LONDON (ShareCast) - (ShareCast News) - Solar energy business NextEnergy reported a broadly flat net asset value (NAV) for the six months leading to 30 September as falling power prices were offset by reductions in discount rates, valuation increases in new assets and the firm's overall operating performance.
NAV per share rose from 104.9p to 105.1p, taking total shareholder return and NAV total for the half to 4.7% and 3.2%, respectively.

NextEnergy, which drew down on the final tranche of its £150m long-term facility to refinance its Apollo portfolio during the half, said it was "executing the pipeline of acquisition targets" as it looked to expand upon its solar assets in the UK by adding as much as another 193 megawatts to its portfolio.

The firm added that it was "on track" to pay its target dividend of 6.42p for the twelve months ending 31 March 2018.

NextEnergy advised that it had also made its first international acquisition after the period's end, collecting a total of eight operating solar plants in Italy.

Kevin Lyon, the group's chairman, said he was pleased by NextEnergy's move of "acquiring a high-quality portfolio of eight operating solar plants in Italy for an equity value of GBP 48.5M."

"This portfolio will generate immediate dividend cover-enhancing cash flows with low power market risk, while the euro-denominated long-term debt already in place and the intended currency hedge mitigate volatility from possible changes in the exchange rates," he added.

As of 0845 GMT, shares had dropped just 0.10% to 105.14p.

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