TIDMNESF
RNS Number : 0781M
NextEnergy Solar Fund Limited
17 September 2021
LEI: 213800ZPHCBDDSQH5447
17 September 2021
NextEnergy Solar Fund Limited
("NESF" or the "Company")
250MW Battery Storage Joint Venture with First Acquisition
Signed
NextEnergy Solar Fund, the specialist solar power renewable
energy investment company, is very pleased to announce its first
strategic step into the energy storage sector in the United
Kingdom. NESF has entered into a GBP100m Joint Venture Partnership
("JVP") with Eelpower Limited ("Eelpower"), a leading battery
storage specialist in the UK. The JVP is targeting the
establishment of up to 250MW in projects with GBP100m in invested
capital and has already signed its first acquisition of a 50MW
standalone battery storage project.
The Company's addition of energy storage assets to its
well-diversified portfolio of 99 operating solar assets comes as a
result of its expanded investment mandate approved by shareholders
in September 2020. The approval allows up to 10% of NESF's Gross
Asset Value to be invested into standalone energy storage
systems.
The JVP, owned 70% by NESF and 30% by Eelpower, is of strategic
importance to NESF as it includes a framework for the acquisition
of up to 250MW (including this initial 50MW project) of battery
storage assets. As part of this, NESF continues to pursue a
high-quality pipeline of battery energy storage opportunities in
the UK, bringing together expertise in renewables investment with
the demonstrated abilities of Eelpower in energy storage to deliver
a strong pipeline of high-quality assets generating complementary
revenues to our existing solar portfolio.
Battery storage forms a significant part of NESF's growth and
diversification strategy, and will be a key enabler to the further
market deployment of solar assets in the UK. It will contribute to
the UK Government's drive to Net Zero by reducing the UK's need for
carbon emitting energy sources whilst contributing to tackling
climate change.
The maiden 50MW project is a ready-to-build, standalone battery,
located in Fife, Scotland, which will provide additional stability
to the grid via its export capacity. It is expected to be energised
and grid-connected in 2022.
Once operational the project presents NESF with multiple
attractive revenue opportunities which include:
-- Arbitrage Energy Trading, providing vital balancing
capability for the national and local grid while trading in the
GBP14bn UK electricity market
-- The Capacity Market, the UK policy mechanism from which
storage assets derive longer term revenues, based on the
availability to dispatch electricity during periods of system
volatility
-- Ancillary Services (including Firm Frequency Response and
Dynamic Containment) providing sub-second increases or decreases in
power output from the battery to maintain stability of grid
frequency
Eelpower is a specialist in the UK battery market with a strong
track record and extensive experience in the delivery, management,
and optimisation of battery storage assets in the UK. Eelpower will
provide EPC and ongoing specialist asset management services to the
storage assets and will source further acquisition opportunities
for the JVP.
A briefing for analysts will be held at 11am this morning via a
conference call facility and an audio webcast will be available on
NESF's website later in the day. For further information regarding
this call please reach out to nesf@camarco.co.uk.
Kevin Lyon, Chairman of NextEnergy Solar Fund said:
"The board and I are delighted to announce NESF's significant
move into energy storage, forming an important part of NESF's
future growth plans. The joint venture lays the foundations and
provides momentum for NESF's pipeline of energy storage assets
whilst also ensuring collaboration with a specialist partner,
Eelpower, in operating these assets. NESF is now demonstrably
progressing its exciting growth strategy both in UK energy storage
and international expansion of its portfolio of solar
projects."
Ross Grier, UK Managing Director of NextEnergy Capital,
added:
"This is an exciting deal and opportunity for NESF as we
introduce the first standalone utility scale battery project to the
fund. We have been involved in the energy storage space for several
years, having acquired two small-scale batteries back in 2017. It
is encouraging to see that battery technology is now at a stage
where it is feasible to introduce projects like this to the NESF
portfolio. We are looking forward to securing further investment
opportunities in this sub-sector alongside our partner
Eelpower."
Mark Simon, CEO of Eelpower, said:
"Eelpower was founded to promote the transition to renewable
energy sustainable, through the creation of a platform of
grid-scale electricity storage assets. Since 2015, the Eelpower
team has defined and developed this sector and is delighted to
partner with NESF to lead the next stage of the UK's energy
transition."
For further information:
NextEnergy Capital Group 020 3746 0700
Michael Bonte-Friedheim ir@nextenergysolarfund.com
Aldo Beolchini
Ross Grier
Peter Hamid (Investor Relations)
Cenkos Securities 020 7397 8900
James King
William Talkington
Shore Capital 020 7408 4090
Anita Ghanekar
Fiona Conroy - Corporate Broking
Camarco 020 3781 8334
Owen Roberts
Eddie Livingstone-Learmonth
Apex Fund and Corporate Services (Guernsey)
Limited 01481 735 827
Nick Robilliard
Notes to Editors(1) :
About NextEnergy Solar Fund
NESF is a specialist solar power renewable energy investment
company listed on the premium segment of the London Stock Exchange
that invests in operating utility-scale solar power plants. The
Company may invest up to 30% of its gross asset value in non-UK
OECD countries, 15% in solar-focused private equity structures, and
10% in energy storage.
NESF currently has a diversified portfolio comprising 99
operating solar assets (primarily on agricultural, industrial, and
commercial sites), and a $50m commitment into NextPower III (a
private ESG solar infrastructure fund providing exposure to
operating and in-development international solar assets).
The NESF portfolio has a combined installed power capacity of
893MW (including NextPower III MW on an equivalent look-through
basis).
As at 30 June 2021, the Company had gross assets of GBP1,058
million and net assets of GBP580 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.
For further information on NESF please visit
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.
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 Capital Group ("NEC Group")
NESF is managed by the NextEnergy Capital Group, a specialist
solar investment manager, which has a strong track record in
sourcing, acquiring, and managing operating solar assets. NEC Group
is a leading player in the global solar investment sector and has
over 190 team members with offices in UK, Italy, India, and the USA
and assets under management of over $2.8bn across three
institutional funds.
NextEnergy Capital Group donates at least 5% of its net annual
profits to NextEnergy Foundation. NextEnergy Foundation is an
international charity that was founded in 2016. Its mission is to
participate proactively in the global effort to reduce carbon
emissions, provide clean power sources in regions where they are
not yet available, and contribute to poverty alleviation.
For further information on NEC Group please visit
nextenergycapital.com
For further information on NextEnergy Foundation visit
nextenergyfoundation.org
About Eelpower
Eelpower Limited ("Eelpower") is a well-established privately
held constructor-owner-operator in the new and rapidly growing
electricity storage market. Eelpower's management team and
investors previously built the largest hydropower sites in England
this century where they pioneered behind-the-meter battery storage
integrated with hydro generation and industrial consumers. Since
its launch in 2017, Eelpower has delivered, owned, and managed some
of the highest-earning storage assets in the UK.
For further information on Eelpower please visit
eelpower.co.uk.
([1]) Note: All financial data is as at 30 June 2021, being the
latest date in respect of which NESF has published financial
information
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