NextEnergy Solar Fund Limited Update from QuotedData
July 12 2023 - 12:14PM
RNS Non-Regulatory
TIDMNESF
NextEnergy Solar Fund Limited
12 July 2023
NextEnergy Solar Fund - Update from QuotedData
12(th) July 2023
Recycling champion
From an operational standpoint, NextEnergy Solar Fund (NESF) is
doing well. As we discuss on page 5 of this note, the board,
encouraged by a high proportion of predictable revenue, has felt
comfortable in declaring an inflation-matching 11% increase in
NESF's dividend per share, and is confident that this will be
well-covered by earnings.
In the face of a difficult market for fundraising (expanding the
fund by issuing new shares), NESF's managers propose recycling
capital from its portfolio of subsidy-free solar assets. In the
short term, the proceeds would be used to reduce borrowings
(gearing) and fund a potential share buyback. Longer-term, the
proceeds would be used to secure new solar and energy storage
opportunities that present a suitable return profile.
After a good 2022/23 financial year, new investments could boost
the NAV and cashflows further. Share buybacks could turn the tide
on NESF's share price discount to net asset value (NAV) and lower
debt levels could calm investors' nerves. Combine this with a
prospective dividend yield of 9.1% and NESF's future looks
bright.
Full Research:
https://quoteddata.com/research/nextenergy-solar-fund-recycling-champion-qd/
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