TIDMNESF
RNS Number : 7186S
NextEnergy Solar Fund Limited
18 July 2022
LEI: 213800ZPHCBDDSQH5447
18 July 2022
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Annual General Meeting
NextEnergy Solar Fund, the specialist solar power renewable
energy investment company, is pleased to announce that the Annual
General Meeting ("AGM") will be held on 17 August 2022 commencing
at 10:00 a.m., at the registered office of the Company at PO Box
286, Floor 2, Trafalgar Court, Les Banques, St Peter Port,
Guernsey, GY1 4LY.
In connection with the AGM, a copy of the Shareholder Circular
and Notice of the 2022 AGM (the "Circular") has been submitted to
the National Storage Mechanism ("NSM") and will shortly be
available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism *. The
Annual Report for the year ended 31 March 2022 (the "Annual
Report"), which is being tabled to the AGM, has previously been
submitted to the NSM and is available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism *
The Circular and Annual Report are also now available to view
on, and download from, the Company's website at
nextenergysolarfund.com *.
*Neither the NSM website nor the Company's website nor the
content of any website accessible from hyperlinks on those websites
(or any other website) is (or is deemed to be) incorporated into,
or forms (or is deemed to form) part of this announcement.
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 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 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
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
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 to its
investors in excess of 25%, versus a gross target of 10-12%.
-- N extPower 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.5GW of both green and brownfield
project developments across global geographies.
Notes:(1:)
All financial data is as at 31 March 2022, being the latest date
in respect of which NESF has published financial information.
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