NextEnergy Books Solid Year
NextEnergy Solar Fund (NESF) reported a slight reduction in net asset value (NAV) per ordinary share in its financial results for the year, ending 31 March 2021.
The company reported a NAV of 98.9p, in its financial year results, compared with 99.0p per share for 2020.
For this financial year ending 31 March NESF’s earnings before interest, tax, depreciation and amortisation (EBITDA) reached £78m compared to £86m in 2020, while total group revenue of portfolio reached £101m, compared with £108m in 2020.
Electricity generation for the portfolio was +6.2% above budget for the year, compared with +4.7% for 2020.
During the year NESF continued portfolio growth with four new assets and reached its development target of 150MW of subsidy-free solar in the UK, earlier this year.
The developer said its focus for the year ahead is on unlocking growth, expanding the NESF portfolio into international assets (up to 30% GAV), battery storage (up to 10% GAV), and solar structures (up to 15% GAV).
NESF is pursuing a 400MW pipeline of international solar assets, across North America, Portugal, Spain and Italy and a 500MW pipeline of domestic battery storage assets to complement NESF portfolio of solar assets and add revenue diversification.