NextEnergy Solar Fund Ltd (LON:NESF) is a specialist solar power renewable energy investment company listed on the premium segment of the London Stock Exchange, investing in utility-scale solar power plants and energy storage.
It has one of the highest dividend yields in the sector and is breaking new ground in successfully building subsidy-free UK solar plants in the UK.
The fund currently has a diverse portfolio of around 100 operating assets producing 865MW of power, mostly in the UK but with a growing number in Italy.
NESF is differentiated by its access to NextEnergy Capital (NEC Group), its investment manager, which has a strong track record in sourcing, acquiring and managing operating solar assets. WiseEnergy, NEC Group's specialist operating asset management division, has since its founding provided operating asset management, monitoring, technical due diligence and other services to over 1,500 utility-scale solar power plants with an installed capacity in excess of 2.3GW.
How's it doing?
In January 2022, NESF signed its first co-investment transaction for a 25% stake in a Spanish 50 megawatt (MW) solar project currently under construction, with energisation expected to take place in the first half of 2022. (read more)
At its last set of results, in November, the investment trust declared a dividend of 3.58p per share for the first half, up from 3.525p last year, and said it remained on track to deliver its target dividend of 7.16p for the year to March 2022.
It reported a net asset value (NAV) per share of 103.1p at the end of September, up from 98.9p at the end of last March.
The rise reflected increases in the short-term power price forecast and the short-term inflation forecast, with the trust's NAV total return per share rising to 7.9% at the period-end from 4.1% a year earlier. (read more)
In October, investment manager NextEnergy Capital (NEC) released its 2021 sustainable development goals report, which was designed to demonstrate its commitment to the highest levels of transparency and disclosure, highlighting NEC's and therefore also NESF's contributions to climate change mitigation and to positive global societal impacts. (read more)