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REG - NextEnergy Solar Fnd - Interim Dividend Declaration

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RNS Number : 6283V  NextEnergy Solar Fund Limited  11 August 2022

LEI: 213800ZPHCBDDSQH5447

11 August 2022

 

NextEnergy Solar Fund Limited

("NESF" or the "Company")

 

Interim Dividend Declaration

 

NextEnergy Solar Fund, the specialist solar and energy storage climate impact
fund, with a combined installed power capacity of 865MW, is pleased to
announce an interim dividend of 1.88 pence per Ordinary Share for the quarter
ended 30 June 2022. The interim dividend of 1.88 pence will be paid on 30
September 2022 to shareholders on the register as at the close of business on
19 August 2022. The ex-dividend date is 18 August 2022.

 

The Company continues to offer shareholders a Scrip Dividend alternative to
this interim dividend as detailed in the Scrip Circular dated 15 July 2022, a
copy of which can be viewed and / or downloaded from 'Circulars' in the
Investor Relations part of the Company website (nextenergysolarfund.com).
The Scrip Share reference price will be announced on 25 August 2022, with
elections to be made by 2 September 2022.

 

 

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 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 equity
structures, 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 £1,150 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 £669 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
(http://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.  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/
(http://www.nextenergysolarfund.com/esg/) ) & NEC Group website
(nextenergycapital.com/sustainability/transparency-and-reporting/
(https://www.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 (http://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 assets in the UK and Italy, comprising a gross asset
value of £1,150m.  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 to its investors in excess of 25%, versus a gross target of
10-12%.

·   NextPower III ESG ("NPIII ESG") 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 ESG 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 ESG") is a private unlevered fund investing in
greenfield subsidy-free solar projects, with PPA's, in the UK.  NPUK ESG 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 £250m, half
of the fund's total target fund size, on a match-funding basis.

 

WiseEnergy

WiseEnergy® 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 1,300 utility-scale solar power
plants with an installed capacity in excess of 2.2GW.  WiseEnergy clients
comprise leading banks and equity financiers in the energy and infrastructure
sector.

www.wise-energy.com (http://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 as at 31 March 2022, being the latest date in respect of
which NESF has published financial information.

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