TIDMNESF
RNS Number : 0177Z
NextEnergy Solar Fund Limited
12 September 2022
LEI: 213800ZPHCBDDSQH5447
12 September 2022
NextEnergy Solar Fund Limited
("NESF" or the "Company")
New GBP200m Battery Storage Joint Venture Partnership
NextEnergy Solar Fund, the specialist solar and energy storage
climate impact fund, with a combined installed power capacity of
865MW, is pleased to announce that it has advanced its position in
the energy storage sector through a new GBP200m Joint Venture
Partnership ("JVP2") with Eelpower Limited ("Eelpower").
JVP2 reflects the successful relationship built with Eelpower,
offering enhanced terms by increasing NESF ownership to 75%, with
Eelpower holding the remaining 25%. JVP2 is separate to the
existing GBP100m Joint Venture Partnership ("JVP1") announced last
year. The Company's first 50MW battery storage project through JVP1
is currently under construction in Fife, Scotland, and is expected
to be energised and grid-connected in the first half of 2023.
Energy storage remains a key strategic priority to the Company
and forms part of its long-term equity growth story. JVP2
significantly increases the Company's position in the UK battery
storage sector and provides a unique opportunity through both JVP1
and JVP2, to actively pursue a high-quality pipeline of over 500MW
(GBP300m) battery energy storage opportunities, which are already
under exclusivity.
Utilisation of full capacity of both JVP1 and JVP2 remains
subject to shareholder and FCA approval due to the Company's
existing investment policy being limited to 10% of Gross Asset
Value into energy storage. The Company's investment manager and
advisor, NextEnergy Capital, will be consulting investors over the
coming months to seek support to increase this limit to allow the
Company to fully capture the energy storage growth opportunities
available to the fund.
The Company continues to benefit from the unique skillset
offered by Eelpower, the leading specialist in the UK battery
market with a strong track record and extensive experience in the
delivery, management, and optimisation of battery storage assets in
the UK. Eelpower will provide EPC and ongoing specialist asset
management services to the storage assets.
Kevin Lyon, Chairman of NextEnergy Solar Fund commented:
"Battery storage is a vital technology in increasing the
penetration of renewables in the UK. NESF has made excellent
progress expanding and diversifying into this technology through
its relationship with Eelpower. NESF has created a unique
opportunity to become a key player in this space, whilst enhancing
the existing portfolio of solar assets. Pending shareholder and FCA
approval, NESF can further diversify and offer investors continued
exciting growth prospects."
Michael Bonte-Friedheim, CEO of NextEnergy Group said:
"The new joint venture partnership builds on the successful
relationship with the Eelpower team and enhances NESF's position as
a key player in the battery storage sector. The partnership also
secures NESF an exclusive pipeline of over 500MW of battery storage
opportunities which is incredibly exciting, and will further
enhance the UK's energy independence once energised and
grid-connected."
For further information:
NextEnergy Capital 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 Editors1:
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 UK solar project under construction (Whitecross 36MW)
-- A ready-to-build 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 500MW/GBP300m joint venture
partnership 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 30 June 2022, the Company had a unaudited gross asset
value of GBP1,198m, 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 an unaudited net
asset value of GBP717.2m.
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 Eelpower
Eelpower Limited ("Eelpower") is a well-established privately
held constructor-owner-operator in the new and rapidly growing
electricity storage market. Eelpower's management team and
investors previously built the largest hydropower sites in England
this century where they pioneered behind-the-meter battery storage
integrated with hydro generation and industrial consumers. Since
its launch in 2017, Eelpower has delivered, owned, and managed some
of the highest-earning storage assets in the UK.
For further information on Eelpower please visit
eelpower.co.uk.
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 350 individual solar
plants for a capacity in excess of 2.4GW 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 GBP1,198m. 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 unaudited at 30 June 2022, being the
latest date in respect of which NESF has published financial
information
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