TIDMNESF
RNS Number : 2479B
NextEnergy Solar Fund Limited
30 September 2022
LEI: 213800ZPHCBDDSQH5447
30 September 2022
NextEnergy Solar Fund Limited
("NESF" or the "Company")
GBP60m Increase to Revolving Credit Facility
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 increased the commitments
available under its Revolving Credit Facility ("RCF") with AIB
Group (UK) p.l.c. ("AIB") & NatWest from GBP75m to GBP135m. The
additional commitments have been agreed on attractive terms with a
margin of 120bps over SONIA ("Sterling Overnight Index Average"),
available until June 2024.
The extended facility provides cost-efficient funding with
flexibility on drawdowns and repayments and increases total RCF
capacity to GBP205m. As of 29 September 2022, the Company had
GBP89.5m available for drawdown from all its RCFs to progress its
immediate pipeline of solar farms and battery storage assets.
Provider Short term credit Drawn Expiry
facilities (RCF) down
Santander GBP70m GBP40.5m July 2024 (excluding 12-month
UK extension)
------------------ ---------- ------------------------------
AIB & GBP135m GBP75m June 2024
NatWest
------------------ ---------- ------------------------------
Total GBP205m GBP115.5m
------------------ ---------- ------------------------------
The Company has drawn GBP115.5m from its GBP205m short term
credit facilities. Gearing levels remain conservative at 41%
(including preference shares and financial debt facilities) of the
Company's Gross Asset Value, which as of the 30 June 2022 was
GBP1,198m.
Ross Grier, UK Managing Director of NextEnergy Capital
commented:
"The GBP60m increase in the AIB and NatWest revolving credit
facility provides the Company with sufficient headroom to secure
solar and battery storage optionality within the immediate
pipeline. We have also secured attractive terms considering the
current macro environment."
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 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 500/GBP300m 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 30 June 2022, the Company had an 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 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 an 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 ESG recently announced its first close at GBP327 million,
which is over 65% of the funds target of GBP500 million. The UK
Infrastructure Bank is the cornerstone investor for the fund and
plans to invest up to GBP250 million 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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