Paul Le Page, Interim Chairman of NextEnergy Solar Fund Limited, commented:

“NextEnergy Solar Fund’s high-quality asset base continued to demonstrate resilience in the period, despite a challenging macroeconomic backdrop and a fall in long-term UK power price assumptions that reduced the NAV.  This quarter, the portfolio has delivered above budgeted electricity generation and benefitted from additional revenues as a result.  The Board reaffirms its target dividend guidance of 8.43p per Ordinary Share for the financial year ending 31 March 2026 remains fully covered by operational cash flows.

As announced in June and in line with the Company’s long-term efforts to narrow the discount, the investment management fee was reduced, further aligning interests between the investment manager and shareholders.  The Board is focused on protecting and enhancing shareholder returns, while reinforcing the strong foundation on which the Company continues to build. The Board remains committed to reviewing all options available to maximise value for shareholders.”

Ross Grier, Chief Investment Officer of NextEnergy Capital said:

“The primary driver for the reduction in NAV during the period was a material change to long-term projected UK power price assumptions provided by NextEnergy Solar Fund’s leading independent energy market consultants. This quarter benefitted from favourable generating conditions, which the NextEnergy Solar Fund portfolio was able to harness, leading to electricity generation in the UK at 7.6% 4 above-budget after DNO outages, providing an uplift to NAV per Ordinary Share of 0.5p.

NextEnergy Solar Fund continues to offer an attractive return for its shareholders and is proactively managing its portfolio to maximise revenues.  The Board and the Investment Adviser continue to explore opportunities to add NAV growth to the platform, whilst also prioritising the reduction in both long-term and short-term debt.“

Dividend:

·   Total dividends declared of 2.10p per Ordinary Share for the Q1 period ended 30 June 2025 (30 June 2024: 2.10p), in line with full-year dividend target.

·     Full-year dividend target guidance for the year ending 31 March 2026 remains at 8.43p per Ordinary Share (31 March 2025: 8.43p).

·    The full year dividend target per Ordinary Share is forecast to be covered in a range of 1.1x – 1.3x by earnings post-debt amortisation.

·     Since inception the Company has declared total Ordinary Share dividends of £407m.

·     As at 20 August 2025, the Company offers an attractive dividend yield of c.11%.