NextEnergy Solar fund NAV drops 8.4% amid reduction in power price forecasts

Annual results

NextEnergy Solar fund (NESF) has posted a net asset value per ordinary share of 104.7p for the year to 31 March 2024, an 8.4% drop from the previous year.

Ordinary shareholders' NAV endured a similar fate, dropping from £674.4m at the end of March 2023 to £618.6m as of 31 March 2024. The falls were largely attributed to a reduction in short-term UK power price forecasts, which Investec analysts Ben Newell and Alan Brierley said detracted 7.8p per share. US Solar Fund eyes share buybacks as NAV falls 20% over 2023 They explained increases in discount rates also detracted 4.6p per share. However, these were partly offset by revisions to short-term inflation forecasts, the revaluation of new assets as they became operational and the sal...