Scrip Reference Price

RNS Number : 7577Q

NextEnergy Solar Fund Limited

23 February 2023

 

LEI: 213800ZPHCBDDSQH5447

23 February 2023

NextEnergy Solar Fund Limited

("NESF" or the "Company")

Scrip Reference Price

NextEnergy Solar Fund, the specialist solar+ 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 31 December 2022 which has been set at 120.9p. This is based upon the prevailing Net Asset Value per Ordinary Share, which was 120.9p. The final date for receiving elections on the Scrip is 3 March 2023.

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.

Notes:

A solar+ fund invests primarily in utility scale solar assets, alongside complementary ancillary technologies, like energy storage.

For further information: NextEnergy Capital Group Michael Bonte-Friedheim	020 3746 0700 [e-mail]
Ross Grier
Aldo Beolchini
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 Editors¹:

About NextEnergy Solar Fund

NESF is a specialist solar⁺ fund listed on the premium segment of the London Stock Exchange and is a constituent of the FTSE250.  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 utility-scale solar energy and energy storage infrastructure assets.  The majority of NESF's long-term cash flows are inflation-linked via UK government subsidies. 

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 £300m 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).  NESF 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 assets.

As at 31 December 2022, the Company had an unaudited gross asset value of £1,252m.

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 ("NEC") 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+ 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 £1,252m.  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 is a 10-year closed-ended private fund launched in December 2021 targeting £500m.  To date, NPUK has raised total commitments of £487m, with the UK Infrastructure Bank providing cornerstone match-funding for up to £250m.
●	NextPower V ESG ("NPV") is a private contracted OECD solar strategy that offers investors the opportunity to earn strong risk-adjusted returns from the solar PV infrastructure asset class with a highly experienced team and a track record of success in OECD-based solar deployment.  The strategy will primarily invest in OECD solar assets and adjacent technologies (e.g. battery storage) in the target markets.  NPV ESG is targeting $1.5bn in size with a $2bn ceiling.

WiseEnergy ®

WiseEnergy® is NextEnergy 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 1,350 utility-scale solar power plants with an installed capacity in excess of 1.8GW.  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.10GW of both green and brownfield project developments across global geographies.

  Notes:

^1: All financial data is unaudited at 31 December 2022, being the latest date in respect of which NESF has published financial information

 

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