![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nextenergy Solar Fund Limited | LSE:NESF | London | Ordinary Share | GG00BJ0JVY01 | RED ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.60 | -0.73% | 82.10 | 82.10 | 82.60 | 82.70 | 82.10 | 82.70 | 358,873 | 10:30:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investors, Nec | 66.03M | 48.32M | 0.0818 | 10.11 | 488.61M |
TIDMNESF
RNS Number : 9928G
NextEnergy Solar Fund Limited
26 November 2015
26 November 2015
NextEnergy Solar Fund Limited
HALF YEAR RESULTS
A period of strong progress
NextEnergy Solar Fund ("NESF" or the "Company"), a specialist investment company that invests in operational solar power plants in the UK, announces its half year results for the six months to 30 September 2015.
Highlights for the period
-- Investment portfolio at 30 September 2015 of 19 solar Photovoltaic ("PV") plants for a total of c.240MW installed capacity in operation
-- Energy generated from the portfolio amounted to 147.5GWh - 5.7% higher than budgeted -- Successful completion of further capital raising for total proceeds of GBP38.8m
-- Net Assets grew from GBP248.4m to GBP289.0m. NAV per share increased from 103.3p on 31 March 2015 to 104.0p(1)
-- Reported profit for the period to 30 September 2015 was GBP8.6m and earnings per share were 3.56p
-- First interim dividend of 3.125p per share for the period due to be paid in December 2015 -- Total shareholder return of 6.3%, NAV total return of 6.4%
-- Revolving Credit Facility of GBP31.5m and additional short-term financings of GBP22.7m fully drawn
Post period end
-- Investment portfolio expanded to 25 solar PV plants for a total of c.276MW and investment value of c.GBP320 million
-- NESF is on track to achieve target of 6.25p per share dividend distribution for the full year ending 31 March 2016
-- Revolving Credit Facility increased to GBP100m, of which GBP68.5m yet to be drawn
-- Strong pipeline of c.250MW short-term acquisition targets and further opportunities under consideration
Financial highlights
As at 30 September 2015
Total capital raised GBP285.4m NAV GBP289.0m NAV per share 104.0p Share price at 30 Sept 2015 103.8p Number of shares 278.0m Market capitalization GBP288.4m Total shareholder return 6.3%
(Based on dividends paid and share price)
Kevin Lyon, Chairman of NESF, commented:
"NESF has made significant financial and operational progress during the first half of the year.
In line with our principal objectives, we have raised and deployed further equity capital and debt to grow our investment portfolio, delivered portfolio outperformance, grown our net asset value, and are due to pay our first interim dividend for the year of 3.125p per share.
Our strong pipeline of short-term acquisition targets, which we will finance via further equity issuance and increased debt facilities, gives us a strong platform for incremental growth. We remain on track to deliver our dividend target of 6.25p per share for the full year."
Dividend declaration
A first interim dividend of 3.125p per Ordinary Share declared on 26 November 2015, totaling GBP8.7m for payment on 18 December 2015 to all shareholders on the register on 3 December 2015.
Timetable
Ex-dividend date: 3 December 2015 Record date: 4 December 2015 Payment date: 18 December 2015
Half-Year Report
A copy of the half-year report has been submitted to the National Storage Mechanism and will shortly be available at www.morningstar.co.uk/uk/NSM. The half-year report will also be available on the Company's website at www.nextenergysolarfund.com where further information on the Company can also be found.
There will be a conference call at 8.30am this morning for analysts. To register for the call please contact nextenergy@mhpc.com.
For further information:
NextEnergy Capital Limited 020 3239 9054 Michael Bonte-Friedheim Aldo Beolchini Cantor Fitzgerald Europe 020 7894 7667 Sue Inglis Shore Capital 020 7408 4090 Bidhi Bhoma Anita Ghanekar Macquarie Capital (Europe) Limited 020 3037 2000 Ken Fleming Nick Stamp MHP Communications 020 3128 8100 Andrew Leach / Jamie Ricketts / Gina Bell
Notes to Editors:
NextEnergy Solar Fund (NESF)
NESF is a specialist investment company that invests in operating solar power plants in the UK. Its objective is to secure attractive shareholder returns through RPI-linked dividends and long-term capital growth. The Company achieves this by acquiring solar power plants on agricultural, industrial and commercial sites.
NESF has raised equity proceeds of more than GBP285.4m since its initial public offering on the main market of the London Stock Exchange in April 2014. Its credit facilities comprise the GBP100m RCF from Macquarie and a GBP22.7 million facility from NIBC.
NESF is differentiated by its access to NextEnergy Capital Group (NEC Group), its Investment Manager, which has a strong track record in sourcing, acquiring and managing operating solar assets. WiseEnergy is NEC Group's specialist operating asset management division, providing solar asset management, monitoring and other services to over 1,200 utility-scale solar power plants with an installed capacity in excess of 1.5 GW.
Further information on NESF, NEC Group and WiseEnergy is available at www.nextenergysolarfund.com, www.nextenergycapital.com and www.wise-energy.eu.
NOTES
1. Net of the negative impact of the removal of LECs further to the Summer Budget which represented a reduction in NAV of c.3.2p per share.
Corporate Summary
NextEnergy Solar Fund Limited is a closed-ended investment company limited by shares, registered and incorporated in Guernsey under the Companies (Guernsey) Law, 2008, as amended, on 20 December 2013, with registration number 57739.
The Company is a Registered Closed-ended Collective Investment Scheme regulated by the Guernsey Financial Services Commissions (the "GFSC") pursuant to the Protection of Investors (Bailiwick of Guernsey) Law 1987, as amended ("POI Law").
The Company's 277,957,105 shares in issue are admitted to the premium listing segment of the Official List of the UK Listing Authority ("UKLA") and are traded on the London Stock Exchange's main market for listed securities under the ticker "NESF".
The Company makes its investments through intermediate holding companies (the "UK HoldCos") and underlying Special Purpose Vehicles ("SPVs") which are ultimately wholly-owned by the Company. The UK HoldCos were registered and incorporated in England and Wales under the Companies Act, 2006, as amended:
-- NextEnergy Solar Holdings Limited, incorporated on 24 March 2014, with registration number 08956168
-- NextEnergy Solar Holdings II Limited, incorporated on 13 February 2015, with registration number 09438822
-- NextEnergy Solar Holdings III Limited, incorporated on 20 July 2015, with registration number 09693016
The Company controls the investment policy of each of the UK HoldCos and its wholly-owned SPVs to ensure that each will act in a manner consistent with the investment policy of the Company.
The Investment Manager is NextEnergy Capital IM Limited (the "Investment Manager"), a company incorporated in Guernsey with registered number 57740 licensed under the POI Law and regulated by the GFSC. The Investment Manager has appointed NextEnergy Capital Limited (the "Investment Adviser/NEC"), a company incorporated in England and Wales on 23 October 2006 with registered number 05975223, to provide investment advice, pursuant to an Investment Advisory Agreement.
Chairman's Statement
Introduction
I am pleased to present, on behalf of the Board, the interim report for NextEnergy Solar Fund Limited for the period ended 30 September 2015.
The Company acquires and owns operating solar power projects exclusively in the UK. Our investment strategy is driven by the belief that solar power projects have significantly less operating and financial risk than other renewable energy technologies, while regulatory risk in the UK continues to be lower relative to other geographical markets.
Capital Raising and Financing
The Company continued to raise new capital during the period. In late September, we raised an additional c.GBP38.8 million in new equity capital from existing and new shareholders. As a result, the Company has now raised new equity of c. GBP200 million (excluding its IPO of GBP85.6 million), more than trebling its shares in issue since its IPO in April 2014.
In addition, we have secured credit facilities of GBP54.2 million to allow the Company to rapidly close acquisitions from its portfolio of investment opportunities. After the end of the period, the Company entered into an agreement to extend its credit lines up to GBP122.7 million.
Portfolio Growth
The Company's portfolio of solar power plants grew during the period from 217MW at 31 March to 240MW at 30 September 2015, and subsequently expanded to 276MW. The Company focused on completing the acquisitions announced in the previous period, and at the end of the period fully owned 19 individual power plants compared to ten at 31 March; nearly a doubling in number of assets in the operating portfolio.
All the recently completed acquisitions were successfully integrated into the Company, with the transitions being planned and managed to avoid any noticeable impact on asset operation and performance. We are very pleased with our ability to manage such rapid growth in an efficient and effective manner.
Portfolio Operating Performance
During the period, the portfolio of operating solar power projects performed satisfactorily. Overall generation was c.6% above the expectations at time of acquisition of each asset and amounted to 147.5GWh. The electricity generated by our portfolio is equivalent to c.70,000 households' consumption of electricity per year, avoiding c.70,000 tonnes of carbon emissions.
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
We are particularly pleased with these operating results as they include the start-up and integration phase of a large number of acquisitions. We expect the outperformance to be sustainable over the long term and add significant value to the portfolio.
Financial Results and Net Asset Value
At the period end, the Company's NAV was GBP289.0 million, equivalent to 104.0p per share. This is an increase from the NAV at 31 March 2015 of GBP248.4 million, equivalent to 103.3p per share. The reported profit for the same period was GBP8.6m and the earnings per share was 3.56p.
Several factors impacted the Company's NAV over the period. The Company paid its second interim dividend of 2.625p per share on 30 July. The positive operating performance of the portfolio contributed to the increase in NAV per share. On the other hand, the Government's announcements in the Summer Budget 2015 (concerning LECs and corporate tax rates) during July resulted in an overall reduction of c.3.2p per share. We have also revised our power price forecasts downwards again to reflect current conditions and prospects in the UK energy market.
Dividends
The Company intends to pay an annual dividend for the current financial year of 6.25p per share. A first interim dividend of 3.125p per share is due to be paid in December 2015, with a second interim dividend of an equal amount expected to be paid in July 2016. Thereafter, the Company's yearly dividend is envisaged to increase annually in line with RPI.
The Company aims to provide investors with a sustainable and attractive dividend as well as reinvesting excess returns generated by its portfolio in order to sustain its capital base over time. The Company is well-positioned to deliver this dividend objective given the low operating and financing risks associated with solar power plants combined with NEC's investment and operating asset management expertise.
Outlook
The measures recently introduced by the Government to reduce or remove the public support for future renewable energy deployment in the UK have led to an increased uncertainty around the growth prospects of the UK solar PV market. However, the significant increase in installed solar capacity achieved to date and the incremental growth expected by the end of March 2016 represent a considerable growth opportunity for the Company.
The pipeline we are pursuing is in excess of c.250MWp for an estimated investment value of c. GBP200 million. We intend to finance this growth via further equity issuance and increased debt facilities. We expect to increasingly deploy debt capital to flexibly grow the portfolio and improve the portfolio's financial returns.
Equity issues will be undertaken at prices based on the latest published NAV (which may be updated to coincide with the equity issue) plus a premium to cover issue costs and take into account any estimated incremental changes to the NAV following the date at which the latest NAV was published.
In parallel, continued focus will be placed on the operational performance of the Company's existing assets and plants to be acquired. We aim to continue to achieve portfolio outperformance, differentiate ourselves from our peers and strive to be the investment of choice in the solar market for investors seeking attractive risk-weighted opportunities.
Kevin Lyon
Chairman of the Board of Directors
Investment Manager's Report
About NextEnergy Capital
NextEnergy Capital IM Limited (the Investment Manager) and NextEnergy Capital Limited (the Investment Adviser) are both members of the NextEnergy Capital Group. The NextEnergy Capital Group is a specialist investment and operating asset manager focused on the solar energy sector, with a 40-strong team of which 20 are focused on the UK solar market. Through its operating asset management division, WiseEnergy, the NextEnergy Capital Group manages and monitors over 1,200 solar power plants (comprising an installed capacity of approximately 1.5GWp and an estimated GBP3.0 billion asset value) for a client base which includes leading European banks and equity investors (including private equity funds, listed funds and institutional investors).
Investment Objective
The Company seeks to provide investors with a sustainable and attractive dividend that increases in line with RPI over the long term. In addition, the Company seeks to provide investors with an element of capital growth through the reinvestment of net cash generated in excess of the target dividend in accordance with the Company's investment policy.
Investment Policy
The Company intends to achieve its investment objective by investing exclusively in solar PV plants located in the UK.
The Company intends to continue to acquire solar PV plants that are primarily ground-based and utility-scale and which are on sites that may be agricultural, industrial or commercial. The Company may also acquire portfolios of residential or commercial building-integrated installations. The solar PV plants that will be targeted are anticipated to generate stable cash flows over their asset lifespan.
The Company will typically seek to acquire sole ownership of individual solar PV plants through SPVs, but may enter into joint ventures or acquire majority interests, subject, in each case, to the Company maintaining a controlling interest. Where an interest of less than 100% in a particular solar PV plant is acquired, the Company intends to secure controlling shareholder rights through shareholders' agreements or other legal arrangements. Investments by the Company in solar PV plants may be either by way of equity or a mix of equity and shareholder loans.
The Company has built up a diversified portfolio of solar PV plants and its investment policy contains restrictions to ensure risk diversification. No single investment (or, if an additional stake in an existing investment is acquired, the combined value of both the existing and the additional stake) by the Company in any one solar PV plant will constitute, at the time of investment, more than 30% of the Gross Asset Value. In addition, the four largest solar PV plants will constitute, again, at the time of investment, not more than 75% of the Gross Asset Value.
The Company will, primarily, continue to acquire operating solar PV plants, but may also invest in solar PV plants under development (that is, at the stage of origination, project planning or construction) when acquired. Such assets will constitute (at the time of investment) not more than 10% of the Gross Asset Value in aggregate. As at period end, the Company has not invested directly in solar PV plants under development.
The Company may also agree to forward-fund by way of a secured loan the construction costs of solar PV plants where it retains the right (but not the obligation) to acquire the relevant solar plant once operational. Such forward-funding will not fall within the 10% restriction above but will be restricted to no more than 25% of the Gross Asset Value (at the time such arrangement is entered into) in aggregate and will only be undertaken where supported by appropriate security (which may include financial instruments as well as asset-backed guarantees).
A significant proportion of the Company's income is expected to result from the sale of the entirety of the electricity generated by the solar PV plants within the terms of power purchase agreements ("PPA") to be executed from time to time. These are expected to include the monetisation of renewable obligation certificates ("ROC"), other regulated benefits and the sale of electricity to energy consumers and energy suppliers. Within this context, the Investment Manager expects to conclude PPAs with creditworthy counterparties at the appropriate time.
The Company will continue to carefully select its third party suppliers, service providers and other commercial counterparties, such as developers, engineering and procurement contractors, technical component manufacturers, PPA providers and landlords. The Company diversifies its universe of counterparts appropriately to balance its risk exposure.
In pursuit of the Company's investment objective, the Company may employ leverage, which will not exceed (at the time the relevant arrangement is entered into) 50% of the Gross Asset Value in aggregate. Such leverage will be deployed for the acquisition of further solar PV plants in accordance with the Company's investment policy. The Company may seek to raise leverage at any of the SPV, UK Hold Co or Investment Company level. There will be a preference for medium- to long-term amortising debt financing.
The Company intends to invest with a view to holding its solar PV plants until the end of their useful life. However, assets may be disposed of or otherwise realised where the Investment Manager determines, in its discretion, that such realisation is in the best interest of the Company. Such circumstances may include (without limitation) disposals for the purposes of realising or preserving value, or of realising cash resources for reinvestment or otherwise. The Company will seek to optimise and extend the lifespan of its assets and may invest in their repowering and/or integration of ancillary technologies (e.g. energy storage) on its solar PV plants to fully utilise grid connections and balance the electricity grid with a view to generating greater revenues. The Company expects to re-invest any cash surplus (arising in excess of that required to meet the Company's dividend target and ongoing operating expenses) in further investments, thereby sustaining its long-term net asset value.
The Company may invest cash held for working capital purposes and pending investment or distribution in cash or near-cash equivalents, including money market funds. The Company may (but is not obliged to) enter into hedging arrangements in relation to interest rates and/or power prices.
Portfolio Highlights and Performances
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
At 30 September 2015, the Company has announced the acquisition of 19 separate solar PV plants for a total investment value of up to c.GBP281m, representing 98% of the equity proceeds raised. The 19 solar PV plants amount to an installed capacity of some 240MWp in operation.
During the interim period, the Company focused on completing the acquisition of assets that had been previously announced and made selected additional acquisitions. At 31 March 2015, the Company had announced 16 acquisitions and completed ten. At 30 September 2015, the Company had completed all remaining six acquisitions and had also announced and completed three further acquisitions.
The NextEnergy Capital Group has actively led the completion of all the acquisitions made by the Company. Such completion process is subject to the satisfaction of several conditions set in the interests of the Company, including the plant satisfactorily passing selected strict technical and performance tests. The details of these tests, and whether they refer to the delivery of preliminary, intermediate or final acceptance certificates (or PAC, IAC, FAC as they are known) vary across the portfolio but in general terms these are required by the Investment Manager to ensure that the Company settles the large majority of the acquisition consideration only as and when the target solar PV plants demonstrate the desired level of quality and ability to obtain and exceed the expected technical performances in the long run.
Overall the 19 solar PV plants are demonstrating very good operational performance. This report provides the details of the actual performances vs. expectations at the time of acquisition for all those assets that have completed the technical acceptance testing period (and for which a Provisional Acceptance Certificate or PAC has been issued and accepted). As of 30 September 2015 two recently completed power plants (Park View and Bowerhouse) were still undergoing this rigorous testing period. The portfolio of solar PV plants generated a total amount of electricity of 147.5GWh during the period showing an average over-performance of 5.7% above the generation values expected at time of acquisition. This is driven by the Company's operating asset management strategy and due in part to the solar irradiation measured on the various sites being higher than the conservative estimates used at the time of acquisition by 2.9%.
The out-performance during the period confirmed the positive track record trend of the individual assets since each plant's acquisition date, with an overall portfolio technical out-performance of 6.2%.
Investment Portfolio
The Investment Manager achieved a high level of diversification in the Company's portfolio: the 19 solar PV plants are located across 13 different counties of England and Wales, the largest one (Glebe Farm) represents 14% of the total installed capacity and the four largest solar PV plants represent together 39% of the total installed capacity. In addition the portfolio is diversified across eight non-connected contractors, nine different Tier 1 solar panel manufacturers and six Tier 1 inverter manufacturers, effectively diversifying the Company's key counterparty risks.
Below is a summary of the overall investment portfolio with various relevant breakdown analysis:
Power Location Announcement Regulatory Status Plant Investment % of Plant Date Regime(1) Capacity (GBPm) equity (MWp) Proceeds Higher Hatherleigh Somerset 01/05/2014 1.6 Completed 6.1 7.3 2.6% Shacks Barn Northants 09/05/2014 2.0 Completed 6.3 8.2 2.9% Gover Farm Cornwall 23/06/2014 1.4 Completed 9.4 11.1 3.9% Bilsham Sussex 03/07/2014 1.4 Completed 15.2 18.9 6.6% Brickyard Warwickshire 14/07/2014 1.4 Completed 3.8 4.1 1.4% Ellough Suffolk 28/07/2014 1.6 Completed 14.9 20.0 7.0% Poulshot Wiltshire 09/09/2014 1.4 Completed 14.5 15.7 5.5% Condover Shropshire 29/10/2014 1.4 Completed 10.2 11.7 4.1% Llwyndu Ceredigion 22/12/2014 1.4 Completed 8.0 9.4 3.3% Cock Hill Farm Wiltshire 22/12/2014 1.4 Completed 20.0 23.3 8.2% Boxted Airfield Essex 31/12/2014 1.4 Completed 18.8 20.6 7.2% Langenhoe Essex 12/03/2015 1.4 Completed 21.2 22.9 8.0% Park View Devon 19/03/2015 1.4 Completed 6.5 7.7 2.7% Croydon Cambridgeshire 27/03/2015 1.4 Completed 16.5 17.8 6.2% Hawkers Farm Somerset 13/04/2015 1.4 Completed 11.9 14.5 5.1% Glebe Farm Bedfordshire 13/04/2015 1.4 Completed 33.7 40.5 14.2% Bowerhouse Somerset 18/06/2015 1.4 Completed 9.3 11.1 3.9% Wellingborough Northants 18/06/2015 1.6 Completed 8.5 10.8 3.8% Birch Farm Essex 21/10/2015 FiT(2) Completed 5.0 5.3 1.9% Total 239.7 281.0 98.5% (1) An explanation of the ROC (Renewable Obligation Certificate) regime is available at www.ofgem.gov.uk/environmental-programmes/renewables-obligation-ro (2) An explanation of FiT (Feed in Tariff) is available at www.ofgem.gov.uk/environmental-programmes/feed-tariff-fit-scheme
Higher Hatherleigh
Higher Hatherleigh was the Company's first acquisition, which took place in May 2014. The site is located near Wincanton in Somerset and has a capacity of 6.1MWp. The site has performed well since it became operational in April 2013 and during the period from acquisition to 30 September 2015 the plant produced c.10.3GWh (+7.7% vs. budget). The acquisition cost was GBP7.3m and the investment value at period end was GBP8.9m, which is 3.1% of the portfolio value.
Higher Hatherleigh Location Somerset Capacity 6.1MWp ROCs 1.6 EPC Moser Baer Panels JA Solar Inverter Power-One Operational Since Apr-13 MWh Produced since acquisition 10,295 Solar Irradiation vs Expectations +2.4% Energy Generation vs Budget +7.7%
Shacks Barn
Announced shortly after the Higher Hatherleigh acquisition, Shacks Barn, located near Silverstone in Northamptonshire, was also acquired by the Company in May 2014. This 6.3MWp plant has been operational since March 2013, giving the asset a 2.0 ROC accreditation. Since acquisition to 30 September 2015, the site has produced c.10.3GWh (+11.7% vs budget). The acquisition cost was GBP8.2m and the investment value at period end was GBP9.8m, which is 3.4% of the portfolio value.
Shacks Barn Location Northants Capacity 6.3MWp ROCs 2.0 EPC Moser Baer Panels JA Solar Inverter Power-One Operational Since Mar-13 MWh Produced since acquisition 10,333 Solar Irradiation vs Expectations +4.1% Energy Generation vs Budget +11.7%
Gover Farm
Gover Farm is the Company's most south-westerly asset, located in Truro, Cornwall. The acquisition was announced at 9.4MWp in June 2014. From acquisition to 30 September 2015, the plant produced 9.2GWh (+12.1% vs. budget). The acquisition cost was GBP11.1m and the investment value at period end was GBP11.8m, which is 4.0% of the portfolio value. As part of the Company's commitment to biodiversity, the site is being grazed by sheep to ensure that it stays employed in food production.
Gover Farm Location Cornwall Capacity 9.4MWp ROCs 1.4 EPC Moser Baer Panels BYD Inverter ABB Operational Since Oct-14 MWh Produced since acquisition 9,155 Solar Irradiation vs Expectations +4.7% Energy Generation vs Budget +12.1%
Bilsham
Bilsham is located near Bognor Regis in Sussex and is very close to the southern coast of the UK and is expected to benefit from the combination of strong irradiance and coastal breeze keeping operating temperatures within their optimum parameters. The plant was delivered to the Company in two phases with an initial phase of 12.7MWp followed by an extension of 2.6MWp in March 2015. The site produced 13.7GWh since acquisition to 30 September 2015 (+3.0% vs budget). The acquisition cost was GBP18.9m and the investment value at period end was GBP19.7m, which is 6.8% of the portfolio value.
Bilsham Location Sussex Capacity 15.2MWp ROCs 1.4 EPC GDF Suez Panels Renesola Inverter ABB Operational Since Nov-14 MWh Produced since acquisition 13,714 Solar Irradiation vs Expectations +1.3% Energy Generation vs Budget +3.0%
Brickyard
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
Brickyard is a site located near Leamington Spa in Warwickshire has a capacity of 3.8MWp. During the winter period from 1 January to 31 March, Brickyard produced 3.3GWh (+7.9% vs budget). In the previous period ending March '15 the plant experienced some minor technical issues which were then resolved and during the period it performed above expectations. The acquisition cost was GBP4.1m and the investment value at period end was GBP4.3m, which is 1.5% of the portfolio value.
Brickyard Location Warwickshire Capacity 3.8MWp ROCs 1.4 EPC Moser Baer Panels BYD Inverter ABB Operational Since Nov-14 MWh Produced since acquisition 3,346 Solar Irradiation vs Expectations +4.3% Energy Generation vs Budget +7.9%
Ellough
Ellough is a solar plant located on a disused airfield near Ellough in Suffolk. The 14.9MWp site has produced 18.8GWh (+5.7% vs. budget) from August 2014 to 30 September 2015. The acquisition cost was GBP20.0m and the investment value at period end was GBP20.1m, which is 6.9% of the portfolio value.
Ellough Location Suffolk Capacity 14.9MWp ROCs 1.6 EPC Lark Energy Panels Hanwha Inverter Free Sun Operational Since Mar-14 MWh Produced since acquisition 18,802 Solar Irradiation vs Expectations (0.5%) Energy Generation vs Budget +5.7%
Poulshot
The Poulshot plant is located near Trowbridge in Wiltshire and has a capacity of 14.5MWp. The plant was acquired in September 2014 and has been operational since March 2015. The site has produced 10.1GWh (+1.8% vs. budget) since acquisition to 30 September 2015. The acquisition cost was GBP15.7m and the investment value at period end was GBP17.3m, which is 5.9% of the portfolio value.
Poulshot Location Wiltshire Capacity 14.5MWp ROCs 1.4 EPC Moser Baer Panels BYD Inverter ABB Operational Since Mar-15 MWh Produced since acquisition 10,134 Solar Irradiation vs Expectations +2.4% Energy Generation vs Budget +1.8%
Condover
Condover is located near Shrewsbury in Shropshire and has a capacity of 10.2MWp. The plant was acquired in October 2014 has been operational since March 2015. The site has produced 6.3GWh (+6.7% vs. budget) since acquisition to 30 September 2015. The acquisition cost was GBP11.7m and the investment value at period end was GBP11.7m, which is 4.0% of the portfolio value. The site has been installed around two existing rocky outcrops on the site. These add an interesting dimension to the layout and provide sheltered habitat for local wildlife.
Condover Location Shropshire Capacity 10.2MWp ROCs 1.4 EPC Zaragoza Group Panels Canadian Solar Inverter Free Sun Operational Since Mar-15 MWh Produced since acquisition 6,265 Solar Irradiation vs Expectations (2.1%) Energy Generation vs Budget +6.7%
Llwyndu
Currently Llwyndu is the only asset owned by the Company that is not in England. This site is located in Mid-West Wales and has a capacity of 8.0MWp. The plant was acquired in December 2014 and has been operational since February 2015. This site has produced 4.9GWh (+4.9% vs. budget) since acquisition to 30 September 2015. The acquisition cost was GBP9.4m and the investment value at period end was GBP9.3m, which is 3.2% of the portfolio value. It is the most westerly plant that the company has acquired in the mid-country sector, close to the Ceredigion coast.
Llwyndu Location Ceredigion Capacity 8.0MWp ROCs 1.4 EPC Greencells Panels BYD Inverter Huawei Operational Since Feb-15 MWh Produced since acquisition 4,944 Solar Irradiation vs Expectations (1.4%) Energy Generation vs Budget +4.9%
Cock Hill Farm
Cock Hill Farm is located near Trowbridge in Wiltshire and has a capacity of just over 20.0MWp. The plant was acquired in December 2014 and has been operational since March 2015. The site has produced 12.0GWh (+1.6% vs. budget) since acquisition to 30 September 2015. The acquisition cost was GBP23.3m and the investment value at period end was GBP23.5m, which is 8.1% of the portfolio value.
Cock Hill Farm Location Wiltshire Capacity 20.0MWp ROCs 1.4 EPC Greencells Panels Jinko Inverter Huawei Operational Since Mar-15 MWh Produced since acquisition 12,001 Solar Irradiation vs Expectations +1.0% Energy Generation vs Budget +1.6%
Boxted Airfield
Boxted site is located north of Colchester in Essex on the now disused Boxted Airfield. Boxted has a capacity of 18.8MWp and was acquired in March 2015, after it became operational. The site has produced 14.1GWh (+4.1% vs. budget) since acquisition to 30 September 2015. The acquisition cost was GBP20.6m and the investment value at period end was GBP22.2m, which is 7.6% of the portfolio value. The site has been sympathetically installed and benefits from wildflower seeding which has been specifically designed to enhance the local wildlife population.
Boxted Airfield Location Essex Capacity 18.8MWp ROCs 1.4 EPC Push Energy Panels Yingli Inverter SMA Operational Since Mar-15 MWh Produced since acquisition 14,083 Solar Irradiation vs Expectations +1.7% Energy Generation vs Budget +4.1%
Langenhoe
Langenhoe is located near Colchester in Essex and has a capacity of 21.2MWp. The plant was acquired and has been operational since March 2015. The site has produced 16.5GWh (+7.4% vs. budget) since acquisition to 30 September 2015. The acquisition cost was GBP22.9m and the investment value at period end was GBP24.1m, which is 8.3% of the portfolio value. The site overlooks the Mersey estuary and has innovative wildlife enhancement measures incorporated in to its design and operation with specific support for both local bird and bumblebee populations. The construction works also energised three previously off-grid properties.
Langenhoe Location Essex Capacity 21.2MWp ROCs 1.4 EPC Push Energy Panels Yingli Inverter SMA Operational Since Mar-15 MWh Produced since acquisition 16,489 Solar Irradiation vs Expectations +5.5% Energy Generation vs Budget +7.4%
Park View
Park View is located near Ashburton in Devon, situated at the top edge of a valley and is the second most southerly site owned by the Company. This 6.5MWp site is expected to generate in the region of 6.6GWh per year of renewable energy. The acquisition of Park View was first announced in March 2015. The acquisition cost was GBP7.7m and the investment value at period end was GBP7.9m, which is 2.7% of the portfolio value.
Park View Location Devon Capacity 6.5MWp ROCs 1.4 EPC Ethical Panels Astronergy Inverter SMA Operational Since Mar-15 MWh Produced since acquisition N/A Solar Irradiation vs Expectations N/A Energy Generation vs Budget N/A
As of 30 September 2015 Park View was still undergoing the operational testing period.
Croydon
Croydon is a plant located in South Cambridgeshire and has a capacity of 16.5MWp. The plant was acquired and has been operational since March 2015. The site has produced 11.7GWh (+6.2% vs. budget) since acquisition to 30 September 2015. The acquisition cost was GBP17.8m and the investment value at period end was GBP18.6m, which is 6.4% of the portfolio value. The site also forms part of the Company's biodiversity drive after being sown with wildflower seed mix. The site will provide lengthy foraging seasons for bumblebees, a vital and declining species.
Croydon Location Cambridgeshire Capacity 16.5MWp ROCs 1.4 EPC Push Energy Panels Yingli Inverter SMA Operational Since Mar-15 MWh Produced since acquisition 11,675 Solar Irradiation vs Expectations +6.1% Energy Generation vs Budget +6.2%
Hawkers Farm
Hawkers Farm is a site located near Theale in Somerset with a capacity of 11.9MWp. The plant was acquired in April 2015 and has been operational since March 2015. The site has produced 8.9GWh (+2.8% vs. budget) since acquisition to 30 September 2015. The asset is located on a dairy farm and the site itself is being grazed by sheep ensuring that the land stays in food production. The acquisition cost was GBP14.5m and the investment value at period end was GBP14.7m, which is 5.0% of the portfolio value.
Hawkers Farm Location Somerset Capacity 11.9MWp ROCs 1.4 EPC Greencells Panels Jinko Inverter Huawei Operational Since Mar-15 MWh Produced since acquisition 8,919 Solar Irradiation vs Expectations +0.8% Energy Generation vs Budget +2.8%
Glebe Farm
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
Located not far from Wellingborough and partially on the old airfield land that is now taken up by the Santa Pod Raceway, Glebe Farm is the largest solar plant acquired by the Company (through novation of the original purchase agreement with the Developer without any additional cost to the Company) with a capacity of 33.7MWp. The acquisition was completed in May 2015. The plant has been operational since March 2015. The site has produced 16.9GWh (+11.3% vs. budget) since acquisition to 30 September 2015. The acquisition cost was GBP40.5m and the investment value at period end was GBP39.2m, which is 13.4% of the portfolio value.
Glebe Farm Location Bedfordshire Capacity 33.7MWp ROCs 1.4 EPC Bejulo Panels Canadian Solar Inverter SMA Operational Since Mar-15 MWh Produced since acquisition 16,895 Solar Irradiation vs Expectations +9.4% Energy Generation vs Budget +11.3%
Bowerhouse
Bowerhouse is located near Banwell in Somerset and has a capacity of 9.3MWp. The plant was acquired in June 2015 and has been operational since March 2015. The acquisition cost was GBP11.1m and the investment value at period end was GBP11.2m, which is 3.8% of the portfolio value.
Bowerhouse Location Somerset Capacity 9.3MWp ROCs 1.4 EPC Ethical Panels LDK Inverter SMA Operational Since Mar-15 MWh Produced since acquisition N/A Solar Irradiation vs Expectations N/A Energy Generation vs Budget N/A
As of 30 September 2015 Bowerhouse was still undergoing the operational testing period.
Wellingborough
Wellingborough is located near Wellingborough in Northamptonshire and a capacity of 8.5MWp. The plant was acquired in June 2015 and has been operational since March 2015. The site has produced 3.4GWh (+2.8% vs. budget) from March 2015 to 30 September 2015. The acquisition cost was GBP10.8m and the investment value at period end was GBP11.4m, which is 3.9% of the portfolio value.
Wellingborough Location Northants Capacity 8.5MWp ROCs 1.6 EPC Lark Energy Panels LDK Inverter Free Sun Operational Since Mar-15 MWh Produced since acquisition 3,357 Solar Irradiation vs Expectations (1.0%) Energy Generation vs Budget +2.8%
Birch Farm
Birch Farm is a 5.0MWp site located near Colchester in Essex. The plant was acquired in September 2015 and has been operational since June 2015. The acquisition cost was GBP5.3m and the investment value at period end was GBP5.8m, which is 2.0% of the portfolio value.
Birch Farm Location Essex Capacity 5.0MWp Feed in Tariff GBP62/MWh EPC Push Energy Panels Yingli Inverter Ingeteam Operational Since Jun-15 MWh Produced since acquisition N/A Solar Irradiation vs Expectations N/A Energy Generation vs Budget N/A
As of 30 September 2015 Birch Farm was still undergoing the operational testing period.
Current and Long-term Power Prices
During the interim period ending 30 September 2015, the wholesale power market in the UK continued the downward trend that the Company experienced in the previous financial year. This trend has reduced the economic benefit derived by the portfolio's operational over-performance, in terms of revenues as well as NAV. As a result of, inter alia, lower-than-average winter temperatures and declining commodity prices, both short and medium-term electricity prices moved downwards. Electricity spot prices fell from GBP43.6/MWh in September 2014 to GBP42.3/MWh in September 2015 (UK baseload - day ahead). The Investment Manager continuously reviews multiple inputs from various market contributors as well as an appointed independent energy market advisor and adjusts the Company's power price forecasts periodically.
In this market environment, we have advised the Board to reduce the power price forecasts used in calculating the NAV as at 30 September of each individual asset. As a result, since 31 March 2015 the long-term power price forecast used by the Company has been revised three times resulting in a total reduction of c.5 % compared to the assumptions employed at the beginning of the financial year. This reduction follows the previous three downward revisions made in the previous financial year and represents a cumulative reduction of c.20% compared to the assumptions employed at the time of the IPO in April 2014. The Investment Manager estimates that, should the Company's power price forecasts have remained stable since IPO the Company's NAV as of 30 September 2015 would be c.14% higher (at c.118.5p per share).
The Company's current long-term power price forecast implies an average growth rate of approximately 2% in real terms between 30 September 2015 and 2035. The financial performance of the Company and its NAV are sensitive to further positive and negative movements in the short-, medium- and long-term power prices. Detailed sensitivities are provided in the financial section of the Annual Report. It is worth noting that this exposure is significantly mitigated by the balanced mix of revenues which for the twelve months starting on 30 September 2015 are estimated to comprise c.59% of regulated revenues (ROCs and embedded benefits, mainly linked to RPI) and c.41% of sale of electricity through PPAs.
Dividends
During the financial year ended 31 March 2015 the Company achieved its target for total dividend of 5.25p over two semi-annual distributions, the second of which was paid in July 2015.
For the current financial year ending 31 March 2016, the Company has an increased target dividend of 6.25p, in line with the target set at the time of the IPO. The first of the two semi-annual distributions of 3.125p is due to be paid in December 2015.
The operating costs of the Company were GBP1.8m, in line with expectations. The profit before tax for the period ended 30 September 2015 was GBP8.6m and the earnings per share was 3.56p.
The Association of Investment Companies' ("AIC") guidance on Investment Fund Expense Reporting (Published in April 2012) recommended the disclosure of the annual Ongoing Charges Ratio in place of the previously used Total Expense Ratio ("TER"). In line with this guidance the budgeted ongoing charge for the period ending 31 March 2016 is 1.3%.
At 30 September 2015 total shareholders' return based on share price and annualised since IPO (in accordance with AIC guidance) was 6.3%, NAV total return was 6.4%.
Valuation of the Portfolio
The Investment Manager is responsible for carrying out the fair market valuation of the Company's underlying investment portfolio which is subsequently presented to the Company's Board of Directors for their review and approval.
The Investment Manager exercises its judgement based on its expertise in the UK solar PV market and in assessing the expected future cash flows from each investment. The fair market value for each operating asset is derived from various inputs, including observed asset prices paid by acquirers for operating solar projects in the UK and the present value of the investment's expected future cash flows, using reasonable assumptions and forecasts for revenues and operating costs, and an appropriate discount rate.
The Board reviews the operating and financial assumptions as well as discount rates used in the valuation of the Company's underlying portfolio and approves them based on the recommendation of the Investment Manager. These operating and financial assumptions, including the discount rate, are reviewed by PricewaterhouseCoopers CI Limited (PwC) as part of their year end statutory audit.
The Company continues to employ a 7.5% discount rate for valuing unlevered operating solar assets, unchanged versus the value used previously.
As of 30 September 2015, the Net Asset Value of the Company was GBP289.0m, up from GBP248.4m as at 31 March 2015 mainly as consequence of issuance of capital. Over the same period, NAV per share increased from 103.3p to 104.0p.
The change in NAV per share in the period was mainly driven by the following factors:
-- The operating results of the solar PV plants owned by the Company, which was retained at the individual SPV level
-- The cash dividend paid in July 2015 and the Company's operating costs
-- The negative impact on valuations due to the removal of LECs further to the July 2015 Summer Budget and downward revisions of the power curve estimates
These factors can be viewed alongside the other drivers in the NAV bridge on the following page.
Movement (GBPm) NAV Bridge Opening NAV (March '15) 248.4 Further Capital Raising 38.8 Capital Raising Costs (0.5) Dividends (6.3) Income from Investments 6.3 Change in Fair Value of Investments 3.9 Net fund Costs (1.6) NAV movement 40.6 Closing NAV (September '15) 289.0 Change in Fair Value of Investments Opening Valuation (March '15) 158.2 New Assets at Cost 140.6 Drawdown of Debt Facilities (54.2) Operating Results 20.5 Reduction in Power Price Forecasts (8.0) Impact of Summer Budget 2015 (7.7) Balance of DCF Valuation (0.9) Fair Value of Investment Movement 90.3 Final Valuation (September '15) 248.5
Investment Portfolio
As at 30 September 2015
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
The Company's investment portfolio was valued at GBP291.3m with all the 19 solar PV assets valued through discounted cash flow methodology.
Directors' Investment Directors' Valuation Movements Valuation 31 March during 30 September 2015 the period 2015 Investment (GBP) (GBP) (GBP) Higher Hatherleigh 8,957,377 - 8,896,941 Shacks Barn 9,711,376 - 9,833,410 Gover Farm 12,459,841 - 11,762,802 Bilsham 19,993,448 - 19,723,247 Brickyard 4,308,890 - 4,274,030 Ellough 20,987,800 - 20,098,720 Poulshot 16,254,521 - 17,265,704 Boxted Airfield 21,932,788 - 22,180,782 Langenhoe 24,619,753 - 24,058,966 Croydon 18,460,754 - 18,597,824 Condover - 11,738,624 11,676,182 Llwyndu - 9,383,685 9,253,348 Cock Hill Farm - 23,336,957 23,493,377 Hawkers Farm - 14,465,961 14,657,004 Glebe Farm - 40,507,323 39,162,163 Park View - 7,675,725 7,919,928 Bowerhouse - 11,140,707 11,171,769 Wellingborough - 10,842,840 11,391,106 Birch Farm - 5,333,000 5,840,419 Total Investment Portfolio 157,686,548 134,424,822 291,257,722 Residual Net Assets of NESH 474,324 (25,310,432) (20,128,788) Residual Net Assets of NESH II - (22,680,330) (22,638,265) Residual Net Assets of NESH III - - - Total Investments 158,160,872 86,434,060 248,490,669
Sensitivity Analysis
Sensitivities on the Company's NAV and detailed disclosure on the asset valuation methodologies are provided below and in note 12 (Financial instruments) of the Financial Statements. The sensitivity analysis highlights a) the percentage change in the Total Investment Portfolio valuation of GBP291.3m resulting from a change in the underlying variables; and b) the consequential impact of such change in the portfolio valuation on the NAV per share as at 30 September 2015.
Summary of Capital Raising and Capital Deployment
The Company completed a further capital raising during the period ended on 30 September 2015, issuing 37,607,105 shares at a price of 103.3p.
Share Price Development
During the period the share price increased from 103.25p to 103.75p. The NAV per share versus share price chart below highlights the share price performance during the period, which predominantly traded at a premium over NAV.
Financing and Cash Management
As of 30 September 2015, the Company had a total of GBP54.2m debt outstanding, resulting from the following:
-- GBP31.5m under the two-year revolving credit facility ("RCF") advanced by Macquarie Bank Limited on 17 September 2014 and fully drawn down
-- GBP22.7m under the debt facility advanced by NIBC Bank B.V ("NIBC") on 21 July 2015 to finance the acquisition of two assets (Cock Hill and Llwyndu). NIBC previously financed the construction of the two projects for the vendor. The upfront costs to the Company favourably reflect NIBC's previous involvement in and knowledge of the two projects and the remaining terms of the facility are in line with current market conditions. The NIBC Facility has a 12-month duration, with a further 12-month extension available (which is not to be unreasonably withheld).
It is intended that these facilities will be repaid through one or a combination of the following: rollover of the same short-term facilities, refinancing with a long-term debt facility and/or further equity issuance.
The Investment Manager is actively working on the extension of the Company's current credit facilities with a number of lending counterparties to provide additional funding flexibility on both a short and long term basis to finance the acquisition of further assets. Following the period end the Investment Manager has entered into agreements to extend the RCF to GBP100m through an additional tranche of GBP68.5m available up to 30 April 2017. The Investment Manager is also exploring the opportunity to enter into a long-term debt facility that would allow the Company to refinance the amounts drawn under its short-term facilities and optimise its capital structure to maximise the profitability and liquidity of the equity investment of its shareholders, through the use of fixed rate and/or inflation linked debt.
As at 30 September 2015 the Company's total assets included a cash balance of GBP29.5m held with Barclays Bank PLC and Lloyds Bank PLC and receivables of GBP11.3m which includes the balance of the proceeds from the GBP38.8m capital raising fund closed on the last day of the period and not yet received from the Company's brokers.
Outlook and Regulatory Changes
The UK solar PV market continued to experience exceptional growth during the period ended 30 September 2015, reaching a total installed capacity of 8.2GW, an increase of 73% over the last twelve months. In addition, the announcement of regulatory changes that introduced a phase-out of the ROC and FiT regimes for new solar installations after 31 March 2016 caused a further acceleration in the rate of new installations expected to be commissioned before this deadline.
Over the remaining six months of the year ending 31 March 2016, the Company is expected to benefit from the pipeline of opportunities identified by the NextEnergy Capital Group totalling c.250MW of secured acquisition targets and further opportunities.
During the period ended 30 September 2015 the regulatory framework for UK solar PV underwent significant changes:
On 8 July 2015 the Chancellor of the Exchequer introduced as part of the Summer Budget 2015 the removal of the Climate Change Levy exemption for renewable electricity generation, effective 1 August 2015. This has negatively impacted the valuation of the portfolio and the Company's NAV (by an estimated 4p per share, partly offset by a reduction in corporate tax rates introduced in the same Summer Budget 2015, resulting in total impact of 3.2p per share). The Company's subsidiaries have subsequently filed a claim under the Judicial Review procedure to seek damages for the unexpected removal of the Levy Exemption Certificates on the grounds of insufficient advance notice and unreasonableness of the measure and expects to receive preliminary indication of the procedure by February 2016.
On 22 July 2015 The Department of Energy and Climate Change ("DECC") announced consultations on proposed changes to the Renewable Obligations ("RO") and Feed-in-Tariff ("FIT") support schemes for sub-5MW solar assets (the "Consultations") which were still underway at 30 September 2015. The proposals under the Consultations would have no impact on the 19 projects in the portfolio or on the Company's target dividend policy. In addition, the Company's pipeline of growth opportunities includes a significant number of projects that would not be impacted by the proposed changes, or that would qualify for a Grace Period under the Consultations.
The Company believes that there remains a material pipeline of opportunities for growth. The NEC Group continues to leverage its long-standing experience as an investor and leading asset manager in the solar sector to focus on reducing solar investment and operating costs to meet a decreasing subsidy and no-subsidy market in the future.
Description of the Principal Risks and Uncertainties
The Company has in place risk management procedures and internal controls to monitor and mitigate the main risks faced as well as a process to review the effectiveness of those controls. The Investment Manager assists the Company in regularly identifying, assessing and mitigating those risk factors likely to impact the financial or strategic position of the Company. The Company's Risk Matrix is regularly reviewed on at least a semi-annual basis.
-- External and Market Risks -- Investment Strategy -- Investment Process and Management of Assets -- Monitoring Process -- Valuation Process -- Governance, Tax and Regulatory Compliance
Based on the Board's assessment, the main risks faced by the Company are likely to be related to the following areas, the other ones being unlikely or less significant:
-- Uncertainty for the future regulatory framework for solar PV in the UK and risk that as a consequence further planned acquisitions do not take place, affecting the Company's growth potential
-- Risk that the heightened competition for solar assets will make it more difficult for the Company to continue acquiring assets at attractive values. This increased competition may be fuelled by investors with aggressive financial structures seeking lower unlevered returns than the Company for the same solar PV assets
-- Exposure to the wholesale energy market for revenues generated in prices received for energy generated and in price forecasts by the operating assets of the Company, and risk of further reductions in forward price curves
Post period-end update
Since 30 September 2015, the following relevant events occurred:
-- On 21 October 2015 the Company acquired Thurlestone and North Farm solar PV plants for GBP2.3m and GBP14.5m, respectively
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
-- On 3 November 2015 the Company acquired Decoy Farm, Hall Farm and Ellough 2 solar PV plants for GBP5.2m, GBP5.0m and GBP8.0m respectively
-- On 6 November 2015 the Company entered into an agreement to extend its Revolving Credit Facility with Macquarie Bank Limited from GBP31.5m to GBP100m
-- On 9 November 2015, the Company has issued 30,850,000 New Ordinary Shares to Cantor Fitzgerald at a price of 104.0p per Share under the Placing Programme (which was expiring on 10 November 2015). On the same day, the New Ordinary Shares have been repurchased by the Company, at the same price, to be held in treasury. The NAV per Share and the net cash position of the Company have not been affected by this transaction
This issuance and repurchase transaction was undertaken to provide the Company with flexibility to raise additional capital in an efficient and cost-effective manner in due course. The shares purchased have been placed in treasury and will be available to be sold out of treasury on a non-pre-emptive basis, subject to shareholder approval, to meet future market demand. The net proceeds of any sales of Shares out of treasury will provide the Company with additional capital to enable it to take advantage of new investment opportunities. Shares will only be sold out of treasury at a premium to the then prevailing NAV per Ordinary Share
Following the repurchase, the Company's issued share capital will comprise 308,807,105 Ordinary Shares and the total number of voting rights in the Company will be 277,957,105. This figure may be used by Shareholders and other investors as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules
-- On 19 November 2015 the Company acquired Green Farm Solar PV plant for GBP5.8m
NextEnergy Capital IM Limited
25 November 2015
Statement of Directors' Responsibilities
To the best of their knowledge, the directors of NextEnergy Solar Fund Limited confirm that:
(a) The Interim Report and Condensed Half-Yearly Financial Statements have been prepared in accordance with IAS 34 Interim Financial Reporting;
(b) The Interim Report, comprising the Chairman's Statement and the Investment Manager's Report, meets the requirements of an interim management report and includes a fair review of information required by:
(i) DTR 4.2.7R of the UK Disclosure and Transparency Rules, being an indication of important events that have occurred during the period from 1 April 2015 to 30 September 2015 and their impact on the Condensed Half-Yearly Financial Statements, and a description of the principal risks and uncertainties for the remaining six months of the year; and
(ii) DTR 4.2.8R of the UK Disclosure and Transparency Rules, being related party transactions that have taken place in the period from 1 April 2015 to 30 September 2015 and that have materially affected the financial position or performance of the Company during that period, and any material changes in the related party transactions disclosed in the last Annual Report; and
(c) The Condensed Half Yearly Financial Statements give a true and fair view of the assets, liabilities, financial position and profit of the Company as required by DTR 4.2.4R of the UK Disclosure and Transparency Rules
The Company's Directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future. Note 11 to the Annual Report and financial statements for the year ended 31 March 2015 includes the Company's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and its exposure to credit risk and liquidity risk. The Directors have undertaken a rigorous review of the Company's ability to continue as a going concern including reviewing the level of the Company's assets and significant areas of financial risk including the timing of future investment transactions, expenditure commitments and forecast income and cashflows. As a result, the Directors have, at the time of approving these condensed financial statements, a reasonable expectation that the Company has adequate resources to meet its liabilities and continue in operational existence for the foreseeable future. The Directors have therefore concluded that it is appropriate to adopt the going concern basis of accounting in preparing these interim financial statements.
By order of the Board
For NextEnergy Solar Fund Limited
Patrick Firth Kevin Lyon Director Director
25 November 2015
Condensed Financial Statements
Condensed Statement of Comprehensive Income
For the period ended 30 September 2015
Unaudited Unaudited 1 April 20 December 2015 to Audited 2013 20 December 2013 to to 30 30 September 31 March September 2015 2015 2014 Notes (GBP) (GBP) (GBP) Income Dividend income 6,400,000 - - Net changes in fair value of financial assets at fair value through profit or loss 5 3,895,737 10,570,553 3,175,328 Total net income 10,295,737 10,570,553 3,175,328 Expenditure Management fees 14 1,242,304 1,210,566 369,759 Legal and professional fees 287,242 515,130 2,448 Administration fees 120,752 152,500 52,500 Directors' fees 17 61,500 176,575 85,075 Audit fees 42,637 50,000 18,750 Regulatory fees 42,074 70,638 5,741 Insurance 31,194 14,134 14,134 Sundry expenses 2,736 73,375 37,709 Marketing and Advertising - 30,917 - Total expenses 1,830,439 2,293,835 586,116 Operating profit 8,465,298 8,276,718 2,589,212 Finance income 93,888 257,931 83,755 Profit and comprehensive income for the period 8,559,186 8,534,649 2,672,967 Earnings per share - Basic - (pence) 3.56p 9.13p 5.60p
There were no potentially dilutive instruments in issue at 30 September 2015.
All activities are derived from ongoing operations.
There is no other comprehensive income or expense apart from those disclosed above and consequently a Statement of Other Comprehensive Income has not been prepared.
The accompanying Notes on pages 37 to 47 are an integral part of these financial statements.
Condensed Statement of Financial Position
As at 30 September 2015
Unaudited Audited Unaudited 30 September 31 March 30 September 2015 2015 2014 Non-current assets Notes (GBP) (GBP) (GBP) 5, Investments 12 248,490,669 158,160,872 55,884,088 Total non-current assets 248,490,669 158,160,872 55,884,088 Current assets Cash and cash equivalents 29,503,244 90,217,126 32,552,859 Trade and other receivables 6 11,264,214 69,482 1,368 Total current assets 40,767,458 90,286,608 32,554,227 Total assets 289,258,127 248,447,480 88,438,315 Current liabilities Trade and other payables 236,605 88,942 165,347 Total current liabilities 236,605 88,942 165,347 Net assets 289,021,522 248,358,538 88,272,968 Equity Share Capital and Premium 8 282,872,625 244,459,639 85,600,001 Reserves 8 6,148,897 3,898,899 2,672,967 Total equity attributable to shareholders 289,021,522 248,358,538 88,272,968 Net assets per share - (pence) 11 104.0p 103.3p 103.1p
The accompanying notes on pages 37 to 47 are an integral part of these financial statements.
The interim financial statements were approved and authorised for issue by the Board of Directors on 25 November 2015, and signed on its behalf by:
Kevin Lyon Patrick Firth Director Director
Condensed Statement of Changes in Equity
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
For the period ended 30 September 2015
Share Capital Retained Total and Premium earnings Equity Notes (GBP) (GBP) (GBP) For the period 1 April 2015 to 30 September 2015 (unaudited) Shareholders' equity at 1 April 2015 244,459,639 3,898,899 248,358,538 Profit and comprehensive income for the period - 8,559,186 8,559,186 Shares issued 8 38,412,986 - 38,412,986 Dividends paid 10 - (6,309,188) (6,309,188) Shareholders' equity at 30 September 2015 282,872,625 6,148,897 289,021,522 For the period 20 December 2013 to 31 March 2015 (audited) Shareholders' equity at 20 December 2013 - - - Profit and comprehensive income for the period - 8,534,649 8,534,649 Shares issued 8 244,459,639 - 244,459,639 Dividends paid 10 - (4,635,750) (4,635,750) Shareholders' equity at 31 March 2015 244,459,639 3,898,899 248,358,538 For the period 20 December 2013 to 30 September 2014 (unaudited) Shareholders' equity at 20 December 2013 - - - Profit and comprehensive income for the period - 2,672,967 2,672,967 Shares issued 8 85,600,001 - 85,600,001 Shareholders' equity at 30 September 2014 85,600,001 2,672,967 88,272,968
The accompanying notes on pages 37 to 47 are an integral part of these financial statements.
Condensed Cash Flow Statement
For the period ended 30 September 2015
Unaudited 1 April 2015 to Audited Unaudited 20 December 20 December 2013 to 2013 to 30 September 31 March 30 September 2015 2015 2014 Cash flows from Notes operating activities (GBP) (GBP) (GBP) Profit and comprehensive income for the period 8,559,186 8,534,649 - 2,672,967 Adjustments for: Purchase of investments 5 (86,434,060) (147,590,319) (52,708,760) Change in fair value on investments 5 (3,895,737) (10,570,553) (3,175,328) Finance income (93,888) (257,931) (83,755) Operating cash flows before movements in working capital (81,864,499) (149,884,154) (53,294,876) Changes in working capital Increase in trade receivables 6 (11,194,732) (69,482) (1,368) Increase in trade payables 147,663 88,942 165,347 Net cash used in operating activities (92,911,568) (149,864,694) (53,130,897) Cash flows from investing activities Finance income 93,888 257,931 83,755 Net cash generated from investing activities 93,888 257,931 83,755 Cash flows from financing activities Proceeds from issue of shares 8 38,412,986 244,459,639 85,600,001 Dividends paid 10 (6,309,188) (4,635,750) - Net cash generated from financing activities 32,103,798 239,823,889 85,600,001 Net (decrease)/increase in cash and cash equivalents during period (60,713,882) 90,217,126 32,552,859 Cash and cash equivalents at the beginning of the period 90,217,126 - - Cash and cash equivalents at the end of the period 29,503,244 90,217,126 32,552,859
The accompanying notes on pages 37 to 47 are an integral part of these financial statements.
Notes to the Unaudited Financial Statements
For the period ended 30 September 2015
1. General Information
NextEnergy Solar Fund Limited ("the Company") was incorporated with limited liability in Guernsey under the Companies (Guernsey) Law, 2008, as amended, on 20 December 2013 with registered number 57739, and is regulated by the GFSC as a registered closed-ended investment company. The registered office and principal place of business of the Company is 1, Royal Plaza, Royal Avenue, St Peter Port, Guernsey, Channel Islands, GY1 2HL.
On 16 April 2014, the Company announced the results of its initial public offering, which raised net proceeds of GBP85.6 million. The Company's ordinary shares were admitted to the premium segment of the UK Listing Authority's Official List and to trading on the Main Market of the London Stock Exchange as part of its initial public offering which completed on 25 April 2014. Subsequent fund raisings also took place on the 19 November 2014 raising GBP94.1m, 19 December 2014 raising GBP4.1m, 27 February 2015 raising GBP60.7m and 30 September 2015 raising GBP38.4m increasing total equity to GBP282.9m as at 30 September 2015 (31 March 2015: GBP244.5m; 30 September 2014: GBP85.6m). Details can be found in note 8.
The Company seeks to provide investors with a sustainable and attractive dividend that increases in line with the retail price index over the long-term by investing in a diversified portfolio of solar photovoltaic ("PV") assets that are located in the UK. In addition, the Company seeks to provide investors with an element of capital growth through the reinvestment of net cash generated in excess of the target dividend in accordance with the Company's investment policy.
The Company currently makes its investments through NextEnergy Solar Holdings Limited and NextEnergy Solar Holdings II Limited (together "the Holding Companies") and Special Purpose Vehicles, which are wholly-owned by the Company. The Company has acquired NextEnergy Solar Holdings III Limited for the purpose of holding investments however it has no investment holdings as at 30 September 2015. The Company controls the investment policy of each of the holding companies and its wholly-owned Special Purpose Vehicles in order to ensure that each will act in a manner consistent with the investment policy of the Company.
The Company has appointed NextEnergy Capital IM Limited as its Investment Manager ("the Investment Manager") pursuant to the Management Agreement dated 18 March 2014. The Investment Manager is a Guernsey registered company, incorporated under the Companies (Guernsey) Law, 2008, with registered number 57740 and is licensed and regulated by the GFSC and is a member of the NEC Group. The Investment Manager acts as the Alternative Investment Fund Manager of the Company.
The Investment Manager has appointed NextEnergy Capital Limited as its Investment Adviser ("the Investment Adviser") pursuant to the Investment Advisory Agreement. The Investment Adviser is a company incorporated in England with registered number 05975223 and is authorised and regulated by the FCA.
The financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Company operates.
Going concern
The Directors have reviewed the current and projected financial position of the Company making reasonable assumptions about future performance. The key areas reviewed were:
-- Timing of future investment transactions -- Expenditure commitments -- Forecast income and cashflows
The Company has cash and short-term deposits as well as projected positive income streams and an available credit facility (see note 18) and as a consequence the Directors have, at the time of approving the financial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly they have adopted the going concern basis of accounting in preparing the financial statements.
2. Significant accounting policies
Basis of accounting
The condensed interim financial statements have been prepared on a going concern basis in accordance with IAS 34 Interim Financial Reporting. The interim financial information should be read in conjunction with the annual report and audited financial statements for the period ended 31 March 2015, which have been prepared in accordance with International Financial Reporting Standards.
Seasonal and cyclical variations
The Company's results vary during reporting periods as a result of the spread of irradiation during the year.
Segmental reporting
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
The Board, as a whole, has been determined as constituting the chief operating decision maker of the Company. The key measure of performance used by the Board to assess the Company's performance and to allocate resources is the Company's profit and loss and NAV, calculated under IFRS.
For management purposes, the Company is engaged in a single segment of business, being investment in UK solar energy infrastructure assets via SPVs, and in one geographical area, the UK.
3. New and revised standards
The following accounting standards and interpretations which have not been applied in these financial statements were in issue but not yet effective:
IAS 1 (amendments) Disclosure Initiative
IAS 34 (amendments) Disclosure of information 'elsewhere in the interim financial report'
IFRS 7 (amendments) Servicing contracts IFRS 9 Financial Instruments IFRS 11 (amendments) Joint arrangements IFRS 14 Regulatory Deferral Accounts IFRS 15 Revenue from Contracts with Customers
The Directors do not expect that the adoption of the accounting standards, amendments and interpretations listed above will have a material impact on the financial statements of the Company in future periods.
4. Critical accounting judgements and key sources of estimation uncertainty
The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and based on historic experience and other factors believed to be reasonable under the circumstances.
a) Investments at fair value through profit or loss
The Company's investments are measured at fair value for financial reporting purposes. The Board of Directors has appointed the Investment Manager to produce investment valuations based upon projected future cashflows. These valuations are reviewed and approved by the Board. A list of subsidiaries is included in note 7.
IFRS 13 establishes a single source of guidance for fair value measurements and disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board bases the fair value of the investments on the information received from the Investment Manager.
The investments at fair value through profit or loss, whose fair values include the use of Level 3 inputs, are valued by discounting future cash flows from investments to the Company at a discount rate when the assets are operational. The discount rate applied in the 30 September 2015 valuation was 7.5% (31 March 2015: 7.5%). The discount rate is a significant level 3 input and a change in the discount applied could have a material effect on the value of the investments. Investments in solar PV plants that are not yet operational are held at fair value, where the cost of the investment is used as an appropriate approximation of fair value. There are other critical accounting estimates discussed in note 12.
Level 3 investments amount to GBP291,257,722 (31 March 2015: 157,686,548) and consist of 19 investments in solar PV plants (31 March 2015: 14), all of which have been valued through discounted cash flows (please refer to the portfolio statement in the IM report on page 26). Level 3 valuations are reviewed regularly by the Investment Manager who reports to the Board of Directors on a periodic basis. The Board considers the appropriateness of the valuation model and inputs, as well as the valuation result.
The Company under the Investment Entity Exemption rule holds its investments at fair value.
The table below sets out information about significant unobservable inputs used at 30 September 2015 in measuring financial instruments categorised as Level 3 in the fair value hierarchy. Unlisted investments reconcile to the Closing Investment Portfolio Value as per the Investments table in note 5.
Fair value Valuation Unobservable Input Sensitivity at technique input value to change 30 September in significant 2015 (GBP) unobservable Description inputs The estimated fair value would increase if the discount Unlisted Discounted Discount rate was lower investments 291,257,722 cash flows rate 7.50% and vice versa.
5. Investments
The Company owns the Investment Portfolio through its investments in NextEnergy Solar Holdings Limited and NextEnergy Solar Holdings II Limited. This is comprised of the Investment Portfolio and the Residual Net Assets of the Holding Companies. The Company has acquired NextEnergy Solar Holdings III Limited for the purpose of holding investments however it has no investment holdings as at 30 September 2015. The Total Investments at Fair Value are recorded under Non-Current Assets in the Condensed Statement of Financial Position on page 34.
Period ended Period ended 31 March 30 September Period ended 2015 2014 30 September 2015 (GBP) (GBP) (GBP) Total Investments Brought forward cost of investments 147,590,319 - - Total investment in the period 86,434,060 147,590,319 52,708,760 Carried forward cost of investments 234,024,379 147,590,319 52,708,760 Brought forward unrealised gains on valuation 10,570,553 - - Movement in unrealised gains on valuation 3,895,737 10,570,553 3,175,328 Carried forward unrealised gains on valuation 14,466,290 10,570,553 3,175,328 Total Investments at Fair Value 248,490,669 158,160,872 55,884,088
The total change in the value of the investments in the Holding Companies are recorded through profit and loss in the Statement of Comprehensive Income on page 33.
As described in note 18 a total of GBP54,180,000 has been raised through a revolving credit facility and a debt facility in the Holding Companies. This has been reflected in the table above and the Investment Portfolio in the Investment Manager's report as an increase in the cost of the underlying investment portfolio and a liability within the residual net assets of the Holding Companies.
6. Trade and Other Receivables
As at 31 March As at 2015 As at 30 September 30 September 2015 (GBP) (GBP) 2014 (GBP) Proceeds of share issues receivable from brokers 11,263,719 - - Other receivables 495 69,482 1,368 Total trade and other receivables 11,264,214 69,482 1,368
7. Subsidiaries
Following the Company's early adoption of the consolidation exemption amendments to IFRS 10, the Company does not consolidate its subsidiaries as it meets the definition of an investment entity. Below are the legal entity names for the Holding Companies and the remaining legal entities owned indirectly through the investment in the holding companies.
Ownership Ownership Direct at at or Indirect 30 September 31 March Name Country Holding 2015 2015 NextEnergy Solar Holding Limited UK Direct 100% 100% NextEnergy Solar Holding II Limited UK Direct 100% 0% NextEnergy Solar Holding III Limited UK Direct 100% 0% NextPower Shacks Barn Ltd UK Indirect 100% 100% NextPower Higher Hatherleigh Ltd UK Indirect 100% 100% NextPower Ellough LLP UK Indirect 100% 100% NESF - Ellough LTD UK Indirect 100% 100% BL Solar 2 Limited UK Indirect 100% 100% Sunglow Power Limited UK Indirect 100% 100% Glorious Energy Limited UK Indirect 100% 100% Push Energy (Boxted Airfield) Ltd UK Indirect 100% 100% Push Energy (Langenhoe) Ltd UK Indirect 100% 100% Push Energy (Croydon) Ltd UK Indirect 100% 100% NextPower Gover Farm Ltd UK Indirect 100% 0% Push Energy (Birch)
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
Ltd UK Indirect 100% 0% SSB Condover Ltd UK Indirect 100% 0% Trowbridge PV Ltd UK Indirect 100% 0% ESF Llwyndu Ltd UK Indirect 100% 0% Wellingborough Solar Limited UK Indirect 100% 0% Bowerhouse Solar Limited UK Indirect 100% 0% Greenfields (A) Limited UK Indirect 100% 0% ST Solarinvest Devon 1 Limited UK Indirect 100% 0% Glebe Farm SPV Limited UK Indirect 100% 0%
8. Share capital and reserves
Gross Number amount Issue Share of raised Costs premium shares (GBP) (GBP) (GBP) Issued on 20 December 2013 1 1 - 1 Issued on 25 April 2014 85,600,000 85,600,000 -* 85,600,000 Total issued at 30 September 2014 85,600,001 85,600,001 - 85,600,001 Cancellation of founder's share on 24 October 2014 (1) (1) - (1) Issued on 19 November 2014 91,000,000 95,459,000 (1,399,246) 94,059,754 Issued on 19 December 2014 4,000,000 4,120,000 (43,565) 4,076,435 Issued on 27 February 2015 59,750,000 61,405,075 (681,625) 60,723,450 Total issued at 31 March 2015 240,350,000 246,584,075 (2,124,436) 244,459,639 Issued on 30 September 2015 37,607,105 38,848,139 (435,153) 38,412,986 Total issued at 30 September 2015 277,957,105 285,432,214 (2,559,589) 282,872,625
* Agreed as part of the IPO, the Investment Adviser paid all issue costs on behalf of the Company. Please refer to note 15 for further information.
The Company currently has one class of ordinary share in issue. The holders of the 277,957,105 ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company.
Retained reserves
Retained reserves comprise the retained earnings as detailed in the Condensed Statement of Changes in Equity.
9. Earnings per share
Period Period Period ended ended ended 30 September 31 March 30 September 2015 2015 2014 Profit and comprehensive income for the period (GBP) 8,559,186 8,534,649 2,672,967 Weighted average number of ordinary shares 240,555,503 93,525,375 47,755,790 Earnings per ordinary share - pence 3.56p 9.13p 5.60p
10. Dividends
Period Period ended ended 31 March 30 September Period ended 2015 2014 30 September 2015 (GBP) (GBP) (GBP) Amounts recognised as distributions to equity holders: Interim dividend for the period ended 30 September 2014 of 2.625p per share, paid 17 December 2014 - 4,635,750 - Interim dividend for the period ended 31 March 2015 of 2.625p per share, paid on 30 July 2015 6,309,188 - - Total 6,309,188 4,635,750 -
11. Net assets per ordinary share
As at As at As at 30 September 31 March 30 September 2015 2015 2014 Shareholders' equity (GBP) 289,021,522 248,358,538 88,272,968 Number of ordinary shares 277,957,105 240,350,000 85,600,001 Net assets per ordinary share - pence 104.0p 103.3p 103.1p
12. Financial instruments
Level 3 financial instruments
Valuation methodology
The Directors have satisfied themselves as to the methodology used, the discount rates and key assumptions applied, and the valuation. All completed investments are at fair value through profit or loss and are valued using a discounted cash flow methodology. Investments which are not yet completed are held at fair value, where the cost of the investment is used as an appropriate approximation of fair value.
Discount rates
The discount rates used for valuing each renewable infrastructure investment are based on both the industry discount rate and on the specific circumstances of each project. The risk premium takes into account risks and opportunities associated with the investment earnings.
The discount rates used for valuing the investments in the Portfolio are as follows:
30 September 2015 Weighted Average discount rate 7.50%
A change to the weighted average discount rate by plus or minus 0.5% has the following effect on the valuation.
+0.5% Total Portfolio Discount rate change value -0.5% change Directors' valuation at 30 September 2015 (GBP) (10.9m) 291.3m 11.6m Directors' valuation - percentage movement (3.7%) 4.0%
Power price
NEC Group continually reviews multiple inputs from market contributors and leading consultants and adjust the inputs to the power price forecast when a conservative approach is deemed most appropriate. Current estimates imply an average rate of growth of electricity prices of approximately 2% in real terms and a long term inflation rate of 2.5%.
A change in the forecast electricity price assumptions by plus or minus 10% has the following effect on the valuation.
Total Portfolio Power price -10% change value +10% change Directors' valuation at 30 September 2015 (GBP) (15.7m) 291.3m 15.6m Directors' valuation - percentage movement (5.4%) 5.4%
Energy yield
The Portfolio's aggregate production outcome for a 10 year period would be expected to fall somewhere between a P90 10 year underperformance (downside case) and a P10 10 year outperformance (upside case).
The effect of a P90 10 year underperformance and of a P10 10 year outperformance would have the following effect on the valuation.
P90 10 year Total Portfolio P10 10 Energy yield under-performance value year outperformance Directors' valuation at 30 September 2015 (GBP) (20.3m) 291.3m 20.3m Directors' valuation - percentage movement (7.0%) 7.0%
Inflation rates
The Portfolio valuation assumes long-term inflation of 2.50% per annum for investments (based on UK RPI). A change in the inflation rate by plus or minus 0.5% has the following effect on the valuation.
-0.5% Total Portfolio Inflation yield change value +0.5% change Directors' valuation at 30 September 2015 (GBP) (11.1m) 291.3m 11.7m Directors' valuation - percentage movement (3.8%) 4.0%
Operating costs
The table below shows the sensitivity of the Portfolio to changes in operating costs by plus or minus 10% at project company level.
Total Portfolio Operating costs +10% change value -10% change Directors' valuation at 30 September 2015 (GBP) (3.9m) 291.3m 3.9m Directors' valuation - percentage movement (1.3%) 1.3%
Tax rates
The UK corporation tax assumption for the Portfolio valuation was 20% to 2017, 19% to 2020, and 18% thereafter in accordance with the UK Government announced reductions.
13. Financial assets and liabilities not measured at fair value
Cash and cash equivalents are level 1 items on the fair value hierarchy. Current assets and current liabilities are Level 2 items on the fair value hierarchy. The carrying value of current assets and current liabilities approximates fair value as these are short-term items.
14. Management fee
The Investment Manager is entitled to receive an annual fee, accruing daily and calculated on a sliding scale, as follows below:
-- for the tranche of NAV up to and including GBP200m, 1% of the Net Asset Value ("NAV") of the Company.
-- for the tranche of NAV above GBP200m and up to and including GBP300m, 0.9% of NAV. -- for the tranche of NAV above GBP300m, 0.8% of NAV.
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:00 ET (07:00 GMT)
1 Year Nextenergy Solar Chart |
1 Month Nextenergy Solar Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions