TIDMNESF
RNS Number : 2326O
NextEnergy Solar Fund Limited
09 June 2022
LEI: 213800ZPHCBDDSQH5447
9 June 2022
NextEnergy Solar Fund Limited
("NESF" or the "Company")
100th Operating Solar Asset
NextEnergy Solar Fund, the specialist solar power renewable
energy investment company, is pleased to announce its portfolio has
reached one hundred operating solar assets.
The Company's hundredth operating solar asset is a 181kW
commercial rooftop solar power asset located on a Holiday Inn in
Nottinghamshire. The asset benefits from an attractive 25-year
power purchase agreement ("PPA") for 100% of its generated
volume.
This asset marks the final investment under the Company's
rooftop solar venture with renewable energy developer, Zestec. The
partnership, which was formed in March 2021 has allowed the Company
to add five rooftop solar assets with a combined capacity of 0.9MW,
yielding attractive future risk-weighted financial returns in line
with the Company's strategy. The five rooftop assets benefit from
long term, inflation linked PPA's with the building tenants, with t
wo benefiting from government subsidised Feed in Tariffs ("FiTs").
The rooftop assets generate stable priced, sustainable energy for
the tenants, helping them to reduce power price volatility whilst
achieving their decarbonisation ambitions.
Zestec portfolio breakdown:
NESF Rooftop Location Subsidy/PPA Installed Cost Remaining
asset solar asset capacity (GBPm) life of plant
number (MW) (Years)
96 Newfield Cheshire FiTs UK 0.18 0.17 22.4
------------- ---------------- ------------- ---------- -------- ---------------
97 JSC Worcestershire FiTs UK 0.04 0.04 17.4
------------- ---------------- ------------- ---------- -------- ---------------
98 Karcher Oxfordshire Subsidy-free 0.3 0.23 23
------------- ---------------- ------------- ---------- -------- ---------------
99 Dolphin East Sussex Subsidy-free 0.21 0.15 24.6
------------- ---------------- ------------- ---------- -------- ---------------
Holiday
100 Inn Nottinghamshire Subsidy-free 0.18 0.19 25.0
------------- ---------------- ------------- ---------- -------- ---------------
The Company continues to pursue an exciting GBP350m pipeline,
which includes UK standalone energy storage, international solar
assets, and co-located battery storage via the Company's newly
announced retrofit program.
Ross Grier, UK Managing Director, NextEnergy Group
commented:
"NESF's hundredth solar asset, in Nottinghamshire, marks another
major milestone in short succession after announcing international
co-investments and battery storage acquisitions. NESF has
consistently delivered on strategy since its IPO in 2014, and the
fact that this latest solar asset is based on the rooftop of an
international hotel chain shows how far the solar sector has
matured and developed, with it now accepted and embraced as a major
energy asset class. As the cheapest and quickest to construct form
of renewable energy, solar is vital to the transition to net zero
and NESF is proud of the part it is playing in this
transition."
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:
-- 100 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 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 both operating and under
construction, 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 March 2022, the Company had an unaudited gross asset
value of GBP1,150 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 GBP669 million.
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 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 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,
which is listed on the premium segment of the London Stock
Exchange. It currently owns 865MW spread among 100 individual
operating assets in the UK and Italy, comprising an unaudited gross
asset value of GBP1,150m. 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 ESG") 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 March 2022, being
the latest date in respect of which NESF has published financial
information
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June 09, 2022 02:02 ET (06:02 GMT)
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