Scrip Dividend Shares - Additional Listing

RNS Number : 2114S

NextEnergy Solar Fund Limited

08 March 2023

 

LEI: 213800ZPHCBDDSQH5447

8 March 2023

NextEnergy Solar Fund Limited

("NESF" or the "Company")

Scrip Dividend Shares - Additional Listing

NextEnergy Solar Fund, the specialist solar+ fund, is pleased to announce the following in respect of the scrip dividend:

Dividend period:	1 October 2022 to 31 December 2022
Dividend amount per share:	1.88 pence
Scrip dividend price per share:	120.9 pence
Payment date/Allotment of scrip:	31 March 2023
Number of new shares to be issued:	309,318

Application has been made to the London Stock Exchange for 309,318 ordinary shares to be admitted to trading. These ordinary shares are to be issued as a scrip dividend alternative to receiving a cash dividend in respect of the dividend for the second quarter of the Company's 2022/23 financial year. Dealings are expected to commence at 8:00 a.m. on 31 March 2023.

Immediately following Admission, the Company's issued share capital will comprise 590,254,181 ordinary shares, none of which will be held in treasury. Each ordinary share carries the right to one vote and, therefore, the total number of voting rights in the Company on Admission will be 590,254,181. This figure may be used by shareholders and other investors as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information: NextEnergy Capital Michael Bonte-Friedheim	020 3746 0700 [e-mail]
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 Editors¹:

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 £300m 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 £1,252m.

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

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 Eelpower

Eelpower Limited ("Eelpower") is a well-established privately-held constructor-owner-operator which has pioneered the delivery of grid-scale flexible battery assets, establishing the UK electricity storage market.  Since its launch in 2017, Eelpower has delivered, owned and managed some of the highest-earning and highest-availability storage assets in the UK.  www.eelpower.co.uk

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 £1,252m.  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 £500m.  To date, NPUK has raised total commitments of £5 95 m exceeding its target six within six months of first close , with the UK Infrastructure Bank providing cornerstone match-funding o f £250m.
●	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 ®

WiseEnergy® 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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