NextEnergy Solar Fund - Earnings visibility underpins dividend target
It has been a busy few months for NextEnergy Solar Fund (NESF) and the listed renewable energy sector. NESF’s share price may have come under pressure from the threat of rising discount rates (as interest rates rise, its NAV falls) and windfall taxes, but the picture on both fronts is clearer, and – as the latest results show – NESF’s NAV is still making positive progress.The board says that strong earnings cover and NESF’s forward sales of power give it confidence to maintain its policy of at least matching dividend hikes with inflation. If shareholders approve, a push into energy storage offers another potential route to earnings growth.
NextEnergy Solar Fund is a closed-ended investment company. Co.'s investment objectives are to provide investors with a dividend that increases in line with Retail Price Index over the long term. Co. invests in solar Photovoltaic plants located in the U.K. Co. is managed by NextEnergy Capital IM Limited. As of Mar 31 2017, Co. had total investments at fair value of £415.9 million.
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