Solar asset bank makes marginal profit loss but holds debt

Energy news
Energy news

Solar investment and asset manager, NextEnergy, has posted a slight loss for the financial year but holds debt at an equal level to the previous year..

NextEnergy’s profit dipped from £49,829 in 2016/2017 to £32,160 over the 2017/2018 financial period.

However, the company managed to keep its debt at £270 million from the previous financial period.

The company also saw another growth in renewables energy assets from 41 in 2017 to 63 in 2018 and an increase in invested capital of £734m, up £212m on the previous year.

Kevin Lyon, chairman of NESF, said“The Board is pleased to present the Company’s full-year results. It has been a year of significant progress, in terms of investment, operating and financial results recorded.

“Our diligent investment approach has resulted in the acquisition of a further 23 high-quality operating assets, including a very attractive portfolio in Italy. We have again achieved a positive Asset Management Alpha, with actual generation above budget, despite a slightly lower irradiation across the entire portfolio.  Our dividend continued to be comfortably covered, even as power prices declined over the year.

“Following the year end, we announced our first acquisition of operating assets with integrated energy storage, and expect to develop this opportunity across the broader portfolio over time.

“Looking forward, the outlook for the Company remains strong.  We will continue our selective acquisition-led growth, continue to focus on achieving Asset Management Alpha outperformance and pursue further improvements in our cost base and financing structure.”