TIDMNESF
RNS Number : 4117H
NextEnergy Solar Fund Limited
24 November 2022
LEI: 213800ZPHCBDDSQH5447
24 November 2022
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Scrip Reference Price
NextEnergy Solar Fund, the specialist solar and energy storage
climate impact fund, with a combined installed power capacity of
865MW, is pleased to announce the reference price of a new Ordinary
Share under the Scrip Dividend alternative for the interim dividend
for the quarter ended 30 September 2022 which has been set at 122.9
pence. This is based upon the prevailing Net Asset Value per
Ordinary Share. The final date for receiving elections on the Scrip
is 2 December 2022.
The process for electing to receive Scrip Shares or making
changes to an existing Scrip Dividend Mandate is detailed in the
Scrip Circular dated 15 July 2022.
If you wish to receive this interim dividend in cash on the
whole of your holding, and do not have a Scrip Dividend Mandate in
place, you do not need to take any further action.
If you already have a Scrip Dividend Mandate in place and you
wish to continue to receive Scrip Shares, you do not need to take
any further action.
The Scrip Circular dated 15 July 2022 can be viewed and/or
downloaded from the Investor Relations part of the NESF website (
nextenergysolarfund.com ). Copies of these documents can also be
obtained from the Company Secretary.
For further information:
NextEnergy Capital Group 020 3746 0700
Michael Bonte-Friedheim ir@nextenergysolarfund.com
Aldo Beolchini
Ross Grier
Peter Hamid (Investor Relations)
RBC Capital Markets 020 7653 4000
Matthew Coakes
Kathryn Deegan
Cenkos Securities 020 7397 8900
James King
William Talkington
Camarco 020 3781 8334
Owen Roberts
Eddie Livingstone-Learmonth
Ocorian Administration (Guernsey) Limited 014 8174 2642
Kevin Smith
Notes to Editors(1) :
About NextEnergy Solar Fund
NESF is a specialist solar and energy storage climate impact
fund. The Company is structured as a renewable energy investment
company listed on the premium segment of the London Stock Exchange
that invests in utility-scale solar power plants and energy
storage. The Company may invest up to 30% of its gross asset value
in non-UK OECD countries, 15% in solar-focused private
infrastructure funds, and 10% in energy storage.
NESF currently has a diversified portfolio comprising of the
following:
Solar PV:
-- 99 operating solar assets across the UK and Italy (primarily
on agricultural, industrial, and commercial sites)
-- A 50MW co-investment into a Spanish solar project alongside
NextPower III ESG, currently under construction
-- A 210MW co-investment into a Portuguese solar project
alongside NextPower III ESG, currently under construction
-- A UK solar project under construction (Whitecross 36MW)
-- A ready-to-build UK solar project (Hatherden 50MW)
-- A $50m commitment into NextPower III ESG (a private solar
infrastructure fund providing exposure to both
operating and under construction, international solar
assets)
Energy Storage:
Joint Venture Partnership with Eelpower:
-- A 50MW standalone battery storage project in Fife, Scotland,
currently under construction (part of a GBP300m joint venture with
Eelpower)
-- A portfolio of 250MW pre-construction standalone battery
storage projects in the East of England
Co-located programme:
-- First site identified for a 6MW co-located battery storage
project at North Norfolk Solar Farm and discussions are ongoing
with the local distribution network operator to confirm an
energisation date
The NESF portfolio has a combined installed power capacity of
865MW (excluding NextPower III MW on an equivalent look-through
basis).
As at 30 September 2022, the Company had an unaudited gross
asset value of GBP1,258m, being the aggregate of the net asset
value of the ordinary shares, the fair value of the preference
shares and the amount of NESF Group debt outstanding, and an
unaudited net asset value of GBP725m.
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 solar
energy and energy storage infrastructure assets. The majority of
NESF's long-term cash flows are inflation-linked via UK government
subsidies.
For further information on NESF please visit www.
nextenergysolarfund.com
Commitment to ESG
NESF is committed to ESG principles and responsible investment
which make a meaningful contribution to reducing CO2 emissions
through the generation of clean solar power. NESF will only select
investments that meet the requirements of NEC Group's Sustainable
Investment Policy. Based on this policy, NESF benefits from NEC's
rigorous ESG due diligence on each investment. NESF is committed to
reporting on its ESG performance in accordance with the UN
Sustainable Development Goals framework and the EU Sustainable
Finance Disclosure Regulation.
NESF has been awarded the London Stock Exchange's Green Economy
Mark and has been designated a Guernsey Green Fund by the Guernsey
Financial Services Commission .
Article 9
NESF is classified under Article 9 of the EU Sustainable Finance
Disclosure Regulation and EU Taxonomy Regulation.
NESF's sustainability-related disclosures in the financial
services sector in accordance with Regulation (EU) 2019/2088 can be
accessed on the ESG section of both the NESF website (
nextenergysolarfund.com/esg/ ) & NEC Group website (
nextenergycapital.com/sustainability/transparency-and-reporting/
).
About NextEnergy Group
NESF is managed by NextEnergy Capital, part of the NextEnergy
Group. NextEnergy Group was founded in 2007 to become a leading
market participant in the international solar sector. Since its
inception, it has been active in the development, construction, and
ownership of solar assets across multiple jurisdictions. NextEnergy
Group operates via its three business units: NextEnergy Capital
(Investment Management), WiseEnergy (Operating Asset Management)
and Starlight (Asset Development).
NextEnergy Capital
NextEnergy Capital comprises the Group's investment management
activities. To date, NEC has invested in over 350 individual solar
plants for a capacity in excess of 2.4GW across it institutional
funds. www.nextenergycapital.com
-- NextEnergy Solar Fund ("NESF ") is a specialist solar and energy
storage climate impact fund, which is listed on the premium segment
of the London Stock Exchange. It currently has an installed capacity
of 865MW spread among 99 individual operating assets in the UK
and Italy, comprising an unaudited gross asset value of GBP1,258m.
NESF is one of the largest listed solar and energy storage investment
companies in the world.
-- NextPower II ("NPII") a private fund made up of 105 individual
operating solar power plants and an installed capacity of 149MW,
focused on consolidating the substantial, highly fragmented Italian
solar market. NPII was successfully divested in January 2022, a
2016 vintage vehicle that generated net IRRs in excess of its gross
target of 10-12%.
-- NextPower III ESG ("NPIII") is a private fund exclusively focused
on the international solar infrastructure sector, principally targeting
projects in carefully selected OECD countries, including the US,
Portugal, Spain, Chile, Poland and Italy. NPIII is a fund that
provides a positive social and environmental impact to the countries
it has and will invest into. NPIII completed its fundraise with
a total of $896m, including an SMA raised. The target of the fund
was $750m.
-- NextPower UK ESG ("NPUK") is a private unlevered fund investing
in greenfield subsidy-free solar projects, with PPA's, in the UK.
NPUK ESG recently announced its first close at GBP327 million,
which is over 65% of the funds target of GBP500 million. The UK
Infrastructure Bank is the cornerstone investor for the fund and
plans to invest up to GBP250 million on a match funding basis.
WiseEnergy
WiseEnergy(R) is NextEnergy Capital Group's operating asset
manager. WiseEnergy is a leading specialist operating asset manager
in the solar sector. Since its founding, WiseEnergy has provided
solar asset management, monitoring and technical due diligence
services to over 1,300 utility-scale solar power plants with an
installed capacity in excess of 1.7GW. WiseEnergy clients comprise
leading banks and equity financiers in the energy and
infrastructure sector.
www.wise-energy.com
Starlight
Starlight is NextEnergy Group's development company that is
active in the development phase of solar projects. It has developed
over 100 utility-scale projects internationally and continues to
progress a large pipeline of c.8.3GW of both green and brownfield
project developments across global geographies.
Notes:
(1:) All financial data is unaudited at 30 September 2022, being
the latest date in respect of which NESF has published financial
information
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