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RNS Number : 4117H NextEnergy Solar Fund Limited 24 November 2022
24 November 2022
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Scrip Reference Price
NextEnergy Solar Fund, the specialist solar and energy storage climate impact
fund, with a combined installed power capacity of 865MW, is pleased to
announce the reference price of a new Ordinary Share under the Scrip Dividend
alternative for the interim dividend for the quarter ended 30 September 2022
which has been set at 122.9 pence. This is based upon the prevailing Net Asset
Value per Ordinary Share. The final date for receiving elections on the Scrip
is 2 December 2022.
The process for electing to receive Scrip Shares or making changes to an
existing Scrip Dividend Mandate is detailed in the Scrip Circular dated 15
If you wish to receive this interim dividend in cash on the whole of your
holding, and do not have a Scrip Dividend Mandate in place, you do not need to
take any further action.
If you already have a Scrip Dividend Mandate in place and you wish to continue
to receive Scrip Shares, you do not need to take any further action.
The Scrip Circular dated 15 July 2022 can be viewed and/or downloaded from the
Investor Relations part of the NESF website (nextenergysolarfund.com
(http://www.nextenergysolarfund.com/) ). Copies of these documents can also
be obtained from the Company Secretary.
For further information:
NextEnergy Capital Group 020 3746 0700
Michael Bonte-Friedheim email@example.com
Peter Hamid (Investor Relations)
020 7653 4000
RBC Capital Markets
Cenkos Securities 020 7397 8900
020 3781 8334
014 8174 2642
Ocorian Administration (Guernsey) Limited
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:
· 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)
Joint Venture Partnership with Eelpower:
· A 50MW standalone battery storage project in Fife, Scotland,
currently under construction (part of a £300m joint venture with Eelpower)
· A portfolio of 250MW pre-construction standalone battery storage
projects in the East of England
· 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).
As at 30 September 2022, the Company had an unaudited gross asset value of
£1,258m, 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 £725m.
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
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/
(http://www.nextenergysolarfund.com/esg/) ) & NEC Group 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 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 and energy storage
climate impact 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 £1,258m. 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 recently
announced its first close at £327 million, which is over 65% of the funds
target of £500 million. The UK Infrastructure Bank is the cornerstone
investor for the fund and plans to invest up to £250 million on a match
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 1.7GW. WiseEnergy
clients comprise leading banks and equity financiers in the energy and
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.8.3GW
of both green and brownfield project developments across global geographies.
(1:) All financial data is unaudited at 30 September 2022, being the latest
date in respect of which NESF has published financial information
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