TIDMNESF
RNS Number : 2556J
NextEnergy Solar Fund Limited
26 April 2022
LEI: 213800ZPHCBDDSQH5447
26 April 2022
NextEnergy Solar Fund Limited
("NESF" or the "Company")
First Co-Located 6MW Battery Storage Project
NextEnergy Solar Fund, the specialist solar power renewable
energy investment company, announces the selection of its first
site for a co-located battery storage project. The project will
extend the existing 11MW North Norfolk solar farm within the NESF
portfolio to include a 6MW/12MWh battery system. Planning
permission for the co-located battery system has been secured, with
construction expected to commence on site later this year.
The Company continues to identify additional co-located battery
storage opportunities through its retrofit program, in addition to
its existing 250MW joint venture with Eelpower for standalone
battery storage. The retrofit program for co-located battery
storage aims to leverage NESF's 91 UK solar assets and the
expertise of the NESF investment management team at NextEnergy
Capital in bringing innovative projects to fruition. An additional
four potential locations for co-located battery storage systems
have been identified to date and are being progressed into
development stage.
Working alongside leading delivery partners in the UK battery
sector, NESF expects that co-location of battery storage systems
alongside the Company's existing solar portfolio will provide
additional asset, technology and revenue diversification, whilst
also accessing the favourable future revenue opportunities that
battery storage systems present.
North Norfolk solar farm is a subsidised solar asset that
benefits from Ofgem's Renewables Obligation Certificate ("ROC")
scheme with a 1.6 banding. The Company will continue closely to
align the configuration of its co-located battery projects with
Ofgem's latest guidance.
Michael Bonte-Friedheim, Group CEO of NextEnergy Group said:
"NESF's first co-located battery site at the North Norfolk solar
farm marks another key milestone for the Company. Implementing
co-located batteries across the portfolio presents an attractive
growth opportunity for NESF as these assets offer both synergies
with our PV assets, as well as offering diversification to our
portfolio income. Battery storage is a market that NESF has been
preparing for some time, having acquired two small scale co-located
batteries at Salcey Farm and Pierces Farm in 2017, and we look
forward to keeping the market up to date on the results of this
programme, now and in the future ."
Ross Grier, UK Managing Director of NextEnergy Capital
commented:
"Battery storage is, and will be, a strong driver of growth for
NESF, particularly as we look to help in the drive to
decarbonisation and the UK's goal to achieve net zero by 2050. We
anticipate that energy market volatility and continued demand for
higher amounts of renewable energy will increase our strong value
proposition for battery storage within NESF's portfolio. We
continue to evaluate battery storage opportunities that meet our
investment threshold and look forward to building out this exciting
growth sector for NESF."
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 power 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 equity
structures, 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 subsidy-free UK solar project under construction (Whitecross 36MW)
-- A ready-to-build subsidy-free UK solar project (Hatherden 50MW)
-- A $50m commitment into NextPower III ESG (a private solar
infrastructure fund providing exposure to operating and
in-development international solar assets)
Energy Storage:
-- A 50MW standalone battery storage project in Fife, Scotland,
currently under construction (part of a 250MW joint venture with
Eelpower)
-- A 6MW co-located battery storage project at North Norfolk Solar Farm
The NESF portfolio has a combined installed power capacity of
865MW (excluding NextPower III MW on an equivalent look-through
basis).
As at 31 December 2021, the Company had a gross asset value of
GBP1,094 million, 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 a net asset value of
GBP615million.
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.
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 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 325 individual solar
plants for a capacity in excess of 2.3GW across it institutional
funds.
www.nextenergycapital.com
-- NextEnergy Solar Fund ("NESF") is a solar infrastructure
investment company focused on the UK and other OECD countries, that
is listed on the premium segment of the London Stock Exchange. It
currently owns 865MW spread among 99 individual assets in the UK
and Italy, comprising a gross asset value of GBP1,094m. NESF is one
of the largest listed solar energy 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 to its
investors in excess of 25%, versus a 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 ESG 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 a SMA raised. The target of the fund was $750m.
-- NextPower UK ESG ("NPUK ESG") is a private unlevered fund
investing in greenfield subsidy-free solar projects, with PPA's, in
the UK. NPUK ESG was launched in December 2021. The UK
Infrastructure Bank is providing financing to the initial seed
assets of the fund, and plans to invest up to GBP250m, half of the
fund's total target fund size, 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 2.2GW. 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.2.5GW of both green and brownfield
project developments across global geographies.
Notes:
(1:) All financial data is unaudited as at 31 December 2021,
being the latest date in respect of which NESF has published
financial information
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