NextEnergy Solar Fund Limited

(“NESF” or the “Company”)

 Unaudited Quarterly Net Asset Value & Operational Update

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, announces its unaudited Q3 Net Asset Value (“NAV”) and operational update for the period ended 31 December 2023, alongside an update to its first Standalone Energy Storage asset (“Camilla”) and its Revolving Credit Facilities (“RCF”).

Key Highlights

Financial:

·     NAV per ordinary share of 107.7p (30 September 2023: 108.3p).

·     Ordinary shareholders’ NAV of £636.4m (30 September 2023: £640m).

·     Total gearing (including preference shares) of 45.7% (30 September 2023: 46.4%). 

·     Financial debt gearing (excluding preference shares) of 28.8% (30 September 2023: 29.8%).

·     Weighted average cost of capital of 6.4% (30 September 2023: 6.3%).

·     Weighted average discount rate unchanged at 8.0% (30 September 2023: 8.0%).

Dividend:

·   Total dividends declared of 6.26p per ordinary share for the nine months ended 31 December 2023 (31 December 2022: 5.64p).

·     On track to achieve target dividend of 8.35p per ordinary share for the year ending 31 March 2024.

·     Forecasted target dividend cover remains c.1.3x for the year ending 31 March 2024.

·     Total dividends declared since IPO of £333m or 65.7p per share.

Portfolio:

·     100 operating solar assets (30 September 2023: 100).

·     Total installed capacity of 933MW1 (30 September 2023: 933MW1). 

·     Remaining weighted asset life of 26.1 years (30 September 2023: 26.4 years).