NextEnergy Solar Fund Ltd (LSE:NESF) recorded a rise in generation in the year to March 31, 2023, helping to lift revenues, the company announced on Monday.
NextEnergy’s portfolio “outperformed” in 2023, producing 870GW of electricity over the year and marking a 12.5% rise on the 773GW generated in 2022.
This boosted revenue by an estimated £4.8mln, with just under half of the FTSE 250 company’s income coming from open markets, where it is estimated to have powered some 242,000 homes.
Full-year revenue climbed 23.6% to £141,205 during the year, of which 52% came from agreements with businesses and government subsidies linked to inflation, NextEnergy said.
It noted that pre-tax earnings jumped 37% to £52,819, with higher energy prices boosting revenues from NextEnergy’s remaining portfolio, which is not tied to fixed deals.
Higher energy costs and inflation also led to a 1% increase in shareholders’ net asset value from £674.4mln to £668.5mln, or 113.5p to 114.3p per share.
Bank of England interest rate hikes and the introduction of the electricity generator levy late last year weighed on the rise, however, NextEnergy added.
"The twelve months to 31 March 2023 were a productive period,” NextEnergy chairman Kevin Lyon said in the results statement.
Commenting on several investments in overseas projects, as well as plans for two battery storage sites in the UK, Lyon added that the company had "made strong progress across various strategic initiatives” this year.
NextEnergy shares rose 1.8% to 102p in early trade on Monday.