TIDMNESF
RNS Number : 1864T
NextEnergy Solar Fund Limited
21 July 2022
LEI: 213800ZPHCBDDSQH5447
21 July 2022
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Article 9 Fund
NextEnergy Solar Fund, the Specialist Solar and Energy Storage
Climate Impact Fund, with a combined installed power capacity of
865MW, is pleased to report it is classified under Article 9 of the
EU Sustainable Finance Disclosure Regulation and EU Taxonomy
Regulation.
The Article 9 classification means that NESF has a sustainable
investment objective and is committed to reporting its carbon
emission reductions on an annual basis. The Company substantially
contributes to climate mitigation whilst ensuring increased
transparency on the integration of ESG related risks, whilst
incorporating good governance in its investment decisions and
strategy.
EU Sustainable Finance Disclosure Regulation ("SFDR")
The EU SFDR was introduced to improve disclosure on
sustainability metrics and increase transparency. NextEnergy
Capital ("NEC"), the Company's investment adviser and manager,
continues to monitor compliance with the Level One obligations
which came into force on 10 March 2021, and is preparing for the
Level Two obligations, which are yet to be finalised and are set to
come into force on 1 January 2023.
EU Taxonomy Regulation
The Company's portfolio is 100% aligned with the EU Taxonomy.
All investments are in either solar PV, co-located battery storage
and standalone battery storage assets. This equates to full
alignment as they:
1. Substantially contribute to the climate change mitigation,
environmental objective through a) generating and storing renewable
energy, and b) establishing energy infrastructure required for
decarbonising energy systems;
2. Meet the criteria of "Doing No Significant Harm" ("DNSH")
through a robust Due Diligence process developed to comply with the
fund's Sustainable Investment Policy;
3. Meet "minimum safeguards" as explained in NEC's Sustainable
Investment Policy and Human Rights Position Statement.
Disclosures
The Company is committed to publish all disclosures required by
the above regulation and has recently published the following
disclosures on its website:
-- Annex V Periodic Disclosure : ( https://cdn.nesf1.nextenergysolarfund.com/nesf/2022/06/NESF-%E2%80%93-SFDR-RTS-Annex-V.pdf )
-- ESG Disclosure Document: ( https://cdn.nesf1.nextenergysolarfund.com/nesf/2021/03/NextEnergy-Capital-ESG-Disclosures-Final-09.03.2021.pdf )
-- EU SFDR and EU Taxonomy FAQ : ( https://cdn.nesf1.nextenergysolarfund.com/nesf/2021/12/NextEnergyCapital_EUSFDR_FAQ.pdf )
These disclosure documents outline how the Company aligns with
the EU SFDR and the Taxonomy, including disclosure requirements for
financial product classified under Article 9. The Company is
committed to maximise its disclosures and plans to comply with
future EU SFDR and Taxonomy requirements, ensuring that maximum
transparency around sustainability and ESG is provided to investors
on an ongoing basis. The Company will issue its first standalone
sustainability report in August 2022.
Michael Bonte-Friedheim, CEO of NextEnergy Group said:
"NextEnergy Solar Fund has been built around a mission to lead
the transition to clean energy since inception. I am thrilled that
NESF classifies as an Article 9 Fund under the EU SFDR and Taxonomy
Regulation. NextEnergy's ESG team continues to ensure that NESF's
ESG disclosures are industry-leading, as the fund continues to
increase its ESG transparency and reporting for our investors into
the future."
For further information:
NextEnergy 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 and Energy Storage Climate Impact
Fund. The Company is structured as a 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.
Article 9
NESF is classified under Article 9 of the EU Sustainable Finance
Disclosure Regulation and EU Taxonomy Regulation.
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
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