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NESF Nextenergy Solar Fund Limited

73.20
0.00 (0.00%)
Last Updated: 10:22:51
Delayed by 15 minutes
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 Shares Traded Last Trade
  0.00 0.00% 73.20 382,668 10:22:51
Bid Price Offer Price High Price Low Price Open Price
73.00 74.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Investors, Nec 66.03M 48.32M 0.0818 8.95 432.48M
Last Trade Time Trade Type Trade Size Trade Price Currency
10:29:52 O 14,000 73.1623 GBX

Nextenergy Solar (NESF) Latest News (4)

Nextenergy Solar (NESF) Discussions and Chat

Nextenergy Solar Forums and Chat

Date Time Title Posts
19/3/202410:38NextEnergy Solar Fund813

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Nextenergy Solar (NESF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
10:29:5473.1614,00010,242.72O
10:26:2373.21270197.68O
10:25:0473.211,3661,000.11O
10:22:4572.90685499.37O
10:22:4574.005238.48O

Nextenergy Solar (NESF) Top Chat Posts

Top Posts
Posted at 19/3/2024 08:24 by masurenguy
Well £35.79 per/KW is a good fixed price that is consistent with the existing comparitively high priced forward contracts for the rest of the portfolio that the company has previously negotiated. At a shareprice of 73.5p the current yield is 11.3% and that is before any further increase in the dividend for fiscal 24/25 that should be announced when the year end results are released in June. Also, the shares are currently priced at a discount of circa 32% to NAV as at the end of last month.

An update from QuotedData last week stated "NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Interest rates look to have peaked, which is improving sentiment but there is further to go. We find it hard to comprehend why any stock with a nine-year track record of growing covered dividends in line with inflation would not trade on a much lower dividend yield. NESF also has one of the largest capital recycling programmes of its peer group, which is aimed at freeing up cash to slash debt, fund share buybacks and existing and potential construction projects. Those projects should be both NAV and earnings enhancing. A re-rating of NESF's shares is overdue."
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 23/2/2024 09:44 by tag57
Rambutan, thank you for the link. A good podcast I have now signed up to.
Shows the importance of focussing on the contracts the alt energy fund has in place and something I will definitely pay more attention to in the future.
I have too much invested in NESF and taken a substantial paper loss over the last 18 months although this share price reduction is certainly not solely restricted to this fund. I am hopeful that as the BOE reduce interest rates the share price will come back to at least cover my net purchase cost (investment - divi) but shall have to see.
At least I continue to get paid while I wait.
Posted at 25/11/2023 16:44 by masurenguy
NextEnergy Solar Fund Manager says share price "unjustified" after solid interims

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

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

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



Disclosure: I have a holding here.
Posted at 24/11/2023 10:27 by topvest
I've doubled up today, so average price is 92p. Why? Because of a likely 8-10% tax free return from here if the share price increases on-top of the 8% expected return; and because Helen Mahy is the Chair - she is a strong lady and going to be good for this fund. Nothing wrong with the small accretive sale - it was fast and valued by a third party. 4 more assets to be sold if 1. the price is right and 2. The RCF facility is still expensive next year.
Downside is that the fund is a tad ex-growth with an 11 year average remaining asset life. That being said, I can't see NAV going much lower with the weighted average discount rate already 8% and interest rates topped-out. Indeed, NAV might start increasing a tad from here, maybe back to 110p. Once interest rates start coming-off and the share price stabilises then this could attract some more buyers. In the meantime, 8-10% tax free is nice!
Posted at 31/10/2023 14:13 by cc2014
Some screwed up and bought a huge quantity in error.

A few days ago we saw the share price move up about 5% in one day. IIRC it kicked off in the last hour of the trading day. Someone was buying in lumps over and over again. You could go through the trades, but there were very many lumps of around £100k. Very many of them and very many smaller lumps as well.

The size and speed they were buying in was illogical and drove the share price up by around 5% or whatever it was and on checking you will find it was only NESF in the sector that moved.

A couple of days later someone has realised (T2 settlement?) and then they've reversed their position in a hurry, either because they bought the wrong stock in error, or they've bought 10 or 100 times the quantity they wanted or whatever.
Posted at 17/8/2023 10:59 by marktime1231
A quadruple whammy today, not just ex-div and a 5p slice off NAV due to discount rate adjustment etc.

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

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

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

The promise that income will continue to cover the progressive dividend by a comfortable margin will no doubt keep income-hungry investors on board but NESF is an (another) ugly red line in my portfolio.
Posted at 28/4/2023 06:56 by masurenguy
NextEnergy Solar puts assets up for sale to raise capital, buy back shares
Renewables fund hopes sale of five solar assets will generate enough money to cut its debts, provide funds for investment and buy back shares currently on a 12% discount.

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

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

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

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

The shares added 1.6p to 108.4p. Over five years, including dividends, they have provided a total return of 34%, among the lowest in the sector.
Posted at 10/10/2022 10:09 by speedsgh
NESF share price seemingly disproportionately affected by the news. Are they affected more by the changes than their peers?
Posted at 09/8/2022 14:50 by a0002577
Hi GBCol, trouble is when a share move into the FT-250 without a big buffer, it will likely drop out again whne uts share price drops a small amount. This exacerbates the share price fall. Remember that every share price goes on an annual random walkabout.

Every year Since launch NESF share price has wandered up and down by 10 - 15%.

Yr MIN MAX
2014 101.00 106.25
2015 97.75 109.25
2016 92.25 109.75
2017 105.25 116.00
2018 107.50 115.00
2019 112.00 125.00
2020 87.60 126.50
2021 96.50 107.40
2022 99.60 119.00
Nextenergy Solar share price data is direct from the London Stock Exchange

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