NextEnergy Solar Fund's Stephen Rosser on Q3 performance, dividend yield & market strategy
Published: 16:10 26 Feb 2025 GMT
NextEnergy Solar Fund Ltd investment director and UK legal counsel Stephen Rosser talked with Proactive's Stephen Gunnion about the company's steady third-quarter performance and growth prospects underpinned by the UK's Clean Power 2030 plan. Rosser highlighted the successful completion of the third phase of NESF’s capital recycling program, including the sale of Staughton at a 21.5% premium, contributing to a total of £72.5 million capital recycled to date.
Despite less-than-optimal generating conditions due to adverse weather and grid outages, Rosser said NESF expects to maintain a cash cover of around 1.1 times for its full-year dividend target of 8.43p. He discussed ongoing strategies to address the share price discount, including advancing the fourth phase of the capital recycling program and continuing share buybacks. So far, NESF has repurchased over 12.5 million shares for approximately £10 million, aiming for a total buyback of £20 million.
Rosser expressed optimism about the UK's solar and energy storage landscape, noting opportunities from the Clean Power 2030 initiative, which targets 50GW of installed solar capacity by 2030. With a strong ESG track record, including over 2,700 tonnes of CO2 avoided since inception, NESF is focused on delivering shareholder value and capitalising on growth opportunities.
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