NextEnergy Solar Fund Limited Operating Update (3959D)
28 October 2020 - 6:00PM
UK Regulatory
TIDMNESF
RNS Number : 3959D
NextEnergy Solar Fund Limited
28 October 2020
LEI: 213800ZPHCBDDSQH5447
28 October 2020
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Operating Update
NextEnergy Solar Fund, the solar power renewable energy
investment company, is pleased to provide the following operational
update.
First Half-Year Generation Update
NESF is pleased to announce that generation for the first half
of this financial year has significantly exceeded budget. For the
period ending 30 September 2020, generation from NESF's portfolio
was 11.1% above budget (2019: 5.0%), while irradiation has exceeded
expectations by 10.8% (2019: 4.8%). The Company has reaffirmed its
full-year dividend target of 7.05p for financial year ending 31
March 2021 (2019: 6.87p).
Energisation of High Garrett, NESF's Third Subsidy-free Solar
Asset
NESF is pleased to announce the energisation of its 8.5MWp
subsidy-free solar asset, High Garrett. This new site brings NESF's
total subsidy-free portfolio to 64MWp following Bosworth (an
extension to the Hall Farm asset) and Staughton, which were
energised in 2019. The Company's total subsidy-free generation
capacity is enough to power approximately 20,000 homes each
year.
High Garrett was developed in-house and built in Essex, adjacent
to NESF's existing 5MWp ROC backed Kentishes solar PV asset,
acquired in 2016. It benefits from the extended planning, lease
extension, existing grid infrastructure and extra export capacity
of the Kentishes asset.
Having started construction earlier this year, the 8.5MWp asset
was successfully energised on 22 October 2020. The energisation of
High Garrett, NESF's third subsidy-free asset, brings the total
capacity of the Company's operating assets to 763MWp across 91
individual solar assets, including three residential rooftop
portfolios.
NESF has built innovative structuring, delivery and operating
asset management capabilities to develop and construct subsidy-free
plants in the UK that are value-accretive for the Company and its
investors. The Company intends to add a total of approximately
150MWp (of which 64MWp is now operational) in UK subsidy-free
capacity to its portfolio as it leads the transition of the solar
industry from a subsidy-based regime to providing clean electricity
on market competitive terms.
For further information:
NextEnergy Capital Limited 020 3746 0700
Michael Bonte-Friedheim
Aldo Beolchini
Cenkos Securities Plc 020 7397 8900
Justin Zawoda-Martin
Robert Naylor
William Talkington
Shore Capital 020 7408 4090
Anita Ghanekar
Darren Vickers
Camarco 020 3757 4980
Owen Roberts
Eddie Livingstone-Learmonth
Apex Fund and Corporate Services
(Guernsey) Limited 01481 735 827
Nick Robilliard
Notes to Editors [i]:
A constituent of the FTSE 250 Index, NextEnergy Solar Fund
("NESF") is a renewable energy infrastructure investment company
that invests primarily in operating solar power plants in the UK
(it may invest up to 30% of its gross assets in other OECD
countries). The Company is committed to ESG principles and
responsible investment and makes a meaningful contribution to
reducing CO(2) emissions through the generation of clean solar
power. NESF has been designated a Guernsey Green Fund by the
Guernsey Financial Services Commission and has been awarded the
London Stock Exchange's Green Economy Mark.
NESF has a diversified portfolio comprising 91 operating solar
assets, primarily on agricultural, industrial and commercial sites,
with a combined installed power capacity of c.763MW.
As at 30 June 2020, the Company has gross assets of GBP987
million, of which 88% is invested in the UK, and net assets of
GBP576 million. The majority of long-term cash flows from its
investments are inflation-linked.
NESF's investment objective is to provide ordinary shareholders
with attractive risk-adjusted returns, principally in the form of
regular dividends, by investing in a diversified portfolio of
primarily UK-based solar energy infrastructure assets. The dividend
is payable quarterly, and the Company has announced a dividend
target for the year ending 31 March 2021 of 7.05p per ordinary
share.
NESF is differentiated by its access to NextEnergy Capital Group
("NEC Group"), its Investment Manager, which has a strong track
record in sourcing, acquiring and managing operating solar assets.
WiseEnergy is NEC Group's specialist operating asset management
division, which since its founding has provided operating asset
management, monitoring, technical due diligence and other services
to over 1,500 utility-scale solar power plants with an installed
capacity in excess of 1.7 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at nextenergysolarfund.com , nextenergycapital.com and
wise-energy.eu .
[1] Note: All financial data is as at 30 June 2020, being the
latest date in respect of which NESF has published financial
information.
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