NextEnergy Solar Fund

NextEnergy Solar Fund Limited

(“NESF” or the “Company”)

£20 Million Share Buyback Programme

The Board of NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce that it has approved an initial share buyback programme (the “Programme”) of up to £20 million.

The Board believes that the Company’s current level of discount to its Net Asset Value (“NAV”) is unjustified.  Based on the historical and projected financial and operational performance of the Company’s diversified high-quality solar plant portfolio and the recent data points from the Company’s asset sales, the valuation of the Company’s underlying NAV remains robust. The Board continues to maintain a disciplined approach to capital allocation and considers the Programme to be in the best interest and value to its shareholders at this point in time.

The Board will continue to review the Company’s discount to NAV alongside the Company’s level of gearing and maintain full discretion and flexibility over future increases to the size of the Programme.

The Programme will be carried out under the existing shareholder authorisation granted at the last Annual General Meeting for purchases of Ordinary Shares by the Company in the market for up to 14.99% of the Company’s issued capital.  The Programme will be conducted within certain pre-set parameters including those prescribed by the Market Abuse Regulation 596/2014 (as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended)) and Chapter 12 of the Listing Rules. 

Helen Mahy, Chairwoman of NextEnergy Solar Fund Limited, commented:     

“NextEnergy Solar Fund continues to maintain a strong financial platform in a challenging environment.  After careful consideration and review, the Board of Directors have taken action aimed at narrowing the Company’s current share price discount to its Net Asset Value and implemented a Share Buyback Programme.  We are confident that the Programme will strengthen the Company’s share price performance and are pleased with the ongoing progress against the Company’s strategic objectives, by completing the second phase of its Capital Recycling Programme.  The Board and Investment Adviser view the current size of the Company’s discount to NAV as unjustified and this Programme is in the best interests of our shareholders.  The Board remains committed to maintaining a disciplined approach to capital allocation and continues to prioritise narrowing the discount.”