Next Energy Solar Fund (NESF)

[DrFfybes]

I've seen prices varying from -£20 per MWh to £165 per MWh on Iamkate site. That's just prices I've noted there may have been bigger differences. It's worth looking at GSFs last report as they were quoting the actual prices per MWh they were making from battery storage.

The lamkate prices are surprising - wonder why it rose by £50/MWh at 2am. Certainly bigger swings than I've seen reported elsewhere, almost makes their battery revenue look conservative. A couple of the peaks are relatiely predictable so some obvious scope for profit.

But this is a relatively small part of their operations, so markets obviously have reservations. Even the earliest FIT have 7 years to run so that shouldn't be a concern. Maybe just future prices meaning revenue drop, a 10-15% drop in income with that level of gearing?

[idpickering]

Scrip Dividend Shares - Additional Listing.

https://www.investegate.co.uk/announcem ... g-/7754309

Ian.

[idpickering]

Paul Le Page joins the Board of Directors.

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to welcome Mr Paul Le Page to its Board of Directors as a Non-Executive Director. Mr Le Page will join the Board of NextEnergy Solar Fund on 3 October 2023, succeeding Mr Vic Holmes as Senior Independent Director of the Company from 1 January 2024 after Mr Holmes retires from the Board on 31 December 2023.

Mr Le Page currently serves as a Non-Executive Director of RTW Biotech Opportunities Fund Limited, TwentyFour Income Fund Limited, and Highbridge Tactical Credit Fund Limited. Mr Le Page recently retired from Bluefield Solar Income Fund Limited having served 10 years as a Director and Chair of their Audit and Risk Committee.

Helen Mahy, Chair of NextEnergy Solar Fund Limited, commented:

"The Board is delighted that Paul has agreed to join as a Non-Executive Director, bringing extensive and relevant sector experience from both an investment company and solar perspective. We are confident that Paul will add significant value and we are looking forward to working with him."

https://www.investegate.co.uk/announcem ... s-/7790332

Ian (I hold).

[idpickering]

Interim Dividend Declaration.

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce a second interim dividend of 2.09 pence per Ordinary Share for the quarter ended 30 September 2023, in line with its previously stated target of paying dividends of 8.35p for the year ended 31 March 2024. The interim dividend of 2.09 pence will be paid on 29 December 2023 to shareholders on the register as at the close of business on 17 November 2023. The ex-dividend date is 16 November 2023.

Separately, the Board has decided to cancel the Company's Scrip Dividend Alternative until further notice in accordance with the terms and conditions in the Scrip Dividend Circular dated 19 July 2023 due to low take up and the costs associated with continuing to offer it. Therefore all shareholders will receive a Full Cash Dividend in respect of the second interim dividend on the 29 December 2023.

https://www.investegate.co.uk/announcem ... n-/7825737

Ian (I hold).

[idpickering]

Notice of Interim Results.

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, will announce its Interim Results for the period ended 30 September 2023 on Wednesday 22 November 2023.

https://www.investegate.co.uk/announcem ... ts/7846323

Ian (I hold).

[BullDog]

Notice of Interim Results.

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, will announce its Interim Results for the period ended 30 September 2023 on Wednesday 22 November 2023.

https://www.investegate.co.uk/announcem ... ts/7846323

Ian (I hold).

Oh dear. What's happened today, I don’t see anything obvious?

[idpickering]

Oh dear. What's happened today, I don’t see anything obvious?

I'm not sure, they're down 5.4% as I type. I hedged my bets with this outfit by buying BSIF, which is up 1.43% now, and FSFL too which is up 0.8% currently. Either way, these movements in SP don't bother me. Today you'd get a better yield from NESF than last Friday.

As for the market movement re NESF today, does anyone hereabouts know why NESF are weak today?

Ian/

[richfool]

Oh dear. What's happened today, I don’t see anything obvious?

I'm not sure, they're down 5.4% as I type. I hedged my bets with this outfit by buying BSIF, which is up 1.43% now, and FSFL too which is up 0.8% currently. Either way, these movements in SP don't bother me. Today you'd get a better yield from NESF than last Friday. Hereabouts it is all about the income after all.

As for the market movement re NESF today, does anyone hereabouts know why NESF are weak today?

Ian/

I can't help with why NESF's SP has fallen today (down some 6.7% at the moment).

You may get a better yield from NESF if you were BUYING today as opposed to last Friday, but an existing shareholders isn't getting a higher dividend today than last Friday.

I hold: NESF, BSIF, JLEN, GRID, and now also UKW.

[BullDog]

I'm not sure, they're down 5.4% as I type. I hedged my bets with this outfit by buying BSIF, which is up 1.43% now, and FSFL too which is up 0.8% currently. Either way, these movements in SP don't bother me. Today you'd get a better yield from NESF than last Friday. Hereabouts it is all about the income after all.

As for the market movement re NESF today, does anyone hereabouts know why NESF are weak today?

Ian/

I can't help with why NESF's SP has fallen today (down some 6.7% at the moment).

You may get a better yield from NESF if you were BUYING today as opposed to last Friday, but an existing shareholders isn't getting a higher dividend today than last Friday.

I hold: NESF, BSIF, JLEN, GRID, and now also UKW.

Simply sheer weight of selling, it seems.

Either somebody knows something bad is around the corner or somebody needs a lot of money fast.

Perhaps.

[idpickering]

I can't help with why NESF's SP has fallen today (down some 6.7% at the moment).

You may get a better yield from NESF if you were BUYING today as opposed to last Friday, but an existing shareholders isn't getting a higher dividend today than last Friday.

I hold: NESF, BSIF, JLEN, GRID, and now also UKW.

Simply sheer weight of selling, it seems.

Either somebody knows something bad is around the corner or somebody needs a lot of money fast.

Perhaps.

Thanks for your offerings both. Either way, I'm not selling my NESF shares. I don't have any spare cash hanging around to buy NESF today. Is anyone hereabouts buying NESF today?

Ian.

[idpickering]

Investor Presentation via Investor Meet Company.

NextEnergy Solar Fund Limited, a leading specialist investor in solar energy and energy storage, is pleased to announce that Ross Grier (Chief Operating Officer & Head of UK Investment, NextEnergy Capital) and Stephen Rosser (Investment Director & UK Legal Counsel, NextEnergy Capital) will provide a live presentation on the Company's Interim Results on 24 November at 9:00am GMT.

https://www.investegate.co.uk/announcem ... ny/7888831

Ian.

[idpickering]

Interim Results & Capital Recycling Update.

Financial:

· NAV per ordinary share of 108.3p (31 March 2023: 114.3p).

· Ordinary shareholders' NAV of £640m (31 March 2023: £674.4m).

· Earnings per ordinary share of (2.0p)1 (31 March 2023: 8.2p).

· Total gearing (including preference shares) of 46.4% (31 March 2023: 44.6%).

· Financial debt gearing (excluding preference shares) of 29.8% (31 March 2023: 28.4%).

· Weighted average cost of capital of 6.3% (31 March 2023: 5.7%).

· Weighted average discount rate of 8.0% (31 March 2023: 7.3%).

Dividend:

· Dividend of 4.18p per ordinary share for the period ended 30 September 2023 (30 September 2022: 3.76p).

· Target dividend of 8.35p per ordinary share for the year ended 31 March 2024 (a year-on-year increase of 11%).

· Forecasted target dividend cover remains c.1.3x for the financial year ending 31 March 2024.

· Total dividends declared since IPO of £318m or 63.7p per share.

https://www.investegate.co.uk/announcem ... te/7895759

Ian (I hold).

[idpickering]

Interim Dividend Declaration

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce its third interim dividend of 2.09 pence per Ordinary Share for the quarter ended 31 December 2023, in line with its previously stated target of paying dividends of 8.35p for the year ended 31 March 2024.

The interim dividend of 2.09 pence will be paid on 28 March 2024 to shareholders on the register as at the close of business on 16 February 2024. The ex-dividend date is 15 February 2024.

https://www.investegate.co.uk/announcem ... on/8027655

Ian (I hold).

[idpickering]

Quarterly Net Asset Value & Operational Update

Financial:

· NAV per ordinary share of 107.7p (30 September 2023: 108.3p).

· Ordinary shareholders' NAV of £636.4m (30 September 2023: £640m).

· Total gearing (including preference shares) of 45.7% (30 September 2023: 46.4%).

· Financial debt gearing (excluding preference shares) of 28.8% (30 September 2023: 29.8%).

· Weighted average cost of capital of 6.4% (30 September 2023: 6.3%).

· Weighted average discount rate unchanged at 8.0% (30 September 2023: 8.0%).

Dividend:

· Total dividends declared of 6.26p per ordinary share for the nine months ended 31 December 2023 (31 December 2022: 5.64p).

· On track to achieve target dividend of 8.35p per ordinary share for the year ending 31 March 2024.

· Forecasted target dividend cover remains c.1.3x for the year ending 31 March 2024.

· Total dividends declared since IPO of £333m or 65.7p per share.

Portfolio:

· 100 operating solar assets (30 September 2023: 100).

· Total installed capacity of 933MW1 (30 September 2023: 933MW1).

· Remaining weighted asset life of 26.1 years (30 September 2023: 26.4 years).

https://www.investegate.co.uk/announcem ... e-/8062229

Ian.

[idpickering]

Update from QuotedData

NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about 2.2 Mt CO2e.

NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Share price weakness that has afflicted the whole sector means that dividend translates to a dividend yield of 11.1%, one of the highest in its sector, and the share price's near 30% discount to net asset value (NAV) provides the prospect of attractive capital appreciation when sentiment towards the sector recovers.

Interest rates look to have peaked, which is improving sentiment, but there is further to go. We find it hard to comprehend why any stock with a nine-year track record of growing covered dividends in line with inflation would not trade on a much lower dividend yield.

NESF also has one of the largest capital recycling programmes of its peer group, which is aimed at freeing up cash to slash debt, and fund share buybacks and existing and potential construction projects. Those projects should be both NAV- and earnings-enhancing. A re-rating of NESF's shares is overdue.

https://www.investegate.co.uk/announcem ... ta/8081308

Ian (I hold NESF).

[funduffer]

I hold as well, and am equally mystified by the share price weakness.

Surely it is a hold, and maybe even worth a top-up at such a huge discount?

FD

[idpickering]

I hold as well, and am equally mystified by the share price weakness.

Surely it is a hold, and maybe even worth a top-up at such a huge discount?

FD

It is my intention to buy more NESF soon, along with other shares of their ilk (BSIF and FSFL, both of which I hold too) over the coming weeks/months, but I'll decide nearer the buying time as to which gets the nod. Over time they'll all get the nod. But let's not drift to far from the purpose of this board though, ie company news.

Ian.

[idpickering]

260MW International Solar Co-Investments Energised

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce the energisation of its first two international solar co-investments alongside NextPower III ESG ("NPIII ESG"), bringing an additional 260MW online in Europe and increasing NESF's total installed net capacity to 979MW.

The two assets consist of a 210MW solar project located in Santarém, Portugal, known as Santarém, and a 50MW solar asset located in Cadiz, Spain, known as Agenor. The combined assets are expected to produce 445GWh of renewable electricity every year, the equivalent of powering approximately 126,700 homes.

NESF directly owns 13.6% of Santarém, 24.5% of Agenor, and 6.21% of NPIII ESG. The energisation of these assets adds 46MW to NESF's total installed net capacity on a look-through basis.

https://www.investegate.co.uk/announcem ... ed/8089324

Ian.

[idpickering]

1GW Milestone and 50MW Energy Storage Asset Online.

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce that the Company's maiden standalone 50MW energy storage asset, named Camilla, has successfully begun commercial operations. This is a significant milestone for the Company as it increases NESF's total installed net capacity above 1GW to 1,014MW.

https://www.investegate.co.uk/announcem ... ne/8094065

Ian (I hold).

[idpickering]

I mentioned further up this thread that I was going to buy more NESF soon. That happened just now along with top ups of my BSIF and FSFL holdings too.

Ian.