The Board of NESF has approved a dividend target of 8.35p per ordinary share, representing an 11% increase from the previous year’s dividend of 7.52p per ordinary share.
The Company has declared total dividends since IPO of £305.8m or 55.72p per share. This announcement represents NESF’s tenth consecutive dividend target increase, in line with the Company’s progressive annual dividend policy. The Company has achieved all of its dividend targets whilst maintaining a covered dividend throughout the nine years since IPO and continues to target a covered dividend beyond the current financial year.
The dividend target is forecasted to be 1.3x-1.5x covered, supported by a high degree of visibility of the Company’s revenues. The Company’s RPI-linked subsidised revenues represent approximately 50% of total revenues. Remaining revenues are derived from budgeted electricity generation, prices for 88% of which have been fixed through to 31 March 2024 through the Company’s active power hedging strategy.
The dividend target increase is not dependent on the completion of the Company’s recently announced Capital Recycling Programme and dividend cover forecasts do not assume revenues from, or sale proceeds connected with, the Capital Recycling Programme.
In deciding the target dividend, the Board considers projected future power prices and associated price hedges, inflation in renewable markets, historic and budgeted technical, financial, and operational performance of NESF’s portfolio, and the ratio of cash cover to proposed dividend payments.
The Company continues to offer ordinary shareholders a scrip dividend alternative.
|_ga||2 years||The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.|
|_gat_gtag_UA_109301815_3||1 minute||Set by Google to distinguish users.|
|_gid||1 day||Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.|
|CONSENT||16 years 3 months 2 days 4 hours||YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.|
|IDE||1 year 24 days||Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads and according to the user profile.|
|test_cookie||15 minutes||The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies.|
|VISITOR_INFO1_LIVE||5 months 27 days||A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface.|
|YSC||session||YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages.|
|yt-remote-connected-devices||never||YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.|
|yt-remote-device-id||never||YouTube sets this cookie to store the video preferences of the user using embedded YouTube video.|
|cookielawinfo-checkbox-functional||1 year||The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".|
Use of this website
PLEASE READ THIS IMPORTANT INFORMATION SECTION AND THE TERMS AND CONDITIONS OF THIS WEBSITE (TOGETHER THE “TERMS”) WITH CARE. BEFORE ACCESSING THIS WEBSITE AND THE PAGES THEREOF, YOU CONFIRM THAT YOU MEET THE BELOW CRITERIA AND THAT YOU HAVE READ, UNDERSTOOD AND AGREE TO BE BOUND BY THE TERMS. IF YOU ARE NOT ABLE TO GIVE THIS CONFIRMATION YOU MUST NOT PROCEED ANY FURTHER AND SHOULD DECLINE TO ACCEPT THE TERMS.
THE INFORMATION CONTAINED IN THIS WEBSITE IS FOR GENERAL INFORMATION PURPOSES ONLY. IT IS NOT INTENDED TO AMOUNT TO ADVICE ON WHICH YOU SHOULD RELY OR TO AMOUNT TO ANY RECOMMENDATION RELATING TO AN INVESTMENT IN NEXTENERGY SOLAR FUND LIMITED (THE “FUND”).
The information contained within this website is issued by the Fund and is provided for reference purposes only. Nothing herein is intended to be construed as an offer, invitation or inducement to engage in investment activity, or investment advice or recommendation, in relation to the acquisition of shares in the Fund (the “Shares”) and should not be relied upon as such by any person.
Nothing in this website is to be taken as investment or tax advice. If you are unclear about any of the information on this website or its suitability for you, please contact your financial or tax adviser, or an independent financial or tax adviser before making any investment or financial decisions.
The information contained in this website is not directed at any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) access to that information and the use of it is contrary to or in breach of local law or regulation. Persons in respect of whom such prohibitions apply must not access this website. The laws and regulations of the country from which you access this site may include restrictions on the diffusion of information contained in the website; it is your responsibility to ensure that your use complies with any restrictions or any applicable local laws regarding use of the information on this website.
The Fund is not and will not be registered under the US Investment Company Act of 1940, as amended. The Shares have not been, nor will they be, registered under the US Securities Act of 1933, as amended or with any securities regulatory authority of any state or other jurisdiction of the United States or under the applicable securities laws of Australia, Canada, Japan, the Republic of Ireland or South Africa. Subject to certain exceptions, the Shares may not be offered or sold in the United States, Australia, Canada, Japan, the Republic of Ireland or South Africa or to or for the account or benefit of any national, resident or citizen of Australia, Canada, Japan, the Republic of Ireland or the Republic of South Africa or any person located in the United States.
The content of this website is directed only at: (i) persons outside the United Kingdom to whom it is lawful to communicate it; or (ii) persons inside the United Kingdom having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “FPO”); or (iii) persons inside the United Kingdom who are high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the FPO (all such persons “Relevant Persons”). Any investment or investment activity to which the information contained in this website relates is available only to and will be engaged in only with such Relevant Persons. Persons within the United Kingdom who access this website (other than persons falling within (ii) and (iii) above) should not rely on or act upon the content of this website.
General risk warning
Information regarding the past performance of an investment is not necessarily indicative of future performance. The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. The market value of the Shares may not reflect their underlying net asset value. The Fund is able to borrow to raise further funds for investment purposes. An investment fund which has made investments as a result of gearing may have a more volatile share price as a result; gearing can increase shareholder returns in rising markets but conversely can increase the extent to which the value of the funds attributable to shareholders decreases in falling markets.
The information on the website may be updated from time to time, although please note that neither the Fund nor NextEnergy Capital Limited (“NextEnergy”) is under any obligation to update it. No confirmation is given that the information is accurate, complete or up-to-date at any given time.
This website may contain links to third party websites. These links are provided for your information and convenience only, and do not amount to a recommendation or endorsement by the Fund or NextEnergy of that third party or its website. Neither the Fund nor NextEnergy has any control over the content of a third party website, and has not verified the accuracy of any content on any third party website. Accordingly, neither the Fund nor NextEnergy is liable for the content or availability (or lack of availability) of such third party websites.
This website is provided for your use “as is” without any warranties (whether express or implied) of any kind including, but not limited to, the warranty of non-infringement of third party rights or freedom from computer virus. As a result, neither the Fund nor NextEnergy accepts any ongoing obligation or responsibility in respect of any errors, omissions, interruptions or delays in service which may occur. Internet is not a secure medium of communication unless the data being sent is encrypted. Neither the Fund nor NextEnergy can accept any responsibility for unauthorised access by a third party or the corruption of data sent to it.
By continuing to use this website, you agree to the exclusion by the Fund and NextEnergy, to the extent permitted by applicable law and regulation, of any and all liability for any direct, indirect, punitive, consequential, incidental, special or other damages, including, without limitation, loss of profits, revenue or data arising out of or relating to your use of and the Fund’s provision of this website and its content. By proceeding, you are representing that you have understood and accepted the Terms. You also: (i) agree that such information will apply to any subsequent access to the website, and that all such subsequent access will be subject to the disclaimers, risk warnings and other information set out herein; and (ii) warrant that no other person will access this website from the same computer and logon as you are currently using.
Governing law and jurisdiction
The Terms (and any non-contractual obligations arising out of them) are governed by and interpreted in accordance with the laws of England and Wales and the courts of England and Wales will have exclusive jurisdiction in respect of any dispute which may arise. Your use of this website shall be deemed acceptance of the laws of England and Wales and your agreement that, in the event of any dispute or proceeding you irrevocably submit to the exclusive jurisdiction of the English courts and waive any objection to proceedings in such courts on the grounds of venue or on the grounds that the proceedings have been brought in an inconvenient forum. If for any reason a court of competent jurisdiction finds any provision of the Terms unenforceable, that provision shall be enforced to the maximum extent permissible, and the remainder of the Terms shall continue in full force and effect. None of the Terms is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to them, save for NextEnergy Capital Limited, who shall have the benefit of the rights, powers, protections and terms specified in the Terms.