NESF

NextEnergy Solar Fund Limited

(“NESF” or “the Company”)

 Government Response to Renewable Obligation Certificate and Feed in Tariff Consultation

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, notes today’s UK Government Response to the formal consultation regarding the change to the inflation indexation of Renewable Obligation Certificate (“ROC”) and Feed-in-Tariffs (“FiT”) which impacts the Company.

The Government has confirmed it intends to pursue Option 1 – an immediate switch to CPI indexation from RPI – which means the UK Government would change the inflation measure for ROC buy-out prices and FiT prices from RPI to CPI, effective from April 2026.

As reported in the Company’s interim results, the impact to NESF as at its 30 September 2025 Net Asset Value (“NAV”) will be as follows:

A further update will be provided in February 2026 on the impact on NAV per Ordinary Share when the Company releases its Q3 NAV & Operating Update as at 31 December 2025.

Ross Grier, Chief Investment Officer of NextEnergy Capital said:

“The NextEnergy Solar Fund Board and NextEnergy Capital are grateful to the civil servants for engaging so proactively with the concerns we raised regarding this consultation.  Whilst the selected option is the less disruptive of the two proposed, we remain disappointed that the Government is taking steps that are expected to harm investor confidence in Great British infrastructure at a time when we need more capital than ever to deliver the energy transition in a timely fashion.”