing Mechanism and the introduction of additional reserve products. This is positive for new operating assets entering the market at this point, such as Camilla, as it represents additional revenue opportunities. On 20 February 2024 National Grid ESO published the provisional results of its T-1 Capacity Market Auction for delivery in 2024/25. Camilla successfully bid and secured a contract with a clearing price of £35.79/kW. The contract was secured with a derated capacity of 5.659MW and is expected to generate £202k (£4k/MW on a total capacity basis) of additional contracted revenue for the period 1 October 2024 through to the end of September 2025. The Company's disciplined approach to capital allocation focuses on accretive investment activity, consistent with the Company's investment objective of providing ordinary shareholders with attractive risk-adjusted returns, principally in the form of regular dividends. Michael Bonte-Friedheim, Founding Partner and CEO, NextEnergy Group, commented: "I'm delighted to confirm that Camilla's energisation increases NESF's total installed net capacity to over 1GW, alongside the recent energisation of NESF's first two international solar co-investments. Expanding into energy storage complements NESF's existing large portfolio of solar assets on a standalone and co-located basis and provides multiple diversification benefits for shareholders." |
Posted at 08/2/2024 15:43 by spectoacc All valid points, thanks all. My view is as it's been for a while - most investors in these sort of ITs aren't aware the assets are finite, the leases finite, and more capital will be needed in the future to renew.But yes, some (think TRIG is the one particularly good for this) hold back earnings to invest each year. Again tho - these vehicles shouldn't be valued like trading co's, they're finite and things like divi coverage mean something different when you need to invest to survive, rather than invest to grow. But again - at least some of this is in the price. |
Posted at 25/11/2023 16:44 by masurenguy NextEnergy Solar Fund Manager says share price "unjustified" after solid interimsNextEnergy 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 25/11/2023 14:41 by chucko1 They have 99 assets with a wide variety of "finite lives". It's all there in the annual report. But there is more that they say about this:they can readily extend these lives and this is a matter of "asset management". In any event, they cite potential lives of some 45 years, indicating two expenses: a) 100/45 = 2.2% implied amortisation, and b) whatever it takes to maintain the assets so that they are in such a position. But we do not see these as expenses as, being a fund, they do not produce a P&L statement which needs to indicate maintenance costs, but simply values of all balance sheet items at period end. In practise, it appears that the strategy is also to sell and buy, so that the implied amortisations are covered by the pricing differential. Whatever is the "hidden" loss suffered by having to pay more for "newer" than they get for selling "older", it is worth remembering that they have had a dividend cover of an average of roughly 1.25x the past few years, so the spare 0.25x represents a yield of around 2-2.5%. They are targeting 1.4x for the coming year. There will also be other ways in which the asset managers can eke out a little more so that not only is there an 8pps dividend, but cash remaining to gradually transform older into newer over a long period with a blend of trading assets and use of RCF or cash balance. The volatility of the NAV makes it impossible to be precise about all these numbers and how they have panned out - in fact, with a realised life of 40 years or more, it never will be. In that respect, the quality of management is paramount and the soundness of the underlying asset class. Neither is without risk, but the current 9.5% investor yield appears generous for the risks I see and the idea that part of this is coming from capital over the long run is far from my current assumption. It's a big spreadsheet with a lot of numbers being discounted over 26 years, where inputs such as inflation, future power costs and discount rate have very material sensitivities - this indicates the ability to pay the dividend they do over the long run, and they assume zero value for each asset upon the end of its useful life. They should do even better than this to the extent they can extend the individual lives economically. |
Posted at 23/11/2023 13:03 by wllmherk I hold these at 93p so a bit underwater, however, an 8% yield for an income investor is not bad at all. I wouldn't vote for a discontinuation as very happy to keep collecting the dividends, these remain a hold in my portfolio.wllm :) |
Posted at 23/11/2023 12:36 by speedsgh Some investors are understandably unconvinced by yesterday's announcement of the long-awaited first asset sale which turned out to be a related-party transaction....Liberum’s Shonil Chande said that while the uplifts were attractive, including the 57% investment return, the market would probably place more weight on non-related party data points. However, interim results published today stressed there were no exclusivity arrangements in place between NESF and any member of the NextEnergy Group in relation to the deal or future disposals. ‘We haven’t just taken a ready-to-build solar project and thrown it over the fence,’ said chief operating officer Ross Grier (pictured below). ‘We did a whole load of value creation before taking it to the open market, where we ran an extremely deep and robust process using the normal information barriers between transaction teams,’ Referring to the fact that only one asset has been sold since unveiling the capital recycling programme eight months ago, Grier stressed it was an extremely difficult market environment not only to sell assets at the right price, but also in terms of executing a transaction. Stifel’s Iain Scouller was concerned that the high level of leverage and slow pace of asset sales would lead to a widening in the discount and downgrade his recommendation to ‘negative&rsqu ...The shares currently trade at a 20% discount to the latest net asset value, putting it above the 12-month average threshold of 10% at which NESF will be forced to offer a continuation vote at its annual general meeting in August 2024. Grier said the board had not been buying back shares as it focused on its capital recycling programme and paying down the RCF. ‘Any investment decision we make beyond that will be about what is the right accretive transaction, from buybacks to bringing assets online,’ Grier said. ‘We are prepared to do buybacks and are thinking.’ He added that discontinuing the trust would not be in shareholders’ best interests. |
Posted at 17/8/2023 11:59 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 17/5/2023 13:20 by melloteam Just to let shareholders and prospective investors know that NextEnergy will be presenting & exhibiting on the 23rd of May next week at Mello2023. We have created a two day physical investor conference (23rd & 24th May) at the Clayton Hotel and Conference Centre in Chiswick that will include 15 top quality keynote speakers, 12 educational workshops and panel sessions, 50 exhibiting companies plus over 80 company presentations for investors to evaluate and understand their current or future investments. For a £25 bonus add-on price delegates at Mello2023 are also invited to make it a three day visit and join us for the Mello2023 Virtual event the day after, Thursday 25th May. Tickets are still available and if you would like one at half price then enter the code MMTADVFN50. |
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