NextEnergy Solar Fund (LSE:NESF), a specialist investor in solar energy and energy storage, reported total income of £141.3m for the full year ended 31 March, up from £135.5m a year earlier, while EBITDA across the portfolio rose to £104.5m from £96.9m.
Cash income climbed to £71.9m from £67.1m, and the company ended the period with cash of £25.1m, compared with just £3.2m at 31 March 2025, partly reflecting a net £18m repayment of its revolving credit facility during the year.
Gross asset value fell to £922m from £1,061m, reflecting disposals and an increase in the weighted average discount rate to 8.5% from 8.0%, while the weighted average cost of capital edged up to 6.9% from 6.6%.
On the operational side, electricity generation reached 844GWh, 2.0% ahead of budget, a sharp reversal from the 5.3% shortfall recorded in the prior year, supported by irradiation running 6.7% above budget.
NESF completed its transition to a 75% payout ratio of operating free cash flows, replacing a progressive dividend policy, with dividend cover for the year at 1.2 times.
The company said initial estimates from its March strategic reset suggest potential to generate between approximately £60m and £100m of additional value through asset-life extensions, hybridisation and realisation of its development pipeline, with a pilot repowering project on track for a final investment decision within the current financial year.
