Share Name Share Symbol Market Type Share ISIN Share Description
Nextenergy Solar Fund Limited LSE:NESF London Ordinary Share GG00BJ0JVY01 RED ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.50 0.42% 120.00 120.00 120.50 120.50 119.50 120.00 678,343 15:39:37
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Alternative Energy 80.2 71.6 12.4 9.7 392

NextEnergy Solar Fund Limited NextEnergy Solar Fund energises Staughton

16/12/2019 7:01am

RNS Non-Regulatory


TIDMNESF

NextEnergy Solar Fund Limited

16 December 2019

16 December 2019

NextEnergy Solar Fund Limited

("NESF" or "Company")

NextEnergy Solar Fund energises UK's largest subsidy-free solar plant

Further to the announcement of 14 November 2019, NextEnergy Solar Fund today announces the energisation of Staughton, the UK's largest subsidy-free solar plant with an installed capacity of 50MWp. The Staughton solar plant will cover the yearly electricity demand of approximately 15,000 UK households. It is largely located on a former airfield on the Bedfordshire/Cambridgeshire border.

The electricity generated by the plant will be bundled with NESF's existing portfolio of generating plants and sold under sales contracts already in place. In selling the electricity generated by Staughton and the rest of its portfolio, the Company benefits from the electricity sales desk provided by its asset manager WiseEnergy.

Staughton is NESF's second subsidy-free solar plant energised during the current financial year following the completion of Hall Farm II (5.4MWp, located in Leicestershire) in August 2019. The Company's overall portfolio of operating solar plants has increased to 755MWp spread among 90 individual solar plants (including three residential rooftop portfolios).

NESF has also started preparing the site of its next subsidy-free solar plant, High Garrett, for construction. High Garrett is an 8.5MWp extension to a 5MWp ROC asset known as Kentishes acquired in 2016. This asset is expected to be completed during the first half of 2020.

NESF has developed innovative structuring, delivery and operating asset management capabilities to develop and construct subsidy-free plants in the UK that are value-accretive for the Company and its investors. The Company intends to add a total of approximately 150MWp (of which 55.4MWp is now delivered) in UK subsidy-free capacity to its portfolio as it leads the transition of the solar industry from a subsidy-based regime to providing clean electricity on market competitive terms.

For further information:

 
NextEnergy Capital Limited                    020 3746 0700 
Michael Bonte-Friedheim 
Aldo Beolchini 
Cantor Fitzgerald Europe                      020 7894 7719 
Robert Peel 
Shore Capital                                 020 7408 4090 
Anita Ghanekar 
MHP Communications                            020 3128 8100 
Oliver Hughes 
Apex Fund and Corporate Services (Guernsey) 
 Limited                                      01481 735827 
Nicholas Robilliard 
 
 

Notes to Editors:

NESF is a specialist investment company that invests primarily in operating solar power plants in the UK. It is able to invest up to 15% of its Gross Asset Value in operating solar power plants in OECD countries outside the UK. The Company's objective is to secure attractive shareholder returns through RPI-linked dividends and long-term capital growth. The Company achieves this by acquiring solar power plants on agricultural, industrial and commercial sites.

As at 30 September 2019, NESF raised equity proceeds of GBP792m (including GBP200m of preference shares) since its initial public offering on the main market of the London Stock Exchange in April 2014. The Company's subsidiaries had financial debt outstanding of GBP211m, on a look-through basis including project level debt. Of the financial debt, GBP197m was long-term fully amortising debt, and GBP14m was drawn under a short-term credit facility.

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 and over the course of its activities has provided 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.

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 rns@lseg.com or visit www.rns.com.

END

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