NextEnergy Solar’s debt levels soar as valuation tumbles

NextEnergy Solar (NESF) has seen its debt levels jump to among the highest in the renewable infrastructure sector after the portfolio’s net asset value tumbled in its first quarter.

The £599m fund, which overwhelmingly passed its continuation vote on Monday, saw its valuation drop 3.2% from 104.7p to 101.3p per share over the three months to the end of June, as energy generation levels came in below budget and power price forecasts softened.

A quarterly update did not disclose the precise level of energy generation but noted that lower irradiation levels across the portfolio, which has solar assets in the UK and Italy, was to blame.