Scrip Dividend Shares - Additional Listing
LEI: 213800ZPHCBDDSQH5447
13 December 2022
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Scrip Dividend Shares - Additional Listing
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 following in respect of the scrip dividend:
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Dividend period:
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1 July 2022 to 30 September 2022 |
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Dividend amount per share:
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1.88 pence |
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Scrip dividend price per share:
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122.9 pence |
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Payment date/Allotment of scrip:
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30 December 2022 |
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Number of new shares to be issued:
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246,220 |
Application has been made to the London Stock Exchange for 246,220 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 first quarter of the Company's 2022/23 financial year. Dealings are expected to commence at 8:00 a.m. on 30 December 2022.
Immediately following Admission, the Company's issued share capital will comprise 589,944,863 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 589,944,863. 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.
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For further information:
NextEnergy Capital Group Michael Bonte-Friedheim |
020 3746 0700 ir@nextenergysolarfund.com |
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Ross Grier |
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Aldo Beolchini |
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Peter Hamid (Investor Relations)
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RBC Capital Markets |
020 7653 4000 |
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Matthew Coakes |
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Kathryn Deegan
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Cenkos Securities |
020 7397 8900 |
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James King |
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William Talkington
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Camarco |
020 3781 8334 |
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Owen Roberts |
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Eddie Livingstone-Learmonth |
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Ocorian Administration (Guernsey) Limited |
014 8174 2642 |
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Kevin Smith |
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Notes to Editors1:
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:
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).
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 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 website ( nextenergysolarfund.com/esg/ ) & NEC Group website ( 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 350 individual solar plants for a capacity in excess of 2.4GW across it institutional funds. www.nextenergycapital.com
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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. |
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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%. |
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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. |
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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 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 1.7GW. WiseEnergy clients comprise leading banks and equity financiers in the energy and infrastructure sector.
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.8.3GW of both green and brownfield project developments across global geographies.
Notes:
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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