NextEnergy Solar Fund's portfolio generation above budget in 2017/18

NextEnergy Solar Fund Ltd (LON:NESF) on Wednesday said its net asset value (NAV) at the end of March 2018 was GBP 605 million (USD 805m/EUR 691m), or GBP 1.051 per share.

This compares to GBP 478.6 million, or GBP 1.049 per share, a year earlier. The solar investment company said the change in NAV per share is in part due to a change in discount rates because of an increase in market value of UK solar assets.

At the end of the year, the fund had 63 assets representing 569 MW of solar capacity, up from 454 MW at the end of the previous year. "Our diligent investment approach has resulted in the acquisition of a further 23 high-quality operating assets, including a very attractive portfolio in Italy," noted chairman Kevin Lyon.

The portfolio generated 451 GWh, which was 0.9% above budget, in spite of solar irradiation being 0.9% below expectations.

Going forward, the firm is looking at selectively acquiring solar plants on the secondary market, although its rate of acquisitions is reduced because of increasing competition for such assets. Its plans also include adding new technologies such as storage at existing sites and adding new capacity to existing sites where possible. It is preparing for subsidy-free solar opportunities in the UK and has so far acquired the project rights to develop six sites totalling 172 MW. In addition, the company is looking at adding to its portfolio plants in selected markets outside the UK.

(GBP 1 = USD 1.331/EUR 1.143)

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