NextEnergy Solar Fund Limited Net Asset Value(s) (3688U)

TIDMNESF

RNS Number : 3688U

NextEnergy Solar Fund Limited

29 July 2015

29 July 2015

NextEnergy Solar Fund Limited ("NESF" or the "Company")

Net Asset Value Update and Quarterly Factsheet at 30 June 2015

-- NAV up to GBP250.2m (March 2015: GBP248.4m) due to improved operational performance and the completion of four additional acquisitions

   --     NAV per share up to 104.1p (March 2015: 103.3p) 

-- Current valuation includes 14 completed acquisitions out of a total portfolio of 18 announced transactions

   --     Impact of Summer Budget reduces NAV per share to 100.9p from 104.1p 

NESF, the specialist investment company that invests in operating solar power plants in the UK, is pleased to announce its Net Asset Value ("NAV") as at 30 June 2015.

The Company's NAV increased from GBP248.4m as at 31 March 2015 to GBP250.2m as at 30 June 2015. The increase is mainly due to the operational performance of the Company's portfolio and the value uplift generated by the valuation on a discounted cash flow ("DCF") basis of four additional assets as a result of the Company completing their acquisition. In calculating its 30 June 2015 NAV, the Company made no changes to the underlying financial and operating assumptions used in calculating its NAV as at 31 March 2015.

The portfolio of completed assets valued on a DCF basis has increased to 14 assets, representing 190.8MW, out of a total portfolio of 18 announced transactions totalling 234.5MW. Acquisition of the remaining four projects has been completed following 30 June 2015.

The NAV per ordinary share increased from 103.3p as at 31 March 2015 to 104.1p as at 30 June 2015.

The Company has updated its assessment of the impact of the measures announced in the Summer Budget ("Budget") on NESF's NAV. Measures announced in the Budget which impact the Company include the removal of the Climate Change Levy exemption for renewable electricity generation, effective 1 August 2015 (such removal was previously planned for the end of the 2022/23 financial year), and a reduction in corporation tax to 19% in 2017 and to 18% in 2020. The updated analysis indicates that the adjusted NAV as at 30 June 2015 would have been 100.9p per share had the measures announced in the Budget been effective then.

The Company's second interim dividend of 2.625p per ordinary share in respect its financial year ended 31 March 2015 will be paid on 30 July 2015.

The Company will post its 30 June 2015 factsheet on its website (www.nextenergysolarfund.com) on 3 August 2015.

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 / Eleanor Mahmoud 
 
 

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 GBP246.6m since its initial public offering on the main market of the London Stock Exchange in April 2014. Its credit facilities include a two-year revolving facility of GBP31.5m 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.

This information is provided by RNS

The company news service from the London Stock Exchange

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