REG - NextEnergy Solar Fnd - Consolidated RCF & Margin Reduced

NextEnergy Solar FundAnnouncement

12/03/2025 07:00

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RNS Number : 2644A  NextEnergy Solar Fund Limited  12 March 2025

LEI: 213800ZPHCBDDSQH5447

12 March 2025

NextEnergy Solar Fund Limited

("NESF" or "the Company")

 

 

Revolving Credit Facilities Consolidated & Margin Reduced

 

NextEnergy Solar Fund, a leading specialist investor in solar energy and
energy storage, is pleased to announce it has consolidated its two existing
short-term Revolving Credit Facilities ("RCFs") into one facility, leading to
an overall reduction in margin at attractive terms of 120bps over SONIA
("Sterling Overnight Index Average").

 

The new consolidated facility combines the Company's existing RCF with
Santander into its other RCF under a consortium of lenders Allied Irish Banks
- London branch, NatWest, and Lloyds.  The new combined RCF has the same
aggregated commitment limit of £205m and includes two additional 12-month
extension options at the Company's sole discretion to bring the maturity date
up to June 2028.

 

The Company remains committed to the down payment of debt.  As at 31 December
2024, the Company had down-paid a net amount of £46.3m of short-term debt
through proceeds from the Capital Recycling Programme, and repaid a cumulative
amount of £60.4m of long-term amortising debt from operational cashflows.

 

New RCF structure:

 RCF Provider        Maturity  Applicable rate  Size of Facility £m
 AIB/NatWest/Lloyds  Jun 2028  SONIA + 1.20%    £205m
 Total                                          £205m

 

Previous RCF structure:

 RCF Provider        Maturity  Applicable rate  Size of Facility £m
 Santander           Jun 2025  SONIA + 1.50%    £70m
 AIB/NatWest/Lloyds  Jun 2028  SONIA + 1.20%    £135m
 Total                                          £205m

 

 

Helen Mahy, Chairwoman of NextEnergy Solar Fund, said:

"I am pleased to report a reduction in NextEnergy Solar Fund's short-term
revolving credit facility costs, as a result of the facility being
consolidated at a market-leading rate of 120bps over SONIA.  The Company is
making good progress reducing its total debt, and it is encouraging that
NextEnergy Solar Fund continues to make operational efficiencies where
possible to benefit its shareholders."

Ross Grier, Chief Investment Officer of NextEnergy Capital, commented:

"The revolving credit facility remains an important component of NextEnergy
Solar Fund's disciplined capital structure and provides immediate access to
capital.  This consolidated revolving credit facility helps to further
simplify the Company's capital structure, and the reduction in the overall
margin to 120bps over SONIA showcases the quality of assets within the
NextEnergy Solar Fund portfolio and the continued lender appetite to finance
solar projects with a trusted partner."

 

 For further information:

 NextEnergy Capital

                                               020 3746 0700

 Michael Bonte-Friedheim                       ir@nextenergysolarfund.com (mailto:ir@nextenergysolarfund.com)
 Ross Grier
 Stephen Rosser
 Peter Hamid (Investor Relations)
                                               020 7653 4000

 RBC Capital Markets
 Matthew Coakes
 Kathryn Deegan
                                               020 7908 6000

 Cavendish
 Robert Peel
                                               020 7379 5151

 H/Advisors Maitland
 Neil Bennett
 Finlay Donaldson

                                               01481 742642

 Ocorian Administration (Guernsey) Limited
 Kevin Smith

 

 

Notes to Editors (1):

About NextEnergy Solar Fund

NextEnergy Solar Fund is a specialist solar energy and energy storage
investment company that is listed on the Main Market of the London Stock
Exchange.

 

NextEnergy Solar Fund'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.

 

As at 31 December 2024, the Company had an unaudited gross asset value of
£1,071m.  For further information please visit www.nextenergysolarfund.com
(http://nextenergysolarfund.com/)

 

Article 9 Fund

NextEnergy Solar Fund is classified under Article 9 of the EU Sustainable
Finance Disclosure Regulation and EU Taxonomy Regulation.  NextEnergy Solar
Fund's sustainability-related disclosures in the financial services sector are
in accordance with Regulation (EU) 2019/2088 and can be accessed on the ESG
section of both the NextEnergy Solar Fund and NextEnergy Capital websites.

 

About NextEnergy Group

NextEnergy Solar Fund 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 which now employs over 370
professionals.  Since its inception, NextEnergy Group 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: has over 18 years of specialist solar expertise
having invested in over 530 individual solar plants across the world.
NextEnergy Capital currently manages four institutional funds with a total
capacity in excess of 3GW+ and has assets under management of $4.5bn.  More
information is available at www.nextenergycapital.com
(https://www.nextenergycapital.com/)

·    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 1,600
utility-scale solar power plants with an installed capacity in excess of
3.5GW.  More information is available at www.wise-energy.com
(https://www.wise-energy.com/)

·   Starlight: 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.  More
information is available at www.starlight-energy.com
(https://www.starlight-energy.com/)

 

Notes:

(1:) All financial data is unaudited at 31 December 2024, being the latest
date in respect of which NextEnergy Solar Fund has published financial
information.

 

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