NextEnergy Solar Fund Limited Red (NESF)

Sector:

Investment Firms

Index:

FTSE 250

74.80p
   
  • Change Today:
      1.70p
  • 52 Week High: 101.00p
  • 52 Week Low: 70.30p
  • Currency: UK Pounds
  • Shares Issued: 590.82m
  • Volume: 3,792,352
  • Market Cap: £441.93m

NextEnergy Solar extends £70m Santander credit facility

By Josh White

Date: Friday 10 May 2024

LONDON (ShareCast) - (Sharecast News) - NextEnergy Solar Fund announced the extension of its existing £70m short-term revolving credit facility (RCF) with Santander on Friday.

The London-listed firm said the facility, originally set to expire in June this year, would now be available until June 2025, boasting improved terms with a margin of 150 basis points over SONIA, compared to the previous 160 basis points.

As of 7 May, the company's total interest cost for any amount drawn under the facility stood at 6.7%, attributed to SONIA's rate at 5.2%.

The extension followed the recent announcement of another revolving credit facility extension, totaling £135m, extended until June 2026, with two additional 12-month extension options at the company's discretion.

As of 31 December, the company had drawn £163m from its £205m in short-term revolving credit facilities, and an unaudited gross asset value of £1.17bn.

Gearing levels remained comfortably within the firm's investment policy limit of up to 50% of gross asset value, with financial debt gearing at 28.8% and total gearing, including fixed coupon preference shares, at 45.7%.

"The extension of this revolving credit facility on improved terms is a testament to NextEnergy Solar Fund's large portfolio of high-quality assets and the availability of debt financing for leading market participants," said Ross Grier, chief operating officer and head of UK investments at NextEnergy Capital.

"We are happy to continue our strong relationship with Santander as the sole counterparty to this facility.

"NextEnergy Solar Fund prides itself on its disciplined capital structure and continues to prioritise the capital recycling programme where the proceeds will be used to pay down existing revolving credit facility borrowings."

At 1056 BST, shares in NextEnergy Solar were up 1.25% at 76.35p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

NESF Market Data

Currency UK Pounds
Share Price 74.80p
Change Today 1.70p
% Change 2.33 %
52 Week High 101.00p
52 Week Low 70.30p
Volume 3,792,352
Shares Issued 590.82m
Market Cap £441.93m

NESF Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
83.29% above the market average83.29% above the market average83.29% above the market average83.29% above the market average83.29% above the market average
91.39% above the sector average91.39% above the sector average91.39% above the sector average91.39% above the sector average91.39% above the sector average
Price Trend
59.7% below the market average59.7% below the market average59.7% below the market average59.7% below the market average59.7% below the market average
86.1% below the sector average86.1% below the sector average86.1% below the sector average86.1% below the sector average86.1% below the sector average
Income
46.78% above the market average46.78% above the market average46.78% above the market average46.78% above the market average46.78% above the market average
92.92% above the sector average92.92% above the sector average92.92% above the sector average92.92% above the sector average92.92% above the sector average
Growth
13.00% above the market average13.00% above the market average13.00% above the market average13.00% above the market average13.00% above the market average
18.18% above the sector average18.18% above the sector average18.18% above the sector average18.18% above the sector average18.18% above the sector average

What The Brokers Say

Strong Buy 0
Buy 0
Neutral 3
Sell 1
Strong Sell 0
Total 4
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

NESF Dividends

  Latest Previous
  Q4 Q3
Ex-Div 23-May-24 15-Feb-24
Paid 28-Jun-24 28-Mar-24
Amount 2.09p 2.09p

Trades for 14-Jun-2024

Time Volume / Share Price
16:35 88,092 @ 74.80p
16:35 3,333 @ 74.80p
16:35 323 @ 74.80p
16:35 15,718 @ 74.80p
16:35 7,086 @ 74.80p

NESF Key Personnel

Chair Helen M Mahy
CEO Michael Bonte-Friedheim

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