NextEnergy Solar Fund Ltd (LSE:NESF) said its net asset value (NAV) per share rose to 103.1p on 30 September 2021 from 98.9p at the end of March.
The rise reflected increases in the short-term power price forecast and the short-term inflation forecast, the renewable energy investment company said in a statement.
NAV total return per share rose to 7.9% at the period-end from 4.1% a year earlier.
"The 2021 interim period has been one that has truly put UK energy at the forefront of minds and agendas, and I am pleased to say that it has been a successful period for NESF both financially and operationally,” said chairman Kevin Lyon.
The company declared a dividend of 3.58p per share for the first half, up from 3.525p last year, and said it remains on track to deliver its target dividend of 7.16p for the year to March 2022.
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Total capacity installed during the period rose by 10% to 895MW and the company added five solar assets, increasing its portfolio of operating solar assets to 99.
NESF said its portfolio generated 539GWh of electricity during the period, 1.1% above budget and the equivalent of powering 299,000 UK homes for a year or removing 151,260 petrol/diesel cars from the road.
Lyon said the “unprecedented high power prices in the UK, global gas shortages, and the recent UN climate change conference” have highlighted “the immediate need to switch to renewable energy sources like solar”.
During the period, NESF diversified into the energy storage sector through a £100mln joint venture with battery specialist Eelpower and committed to invest US$50mln in NextPower III, a private international solar fund.
Michael Bonte-Friedheim, group CEO of NextEnergy Capital, said: "I firmly believe the milestones hit during the period and our growth prospects make NESF a unique investment proposition, as well as one that is financially well-positioned to take advantage of the host of future opportunities we see."