REG - NextEnergy Solar Fnd - Strategic Review, Reset & Roadmap

NextEnergy Solar FundAnnouncement

Today 07:00

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RNS Number : 1287W  NextEnergy Solar Fund Limited  11 March 2026

LEI: 213800ZPHCBDDSQH5447

11 March 2026

 

This announcement contains information that is inside information for the
purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as
amended (the Market Abuse Regulation).

 

NextEnergy Solar Fund Limited

("NESF" or "the Company")

 

Strategic Review, Reset & Roadmap

 

NextEnergy Solar Fund, a leading specialist investor in solar energy and
energy storage, is pleased to announce the outcome of the Board's
comprehensive strategic review, alongside a strategic reset that establishes a
clear roadmap to deliver increased shareholder returns.

 

The Company will present its strategic reset and roadmap in detail this
morning at 10:30am GMT
(https://sparklive.lseg.com/NextEnergySolarFundLtd/events/5f3e9009-5cae-4eea-a1ba-76a5872d2899/nextenergy-solar-fund-strategy-seminar-presentation)
. Further details on how to register for the presentation can be found at the
bottom of this announcement.

 

 

Key Highlights

After reviewing a broad range of options during the Board's strategic review
and assessing sentiment from investors, the Board has decided that a strategic
reset is currently the best option available to the Company and pursuing it is
in the best interest of its shareholders.

The Strategic Reset:

·    A shift in focus to total returns: The Company will in future aim to
deliver a balanced total return profile that provides ordinary shareholders
with both attractive income and capital growth, targeting total long‑term
returns of between 9% to 11%.

 

·     Long‑term income distribution: Following the payment of this
year's ordinary share target dividend of 8.43p, the Company will transition
from a progressive dividend policy to a percentage‑based dividend policy,
targeting a 75% distribution of operating free cashflows, post debt servicing
and portfolio and fund operating expenses. The new dividend policy is expected
to free up approximately £40m of operational free cash flows over the next
five years, unlocking capital for the Company to strengthen its balance sheet
through additional debt repayments while also supporting future Net Asset
Value growth opportunities. Following the sale of the final phase of the
capital recycling programme, during which 100MW of operational assets were
successfully sold, and also reflecting the impact of lower power prices, the
estimated dividend range for FY26/27 would be 4.0p to 4.6p per Ordinary Share,
which is the equivalent to a c.7% to c.8% dividend yield as at 10 March 2026.

 

·     A reduction in debt: The Company will reduce and maintain its total
gearing in a range between 40% to 45% of Gross Asset Value ("GAV"),
comfortably below the Company's investment policy limit of 50%.

 

·   Initiate more frequent capital recycling events for reinvestment: The
Company will expand its Capital Recycling Programme through additional asset
sales of up to 120MW.  The Company will also benefit from the realisations of
its private solar fund investment and two co-investments from 2027 onwards,
representing the equivalent of 116MW.

 

·     Restart NAV growth: The Company will target renewed NAV growth
through repowering existing solar assets with the latest technology to
increase power output alongside the addition of co-located energy storage,
which would enable the Company to ensure long-term asset health and
performance, whilst adding revenue diversification.

·     Increase energy storage exposure:  The Company will look to
increase its allocation to energy storage up to 30% of GAV.  This will
enhance the Company's existing stable revenues generated by its operational
solar assets and support future revenues post the end of the Company's
subsidised asset period.

 

This roadmap is a clear and deliverable route for the Company to accelerate
NAV growth while reducing the Company's total debt. It will enable the Company
to free up capital to access a range of investment opportunities that align
with long-term structural trends in the sector, with the aim of providing
shareholders with long-term visibility and enhancing long-term returns.

 

 

Foreword from the Chair - Tony Quinlan, Chair of NextEnergy Solar Fund
Limited:

"NESF is a leading participant in the UK's energy transition, owning a
high‑quality portfolio of attractive solar and energy storage assets
primarily across the country. The solar sector has undergone substantial
technological and economic progress over the past decade and now plays a
critical role in meeting Britain's future energy needs.

The strategic reset represents a pivotal moment for the Company, positioning
NESF to fully capitalise on developments within the sector. Following a
comprehensive strategic review, the Board has concluded that recalibrating the
Company's strategy is essential to ensure NESF adapts to the evolving equity
and power markets and is positioned for sustainable growth. A central element
of this plan is addressing the current share discount through a realignment of
the dividend policy to a 75% payout ratio, releasing capital to strengthen the
balance sheet, improve asset health, repower sites, and invest in
higher‑return opportunities such as energy storage, driving long‑term NAV
growth.

This reset is designed to maximise long‑term shareholder value and seize the
significant opportunities emerging in the UK market. It enables NESF to
maintain a stable income profile while transitioning towards a
total‑return‑focused strategy. With a clear roadmap, a resilient asset
base, and the strong expertise of our Investment Adviser, we are confident
that this strategic shift will restore growth and unlock the substantial
potential presented by the UK's clean energy transition."

 

 

The Big Picture

Informed by both the ongoing engagement with shareholders and its own
assessment of market conditions, the Board considers that the persistent
discount to NAV across the listed renewable infrastructure sector is neither
sustainable nor acceptable and reflects investor views that more fundamental
strategic change is required for companies to adapt to the current market
environment.

 

Although UK interest rates have been reduced, the Company's ability to access
additional capital from equity markets, whether for reinvestment, asset
expansion, or deployment into new opportunities, is constrained. The
traditional model for listed investment companies such as NESF, which has
supported growth and shareholder returns to date, is not capable of raising
additional investment capital in the current environment.

 

Despite this disconnect, the UK's evolving renewables landscape provides a
strong and supportive long‑term foundation for disciplined investment across
both solar generation and energy storage. The Government has committed to
achieving net‑zero greenhouse gas emissions by 2050, and its 'Clean Power
2030 Action Plan' outlines ambitious interim goals, including delivering up to
50GW of operational solar capacity and 27GW of energy storage by 2030. These
targets represent a significant step up from the approximately 21GW of solar
and 7GW of energy storage in place at the end of 2025.

 

Key drivers:

 

·     The future role of solar and energy storage in investment companies
("ICs") is pivotal in delivering net zero targets and energy security:

 

o  Solar and energy storage are essential in all future energy scenarios and
there is an expectation of significant power demand growth driven by AI and
Datacentre demand.

 

o  Policy tailwinds are providing positive momentum through support for
domestic renewables resilience alongside national targets being set (e.g.
Clean Power 2030 "CP30" / Net Zero).

 

o  Solar and energy storage are scalable now, with solar being classed as a
core infrastructure asset and energy storage no longer being an emerging
technology.

 

o  The need for energy security continues to rise in an increasingly unstable
geo-political landscape, where secure, domestic energy systems are now
essential.

 

o  ICs are the right investment structure for these types of physical assets
that provide liquid access to a diversified long‑life renewable portfolio
for all investors.

 

·      Positive market drivers provide a robust foundation for NESF's
strategic reset:

 

o  Macroeconomics:

-       Headwind: Elevated interest rate cycles have driven significant
negative impacts across the sector over the last couple of years.

-       Tailwind: UK interest rates have been steadily decreasing since
2024 with further softening expected in 2026, despite recent events in the
Middle East.

 

o  Policy & Regulatory Environment:

-       Headwind: Government consultations on ROC and FiT created
significant uncertainty.

-       Tailwind: Clean Power 2030 mandates a tripling of solar capacity
to 50GW and a four-fold increase in energy storage to 27GW.

 

o  Market Environment:

-       Headwind: Future long-term power price forecasts have been
falling and the current discount to NAV constrains new capital raises meaning
renewable ICs cannot scale.

-       Tailwind: Electricity demand is still rising and the need for
energy security is higher than ever.

 

o  Capital Flows & Sentiment:

-       Headwind: Capital outflows created an oversupply of shares
relative to demand therefore the current discount to NAV remains dislocated to
the potential opportunity in the market.

-       Tailwind: The UK's clean power transition requires sustained,
large-scale generation investment and NESF's portfolio remains robust.

 

·     NESF's portfolio fundamentals remain strong:

 

o  Portfolio size: NESF has grown its portfolio to 99 operating solar &
energy storage assets, alongside a $50m investment into a private solar
infrastructure fund, NextEnergy III LP ("NEIII"), as at 10 March 2026.

 

o  Portfolio performance: NESF's portfolio continues to perform well.  As at
31 December 2025, the portfolio generation was +1.5% above forecast for
FY25/26 year-to-date.

 

o  Dividend track record: NESF has an 11-year track record of delivering a
cash covered dividend, with £431m of dividends (82.6p/share) declared to
ordinary shareholders as at 31 December 2025.

 

o  Diversification: Since IPO, NESF has successfully expanded its portfolio
internationally and into energy storage assets.

 

o  ESG & Sustainability: NESF has built a portfolio that is making a
genuine impact, generating enough electricity to power c.254,000 homes each
year.

 

o  Experienced independent Board: NESF benefits from a strong governance
structure, with an independent Board of Directors.

 

 

The Opportunity

Against this backdrop, NESF is well positioned to contribute meaningfully to
the UK's energy transition, and energy security, through the continued
expansion and optimisation of its solar and storage portfolio.  To protect
value and ensure NESF is positioned for stability and future growth, the
Board, alongside the Company's Investment Manager and Investment Adviser,
concluded that a strategic reset is required.  As part of this reset, the
Company has set out a number of long‑term strategic goals designed to
strengthen NESF's foundations, achieve growth, and improve its ability to
generate sustainable total returns. In summary, these are:

 

·      Provide shareholders with a total return of 9% to 11%.

·      Restart NAV growth.

·      Reduce debt to a range between 40% to 45% of GAV.

·      Provide a long‑term dividend that is covered through a 75%
payout ratio.

·      Initiate regular capital recycling for reinvestment.

·      Repower existing assets.

·      Increase energy storage assets to 30% of portfolio GAV.

 

The Board believes these goals set a credible path to unlock value, restore
market confidence, and create a clear route for long‑term shareholder
return.

 

NESF has a high‑quality portfolio of operational assets, that the market
continues to undervalue, with NESF's intrinsic value not reflected in the
ordinary share price. There is an opportunity for the Company to initiate
regular asset sales to raise proceeds for NAV accretive reinvestment by
increasing the number of assets for sale in the Company's Capital Recycling
Programme, alongside using the proceeds from the realisations of the Company's
$50m private solar fund investment into NEIII and its affiliated
co-investments, in line with the previously announced timing expectation from
2027 onwards.

 

The Investment Adviser has completed a full review of the Company's assets and
identified assets that offer additional value creation opportunities. These
assets will sit at the heart of the Company's portfolio to support the
long-term dividend.  Assets identified outside of this will be selectively
used to extend the Capital Recycling Programme and be sold to create new
opportunities to extract long-term value for shareholders.

 

Graph 1: Treemap showing NESF's entire portfolio of operating and development
assets

 

·     This treemap diagram displays NESF's portfolio as a set of nested
rectangles, where the size of each box represents an individual asset as a
proportion of the whole portfolio.

·     Assets were scored against different criteria to identify the best
fit value creation opportunities for NESF.

 

 

 

A key opportunity, alongside repaying debt, is to recycle this capital into
energy storage projects, helping diversify the portfolio whilst adding
higher‑yielding assets to NESF's predominantly solar generation profile.
 NESF has access to a material value opportunity via repowering its existing
solar sites alongside the introduction of co‑located energy storage systems.
When co‑located with solar, energy storage can optimise generation to align
with demand, unlock additional revenue streams, and materially strengthen
project economics by maximising the value of existing grid connections, which
remain a critical constraint in the current market.

 

By creating access to capital, the Board believes NESF's platform, pipeline
access, and operational expertise position the Company well to deploy recycled
capital into repowering assets and energy storage opportunities that align to
the UK's Clean Power 2030 Action Plan.

 

 

Results of the Board's strategic review

During the strategic review, the Board evaluated a broad set of options,
including maintaining the status quo, a strategic reset, a managed
wind‑down, a structural transformation, a public‑to‑private transaction,
sector consolidation (NAV‑for‑NAV), and use of third‑party private
capital.

 

Against each of these options, the Board reached the following conclusions:

 

·     Maintaining the status quo: NESF's shareholders require proactive
measures to provide long-term total returns and narrow the share price
discount to NAV. Therefore, the Board concluded that doing nothing is not an
option.

 

·     Managed wind-down: Given the current opportunity for growth and the
additional value that can be realised from continued proactive management of
the Company's existing assets, the Board does not believe a wind‑down is in
shareholders' best interests. Recent market experience shows that wind‑downs
have been value‑destructive, with companies becoming forced sellers of
assets at discounted prices, eroding rather than preserving long‑term value.

 

·   Structural transformation: A strategic transformation of NESF from an
Investment Company to an alternate operating model, e.g. Op-Co.  This was
discounted at an early stage as it was not cost-effective or value-creating.

 

·    Sector consolidation: The Board concurs with consistent advice from
third-party advisers that the strategic value case for sector consolidation or
bi-lateral mergers is difficult to make in current market conditions. The
pervasive nature of deep discounts across the renewable investment company
sector demonstrates that a combination creating a larger vehicle would not, on
its own, be a path to narrowing the discount or increased stock liquidity for
NESF shareholders. Whilst some limited potential to unlock synergies may exist
on a case-by-case basis, these are generally not of sufficient scale to
justify incurring the cost, complexity and risk inherent in pursuing
NAV-for-NAV or all-equity mergers.

 

·    Public-to-private: The Board has an unrelenting focus to maximise
value for shareholders, therefore it has not excluded such a transaction where
there is an opportunity to crystallise shareholder value.

 

·    Third-party capital: The Board and the Investment Adviser are
exploring the opportunities to use third‑party private capital alongside the
Company's existing development pipeline to inject new capital, capture growth,
and extract value. The Company will continue to explore this option alongside
the strategic reset to unlock potential additional value for shareholders.

 

·     Strategic reset: A strategic reset, as set out and confirmed in
this announcement, will enable the Company to utilise the levers fully within
its control, including changing the dividend policy to free up capital and,
through additional asset sales, to regularly recycle capital.  This will free
the resources required for the Company to pursue debt repayment, make NAV
accretive investment such as through asset repowering, strengthening asset
health, and extending asset lifetimes, actions that support long‑term
performance and sustained NAV growth. It will also enable the Company to
pursue value‑accretive opportunities that diversify the portfolio and its
revenue streams, ensuring it is well positioned to capture additional income
sources in a post‑subsidy environment.

 

After reviewing all options and assessing sentiment from investors, the Board
have decided that a strategic reset is currently the best option available to
the Company and that pursuing it is in the best interest of its
shareholders.

 

 

The Reset

The Company is taking proactive action as part of this strategic roadmap to
unlock capital by changing its dividend policy and extending its capital
recycling programme to raise proceeds for reinvestment.

 

Dividend Policy Change:

·    Following the completion of this year's target dividend of 8.43p,
the Company will transition from a progressive dividend policy to a
percentage‑based dividend policy, targeting a 75% distribution of operating
free cashflows, post debt servicing and portfolio and fund operating expenses.
The new dividend policy is expected to free up approximately £40m of
operational free cash flows over the next five years, unlocking capital for
the Company to strengthen its balance sheet through additional debt repayments
while also supporting future Net Asset Value growth opportunities. Following
the sale of the final phase, the current capital recycling programme, during
which 100MW of operational assets were successfully sold, and also reflecting
the impact of lower power prices, the estimated dividend range for FY26/27
would be 4.0p to 4.6p per Ordinary Share, which is the equivalent to a c.7% to
c.8% dividend yield as at 10 March 2026.

·     Cashflows that are not distributed to shareholders will be used to
accelerate debt reduction and redeploy capital into higher‑yielding
opportunities such as repowering and co‑located energy storage to support
long-term growth.

·    The Company is on track to meet its current full-year target
dividend of 8.43p per Ordinary Share for the financial year ending 31 March
2026.

·    As part of the Company's ongoing approach to transparency, please
see below the indicative long-term ordinary share dividend guidance.

 

Graph 2: Indicative long-term ordinary share dividend guidance (1)

 

 

 

·     Post the ROC/FiT subsidy end, NESF has future long-term optionality
to reinvest to provide dividend upside in the future, as shown below.  The
dotted continuous reinvestment line shows what happens to the indicative
dividend if NESF continues re-investing 25% of operational cashflows back into
the portfolio post subsidy end.  This scenario is conservative and has not
included any further opportunities for upside such as additional asset
recycling, equity raises, utilising third party capital, or any other action
currently outside of the Company's control.

 

Graph 3: Possible long-term ordinary share dividend path post ROC / FiT
subsidy end (1)

 

 

Targeting additional capital recycling for reinvestment:

·    The Company will extend its Capital Recycling Programme ("CRP") by
up to 120MW by selling assets in the portfolio identified for potential
disposal as shown in the treemap earlier.  These assets have been selected
based on their limited near-term value enhancement potential. The Company
expects the additional disposals to be executed in phases over multiple years.

·     The Company will also use proceeds from the realisations of the
Company's $50m private solar fund investment into NEIII and NESF's two
co-investments, that represent 116MW of capacity owned by NESF as an investor.
Realisations of the Company's NEIII and co investment interests are expected
from 2027 onward, consistent with normal fund life cycles, each creating a
significant cash-flow event to drive the Company's strategic roadmap plan.

Graph 4: Additional capital recycling, and NEIII & Co-investments planned
realisations (MW)

 

By combining both the dividend policy change and additional capital recycling
the Company will unlock significant capital going forward to help deliver the
goals of the strategic roadmap. The graph below provides indicative long-term
cash flow guidance, with the green area (operational free cashflow) created
from the actions taken in the strategic reset.  The graph also accounts for
fund expenses (light blue), preference share dividends (orange) and the
payment of the new ordinary share dividend (light orange).

 

Graph 5: Indicative guidance: Long-term cash flows (1)

 

 

The Delivery

Capital generated through the strategic reset will be prioritised in line with
the Company's capital allocation framework that is focused on improving
financial resilience and supporting long‑term value creation. Full details
of the capital allocation framework will be explained in today's
presentation.  The framework creates a hierarchy of the different possible
uses for capital that is in the best interests of the Company and its
shareholders, whilst providing ongoing flexibility to change the hierarchy
order to react to different market conditions.

 

·     Debt Repayment: The Company will repay a proportion of its
Short-Term Revolving Credit Facility in addition to the ongoing amortisation
of the Company's £143.7m long-term debt, which is on track to fully amortise
in line with the remaining life of the portfolios subsidised assets.  The
Company will target its gearing limit between 40% to 45% of the Company's GAV.

 

·    Investment into Asset Health & Performance Optimisation: The
Company will reinvest into the long-term health of the Company's core
operational portfolio to help sustain the Company's NAV and drive long-term
asset performance.

 

·   Repowering Solar Assets to Unlock Hybridisation Opportunities: The
Company will actively pursue NAV accretive repowering opportunities across its
current operational core solar portfolio which will also unlock the
opportunity to develop higher yielding co-located energy storage assets.
This approach offers significant cost savings by utilising the same grid
connection for both assets whilst overcoming grid connection issues currently
associated by retrofitting co-located energy storage.

 

·    Energy Storage Expansion: To realise the significant opportunities
anticipated over the next decade, the Company will seek an amendment to its
investment policy to increase its energy storage allocation to 30% of its GAV,
aligning this with the roadmap commitment of delivering growth and higher
total returns. Two-hour duration energy storage projects are expected to
generate 10% to 13% IRRs, which are at the upper end of the Company's target
range. The Company intends to seek shareholder approval at the AGM to increase
the formal investment policy limit for energy storage from 10% to 30% of GAV.

 

·   Share Buybacks: To date the Company has purchased 15,621,142 Ordinary
Shares for a total consideration of £11.5m. Although this programme has
temporarily paused primarily due to debt limits, share buybacks remain a
powerful tool available to the Company and will continue to form part of the
Company's ongoing capital allocation framework.

 

 

The Goal

As the Company delivers against the roadmap established through the strategic
reset, the Board and the Investment Adviser strongly believe that total
shareholder returns will strengthen over time. The three graphs below
illustrate the indicative shape of the Company's targeted long‑term returns
and highlight the benefits of actioning the strategic reset now. This reset
enables NESF to prioritise long‑term NAV growth, supporting long-term and
more sustainable dividends, whilst maintaining near‑term distribution
certainty. By reinvesting capital where appropriate, the strategy ensures the
dividend policy remains robust and creates meaningful upside potential for
shareholders in the future.

 

Graph 6: Indicative components that build total target return of 9 - 11% (1,2)

 

·     The Company is targeting long-term total returns of 9% to 11%.

·    The dividend income distributed to ordinary shareholders through the
75% dividend policy is anticipated to steadily increase over time in line with
new assets coming online, including higher-yielding energy storage assets.

·     NAV growth is driven by recycling of capital into reinvestment
through repowering, co-located energy storage and construction/development
assets, reflecting an uplift when assets are energised.

·     The strategy also captures the narrowing of the discount, which is
a key goal, as pro-active actions drives value alongside the market backdrop
recovering.

 

 

 

Graph 7: Indicative guidance: Long-term cumulative NAV return (1)

 

·   This graph highlights the long-term total NAV return out to 2040,
representing a total NAV return of +3.2% compound annual growth rate ("CAGR").

 

Graph 8: Indicative guidance: Long-term NAV value created (Roadmap vs no
action) (3)

 

·     This graph highlights the long-term benefits of the strategic reset
and delivery versus no action, where there is a short-term opportunity cost,
through the change in the dividend policy, which is heavily outweighed by the
benefit of enhanced total NAV return in the long run.

 

 

 

The Board believes this roadmap presents a credible path to unlock value,
restore market confidence, and create a clear route for long‑term
shareholder return.  Combining the reset and delivery with the right
ingredients, NESF can deliver the goals of the roadmap.

 

 

Strategic Roadmap Presentation:

The Company will present its strategic roadmap in more detail this morning
followed by a Q&A session. To view via webcast please use the registration
link below.

·       Registration and Webcast link: [Click Here]
(https://sparklive.lseg.com/NextEnergySolarFundLtd/events/5f3e9009-5cae-4eea-a1ba-76a5872d2899/nextenergy-solar-fund-strategy-seminar-presentation)

·       Time: 10:30 GMT

·       Date:  Wednesday 11 March 2026

·       Duration: Approximately 2 hours

·       Presenters:

o  Tony Quinlan: Chair, NextEnergy Solar Fund

o  Ross Grier: Chief Investment Officer, NextEnergy Capital

o  Stephen Rosser: Investment Director, NextEnergy Capital

·       A recording of the presentation will be made available on the
London Stock Exchange
(https://www.londonstockexchange.com/stock/NESF/nextenergy-solar-fund-limited/webcasts)
and Company's website shortly after the event.

 

Footnotes:

(1)   Assumptions: 75% of earnings distributed for dividend; NAV as at 31
December 2025; includes ROC / FiT consultation effect; RCF and Preference
shares are maintained in the structure indefinitely.

(2)   Assumes that the ordinary share price discount remains at 39.9%.
Targeting share price discount reduction to 10.0% to 0.0%.

(3)   Assumptions for base case: Same assumptions as (1) but no assets are
sold and recycled into new investments, NEIII & co-investments proceeds
are used to pay down RCF.

 

-       End -

 

This announcement has been made by the Board of NextEnergy Solar Fund, the
Investment Adviser [NextEnergy Capital Limited], and the Investment Manager
[NextEnergy Capital IM Ltd] in good faith based on the information available
to them at the time of this announcement.

 

This document is issued by NextEnergy Capital Limited ("NEC"), which is
authorised and regulated by the UK Financial Conduct Authority ("FCA") with
registered number 471192.

 

This document is not an offer to sell, or a solicitation of an offer to
acquire, securities of the NextEnergy Solar Fund Limited (the "Fund") in the
United Kingdom or in any other jurisdiction. Neither this document nor any
part of it shall form the basis of or be relied on in connection with or act
as an inducement to enter into any contract or commitment whatsoever.

 

The information contained in this document has been prepared in good faith but
it is subject to updating, amendment, verification and completion. This
document and any terms used herein are a broad outline of the Fund only.

 

The guidance is provided herein is for illustrative purposes only and does not
constitute a forecast, prediction or guarantee of future performance. It
should be treated with caution due to the inherent uncertainties and risks,
including economic and business factors, that underpin forward looking
information, particularly from a retail investor perspective.

 

The Fund is incorporated in Guernsey, Channel Islands and is a registered
closed-ended investment scheme under the Protection of Investors (Bailiwick of
Guernsey) Law, 2020, and the Registered Collective Investment Scheme Rules
2021. The Fund is not an Authorised Person under the UK Financial Services and
Markets Act 2000 ("FSMA") and, accordingly, will not be registered with the
FCA. The Fund will therefore only be suitable for professional or experienced
investors, or those who have taken financial advice.

 For further information:

                                               020 3746 0700

 NextEnergy Capital

 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 2025, the Company had an unaudited gross asset value of
£997m.  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 400
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 4GW and has funds under management of c.$4.8bn.
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.12GW 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 2025, being the latest
date in respect of which NextEnergy Solar Fund has published financial
information.

 

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