TIDMNESF
RNS Number : 6566V
NextEnergy Solar Fund Limited
06 April 2023
LEI: 213800ZPHCBDDSQH5447
6 April 2023
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Director Declaration
In accordance with the requirements of Listing Rule 9.6.14, the
Company advises that it has been notified of the following change
to directorships in other publicly quoted companies held by a
member of the Board.
Jo Peacegood will be appointed as a Non-Executive Director of
Volta Finance Limited on 1 July 2023. Volta Finance Limited was
admitted to trading on Euronext, Amsterdam on 15 December 2006 and
the Premium Main Market of the London Stock Exchange on 29 May
2015.
For further information:
NextEnergy Capital 020 3746 0700
Michael Bonte-Friedheim ir@nextenergysolarfund.com
Ross Grier
Stephen Rosser
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+ fund listed on the premium segment
of the London Stock Exchange and is a constituent of the FTSE250.
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
utility-scale solar energy and energy storage infrastructure
assets. The majority of NESF's long-term cash flows are
inflation-linked via UK government subsidies.
NESF currently has a diversified portfolio comprising of the
following:
Solar PV:
-- 99 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:
Joint Venture Partnership with Eelpower:
-- A 50MW standalone battery storage project in Fife, Scotland,
currently under construction (part of a GBP300m joint venture with
Eelpower)
-- A portfolio of 250MW pre-construction standalone battery
storage projects in the East of England
Co-located programme:
-- First site identified for a 6MW co-located battery storage
project at North Norfolk Solar Farm and discussions are ongoing
with the local distribution network operator to confirm an
energisation date.
The NESF portfolio has a combined installed power capacity of
865MW (excluding NextPower III MW on an equivalent look-through
basis). NESF 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 assets.
As at 31 December 2022, the Company had an unaudited gross asset
value of GBP1,252m.
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 Fund
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 & NEC website.
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 ("NEC") 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 specialist solar(+)
fund, which is listed on the premium segment of the London
Stock Exchange. It currently has an installed capacity of
865MW spread among 99 individual operating assets in the
UK and Italy, comprising an unaudited gross asset value of
GBP1,252m. NESF is one of the largest listed solar and energy
storage 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 is a 10-year closed-ended private fund launched
in December 2021 targeting GBP500m. To date, NPUK has raised
total commitments of GBP5 95 m exceeding its target six within
six months of first close , with the UK Infrastructure Bank
providing cornerstone match-funding o f GBP250m.
-- NextPower V ESG ("NPV") is a private contracted OECD solar
strategy that offers investors the opportunity to earn strong
risk-adjusted returns from the solar PV infrastructure asset
class with a highly experienced team and a track record of
success in OECD-based solar deployment. The strategy will
primarily invest in OECD solar assets and adjacent technologies
(e.g. battery storage) in the target markets. NPV ESG is
targeting $1.5bn in size with a $2bn ceiling.
WiseEnergy (R)
WiseEnergy(R) is NextEnergy 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 1,350 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.10GW of both green and brownfield
project developments across global geographies.
Notes:
(1:) All financial data is unaudited at 31 December 2022, being
the latest date in respect of which NESF has published financial
information
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April 06, 2023 07:15 ET (11:15 GMT)
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