- Solar power investor NextEnergy Solar Fund bumped up its dividend by 3.3%, even as it swung to a full-year loss due to lower power prices and a fall in the value of its investments.

The company declared a dividend for the year through March of 6.87p per share, up from 6.65p on-year.

NextEnergy Solar said it was targeting a total dividend of 7.05p per share for the current financial year, payable quarterly.

Net losses amounted to £29.7m, compared to a profit of £71.6m on-year, thanks to changes in the fair value of investments.

Income rose to £61.2m, up from £55.6m, and the company's net asset value per share, a key measure of underlying performance, fell to 99.0p, down from 110.9p.

Electricity generation increased to 712 gigawatt hours (GWh), up from 693 GWh.

'I am pleased to report another solid set of operating results, benefiting from high levels of solar irradiation and technical and operational outperformance across the portfolio,' chairman Kevin Lyon said.

'Our portfolio and asset management strategy has enabled us to cope with falling power prices during the course of the financial year, which resulted mainly from lower international hydrocarbon commodity prices as well as warmer weather patterns.'

'In addition, during March 2020, an oil price war between oil-producing countries coupled with the initial effects of the Covid-19 pandemic on power demand further depressed power prices in the UK and Italy.'

'This had a material adverse impact on our NAV as at 31 March 2020, which reduced to 99.0p.'

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