NextEnergy Solar Fund says electricity generation well above budget in first half

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NextEnergy Solar Fund Limited (LON:NESF),  the solar power investment company, said electricity generation in the six months to end September 2020 had significantly exceeded expectations.

Power from NESF’s solar portfolio was 11.1% above budget (2019: 5.0%) while irradiation exceeded expectations by 10.8% (2019: 4.8%).

The fund also reaffirmed its full-year dividend target of 7.05p for the financial year ending March 31, 2021 (2019: 6.87p). 

NESF added that it has now also switched on the 8.5MWp subsidy-free solar asset, High Garrett.

This new site brings NESF’s total subsidy-free portfolio to 64MWp following Bosworth (an extension to the Hall Farm asset) and Staughton, which came online in 2019.

NESF said its total subsidy-free generation capacity is enough to power approximately 20,000 homes each year.

High Garrett is in Essex, adjacent to NESF’s existing 5MWp ROC backed Kentishes solar PV asset. Including High Garrett, NESF’s total capacity rises to 763MWp across 91 individual solar assets

The company said it intends to add a total of approximately 150MWp UK subsidy-free capacity to its portfolio.

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