TIDMNESF
RNS Number : 2720R
NextEnergy Solar Fund Limited
05 July 2022
LEI: 213800ZPHCBDDSQH5447
5 July 2022
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Extension to Revolving Credit Facility
NextEnergy Solar Fund, the specialist renewable energy
investment company, is pleased to announce it has signed a two-year
extension to its existing GBP70m Revolving Credit Facility ("RCF")
with Santander UK.
The revised facility has been agreed on attractive terms with a
margin of 160bps over SONIA ("Sterling Overnight Index Average"),
including an uncommitted option to extend the facility term for an
additional twelve months if required.
The extended facility provides cost-efficient funding with
flexibility on drawdowns and repayments. As of 1 July 2022, the
Company had GBP48m available for immediate drawdown from its RCF's
(excluding the GBP25m accordion), to progress solar and battery
storage assets, and the remaining NextPower III ESG commitment.
Provider Short term credit Drawn Expiry
facilities (RCF) down
Santander GBP70m GBP22m July 2024 (excluding 12-month
UK extension)
--------------------------- ------- ------------------------------
AIB & NatWest GBP75m (+GBP25m accordion) GBP75m June 2024
--------------------------- ------- ------------------------------
Total GBP97m
------- ------------------------------
Available RCF GBP48m
------- ------------------------------
Drawn short term credit facilities currently constitute GBP97m
of the Company's GBP483m total debt capital structure. Gearing
levels remain conservative at 42% of the Company's Gross Asset
Value, which as of the 31 March 2022 was GBP1.15bn.
Ross Grier, UK Managing Director of NextEnergy Capital,
commented:
"The GBP70m RCF extension builds on our successful relationship
with Santander and provides NESF with the continued firepower to
take advantage of the attractive investment opportunities we are
pursuing. The facility was secured on attractive terms, given the
backdrop of inflation and rising interest rates."
Mark Cumbo, Director, Specialised and Project Finance at
Santander UK said:
"We are delighted to support NextEnergy Solar Fund with this
latest funding package. Santander UK strongly supports clients such
as NextEnergy Solar Fund that are bringing positive environmental
change to the UK's energy sector."
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 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:
-- 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 a 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
GBP668.5 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 a 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 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 a 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 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 1,400 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.5GW of both green and brownfield
project developments across global geographies.
Notes:
(1:) All financial data is at 31 March 2022, being the latest
date in respect of which NESF has published financial
information
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUPUCPMUPPGQC
(END) Dow Jones Newswires
July 05, 2022 02:00 ET (06:00 GMT)
Nextenergy Solar (LSE:NESF)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Nextenergy Solar (LSE:NESF)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
