NextEnergy Solar Fund puts itself up for sale amid persistent discount
NextEnergy Solar Fund Ltd on Wednesday declared the start of a formal sale process, saying its share price discount to net asset value has hurt its ability to raise new equity.
The Guernsey-based investor in solar energy and energy storage last month reported NAV per share of 76.1 pence as of March 31, down from 95.1p a year prior. However, its shares trade at 50.50p. While this was up 6.7% on Wednesday, it is down 32% on a year before.
NextEnergy Solar noted that its share price discount has persisted for several years and has "impacted its ability to raise new equity capital to fund its future growth".
The company also "believes that it is challenged by the increased focus on shorter-term investment horizons by some parts of the public equity markets compared to the longer-term nature of its investments".
It said its investment manager, NextEnergy Capital IM Ltd, supports the decision.
The formal sale process will be run by Rothschild & Co.
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