Only Cordiant and Pantheon buck the trend... For the remaining 29 quoted Infrastructure Investment Companies (IICs) and the Renewable Energy Infrastructure Funds (REIFs), 2024 was a dire year ‒ as was 2023. NAV discounts widened appreciably, while some REIFs, in particular, really struggled. During 2024, there were several “Continuation/Discontinuation Votes”, which saw some funds enter Managed Wind Down. Furthermore, there were no major sector fund-raises during the year; instead, share buy...
A director at NextEnergy Solar Fund Limited bought 39,000 shares at 66p and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
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 yield of 11.1%, one of the highest in its sector, a...
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 yield of 11.1%, one of the highest in its sector, a...
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no...
Feature article: UK interest rates and “risk-free” gilts at their peak? Infrastructure stocks struggle Executive summary Infrastructure/Renewable Energy Funds ► The share price performances of the nine Infrastructure Investment Companies (IICs) and of the 22 Renewable Energy Infrastructure Funds (REIFs) have been dire over the past year. Undoubtedly, the sharp rise in interest rates has presented the sector with serious challenges, especially since the yield on “risk-free” 10-year gilts has r...
From an operational standpoint, NextEnergy Solar Fund (NESF) is doing well. As we discuss on page 4 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, and is confident that this will be well-covered by earnings. In the face of a difficult market for fundraising, NESF’s managers propose recycling capital from its portfolio of subsidy-free solar assets. In the short term, the pro...
From an operational standpoint, NextEnergy Solar Fund (NESF) seems to be doing well. As is discussed on page 4 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, and is confident that this will be well-covered by earnings. In the face of a difficult market for fundraising, NESF’s managers propose recycling capital from its portfolio of subsidy-free solar assets. In the short te...
NextEnergy Solar Fund - NAV restatement and lower inflation forecasts lead to 5.5% reduction in Q1 NAVGresham House Energy Storage - NAV flat in Q1 despite downward revenue forecast revisionsReal Estate Credit Investments - Attractive yield and good deployment prospectsUS Solar Fund - Termination of formal sales process
Taylor Maritime Investments - Good progress on deleveragingNextEnergy Solar - Capital recycling programme launchedGCP Infrastructure - March 23 NAV updateDowning Renewables & Infrastructure - UK Solar acquisitionMolten Ventures - Some stabilisation in 6m to Mar-23
Hardman & Co Research’s focus is on the nine quoted infrastructure investment companies (IICs) and on the 22 renewable energy infrastructure funds (REIFs), most of which saw their share prices fall during 2022, while the FTSE 100 rose by just 0.9%. In our Quoted UK Infrastructure and Renewable Energy – Prospects for 2023 publication, we have addressed the three key issues of recent months: higher inflation, extremely volatile power prices and rising interest rates.
It has been a busy few months for NextEnergy Solar Fund (NESF) and the listed renewable energy sector. The share price may have come under pressure from the threat of rising discount rates and windfall taxes, but the picture on this is clearer, and – as the latest results show – NESF’s NAV is still making positive progress. Strong earnings cover and NESF’s forward sales of power give the board confidence to maintain its policy of at least matching dividend hikes with inflation. If shareholders...
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 ...
EQS-News: NextEnergy Solar Fund Ltd NextEnergy Solar Fund 'very happy' with interim results 23.11.2022 / 12:07 CET/CEST The issuer is solely responsible for the content of this announcement. Contact DetailsProactiveProactive UK Ltd 3News Source: News Direct 23.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at -news.com Lan...
NextEnergy Solar Fund (NESF) is a leading investor in the UK solar power market. In addition, since investors approved a broadening of its investment policy in 2020, it has added exposure to battery storage and to solar assets in other OECD countries, leveraging the global expertise of its manager which is active across eight countries.At end September 2021, NESF had 99 operational solar assets. The revenue from these comes from sales of power and government subsidies designed to encourage the g...
NextEnergy Solar Fund (NESF) is a leading investor in the UK solar market. In addition, since investors approved a broadening of its investment policy in 2020, it has added exposure to battery storage and to solar assets in other OECD countries, leveraging the global expertise of its manager which is active across eight countries.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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