NextEnergy Solar Fund has reported a rise in the Net Asset Value (NAV) on its 865MW portfolio at 30 June 2022.
The impact fund said NAV per ordinary share increased by 7.2% to 121.7p (€1.43), compared to 113.5p in the previous quarter.
Overall, this translated to a £48.7m rise in ordinary shareholders’ NAV to £717.2m.
NextEnergy Solar said that the main contributors to the rise in the Company’s NAV from 31 March 2022 to 30 June 2022 were an increase in power price forecast assumptions (+6.2p per ordinary share).
This was driven by an uplift in the short to medium term power forecasts provided by the Company’s three independent advisers and PPAs.
Other factors were updated short-term inflation assumptions (+4.7p per ordinary share), operating result net distributions to fund (+3.0p per ordinary) and the upward revaluation of the NextPower III ESG (NPIII ESG) investment (+0.4p per ordinary share).
At 30 June 2022, the Company had 100 fully operating solar assets.
NextEnergy Solar also reported portfolio generation outperformance of +4.5% for the quarter ended 30 June 2022, translating into additional revenues of around £2m.
NextEnergy Solar Fund chairman Kevin Lyon said: “Today’s reported NAV is the highest that NESF has ever released and it is encouraging to see that NESF’s share price has started to strengthen in line with peers.
“We believe the current share price continues to offer investors an attractive entry point to a compelling investment opportunity.
“The team at NextEnergy Capital continue to work hard to deliver NESF’s outstanding performance and exciting future growth pipeline.”