NextEnergy Solar Fund Limited Cancellation of Scrip Dividend & COVID-19 Update (1000H)

TIDMNESF

RNS Number : 1000H

NextEnergy Solar Fund Limited

20 March 2020

NextEnergy Solar Fund Limited

("NESF" or the "Company")

Cancellation of Scrip Dividend & COVID-19 Update

On 27 February 2020, the Company announced the scrip reference price of 117.00 pence per new Ordinary Share (the "Reference Price") under the Company's scrip dividend alternative for the interim dividend for the quarter ending 31 December 2019 (the "Interim Dividend") as announced on 12 February 2020.

Since the Reference Price was announced equity markets globally have experienced falls in value and extreme volatility and the Company had experienced a fall in its share price of approximately 20% as at the close of business on 19 March 2020.

The Board has exercised its discretion to amend the Relevant Revocation Date from 5.00 p.m. on 10 March 2020 to 5.00 p.m. on 20 March 2020 and has taken the decision to cancel the scrip dividend alternative in respect of the Interim Dividend on the basis the Reference Price is likely to be materially in excess of the Company's share price.

Those Shareholders who elected to receive the Interim Dividend as scrip alternative will instead be paid in cash on 6 April 2020 and, should they so wish, can choose to apply the cash dividend in acquiring Ordinary Shares in the secondary market.

The Scrip Circular dated 8 August 2019 can be viewed and/or downloaded from the Investor Relations part of the NESF website ( ne x tener g ysolarfu n d. c om ). Copies of the Scrip Circular can also be obtained from the Company Secretary.

The Company would like to reassure investors that NESF and the NextEnergy Capital Group, as Investment Manager, continue to monitor the COVID-19 crisis and have taken actions where necessary to protect employees and maintain the Company's operations. As the situation is unprecedented the effects on the global economy remain uncertain. The economic slowdown has not yet had a significant impact on the Company or its underlying portfolio, but potentially may do so in the future.

For further information:

 
 NextEnergy Capital Limited          020 3746 0700 
 Michael Bonte-Friedheim 
 Aldo Beolchini 
 
 Cenkos Securities Plc               020 7397 8900 
 Justin Zawoda-Martin 
  Robert Naylor 
  William Talkington 
 
 Shore Capital                       020 7408 4090 
 Anita Ghanekar 
  Darren Vickers 
 
 MHP Communications                  020 3128 8100 
 Oliver Hughes 
 Apex Fund and Corporate Services 
  (Guernsey) Limited                 01481 735 827 
 Nick Robilliard 
 

Notes to Editors [i] :

A constituent of the FTSE 250 Index, NextEnergy Solar Fund ("NESF") is a renewable energy infrastructure investment company that invests primarily in operating solar power plants in the UK (it may invest up to 15% of its gross assets in other OECD countries). The Company is committed to ESG principles and responsible investment and makes a meaningful contribution to reducing CO2 emissions through the generation of clean solar power. NESF has been designated a Guernsey Green Fund by the Guernsey Financial Services Commission and has been awarded the London Stock Exchange's Green Economy Mark.

NESF has a diversified portfolio comprising 90 operating solar assets, primarily on agricultural, industrial and commercial sites, with a combined installed power capacity in excess of 755MW. The Company has gross assets of GBP1,032 million, of which 89% is invested in the UK, and net assets of GBP620 million. The majority of long-term cash flows from its investments are inflation-linked.

NESF's investment objective is to provide ordinary shareholders with a sustainable and attractive dividend that increases in line with RPI over the long term, while delivering an element of capital growth through reinvesting net cash generated in excess of the target dividend. The dividend is payable quarterly and the Company is targeting a dividend for the year to 31 March 2020 of 6.87p per ordinary share.

NESF is differentiated by its access to NextEnergy Capital Group ("NEC Group"), its Investment Manager, which has a strong track record in sourcing, acquiring and managing operating solar assets. WiseEnergy is NEC Group's specialist operating asset management division, which currently provides operating asset management, monitoring, technical due diligence and other services to over 1,300 utility-scale solar power plants with an installed capacity in excess of 1.9 GW.

Further information on NESF, NEC Group and WiseEnergy is available at nextenergysolarfund.com, nextenergycapital.com and wise-energy.eu.

[i] Note: All data is as at 31 December 2019, being the latest date in respect of which NESF has published financial information.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

UPDPPUCAWUPUGQU

(END) Dow Jones Newswires

March 20, 2020 12:56 ET (16:56 GMT)