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NESF to pay dividends on quarterly basis

27 April 2016 11:00

NextEnergy Solar Fund Limited will now pay dividends to shareholders on a quarterly basis, starting from the first quarter of the current 2016/17 financial year.

The first quarterly dividend will cover the period from April to June 2016, and is expected to be declared in September 2016. The second quarterly dividend will cover the period July to September 2016, and is expected to be declared in December 2016. The subsequent quarterly dividends will follow accordingly.

For the year ended 31 March 2016, NESF expects to declare a second and final dividend of 3.125p per share in June 2016. When added to the first interim dividend of 3.125p, this represents a total yearly dividend of 6.25p per share. The Company intends to increase subsequent dividends in line with the Retail Price Index ("RPI") on a yearly basis, which amounts to 1.0% for the 2016/17 dividend.

At year-end, the Company's total portfolio amounted to 33 solar plants totalling 414MWp with an invested capital of £480.1m* (31 March 2015: 16 projects totalling c.217MWp and invested capital of £251.6m). NESF's portfolio of operating solar plants comprised 30 projects totalling 396 MWp with an invested capital of £461.2m.

In addition, at year-end the Company had secured three plants via binding contracts: Ellough Phase 2 (8.0MWp, investment value £8.0m), Hall Farm (5.0MWp, investment value £5.0m) and Green Farm (5.0MWp, investment value £5.8m). Post-period end, the Company completed the Hall Farm acquisition.

In addition NESF expects to complete the Ellough Phase 2 and Green Farm acquisitions before the end of the first quarter of the current financial year.

The portfolio has generated electricity significantly above budget for the 2015/16 financial year. Total energy generated was 4.1% in excess of targets while solar irradiation recorded across the portfolio was 0.4% above forecasts (2015: 4.8% higher energy generation and 0.4% lower irradiation versus forecasts across the portfolio).

The continued portfolio outperformance underlines the investment skills of the Company's Investment Advisor, NextEnergy Capital, and the asset management capabilities of NESF's long-term operating asset management service provider, WiseEnergy.

At 11:00am: (LON:NESF) Nextenergy Solar Fund Ltd share price was 0p at 98.25p

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