NextEnergy Solar Fund's NAV grows in H1

21st Nov 2022 07:59

(Sharecast News) - Solar and energy storage investor NextEnergy Solar Fund said on Monday that both net asset value and earnings per share had risen in the six months ended 30 September.

NextEnergy posted a 9.4% increase in net asset value to 122.9p, while ordinary shareholders' NAV rose by £56.2m to £724.7m and earnings per share grew from 7.74p to 13.1p.

The London-listed group declared a second interim dividend of 1.88p, taking total dividends paid for the six months ended 30 September to 3.76p per ordinary share.

NextEnergy said total installed capacity and fully operating solar assets both remained flat at 865 megawatts and 99, respectively.

Looking ahead, NextEnergy said macroeconomic and political events had "undoubtedly" impacted and would continue to impact the renewable sector.

"In the current economic climate, the board continues to closely monitor both macro and micro economic indicators and governmental information to assess the potential future impact on the company's activities. Against this backdrop, NESF continues to offer strong diversification and protection for investors in their portfolios, in conjunction with helping accelerate Net Zero ambitions following COP27 through the construction of new solar power plants and battery storage assets in the UK," said NextEnergy.

"For the current financial year, NESF continues to target an attractive dividend of 7.52p per ordinary share, supported by a strong projected dividend cover."

As of 0810 GMT, Next Energy shares were up 1.96% at 113.18p.

Reporting by Iain Gilbert at Sharecast.com