REG - NextEnergy Solar Fnd - £20 Million Share Buyback Programme

NextEnergy Solar FundAnnouncement

18/06/2024 16:30

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RNS Number : 9309S  NextEnergy Solar Fund Limited  18 June 2024

LEI: 213800ZPHCBDDSQH5447

18 June 2024

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."

 

 

 

 

 

 For further information:

 NextEnergy Capital                          020 3746 0700

 Michael Bonte-Friedheim                     ir@nextenergysolarfund.com
 Ross Grier
 Stephen Rosser
 Peter Hamid (Investor Relations)

                                             020 7653 4000

 RBC Capital Markets
 Matthew Coakes
 Elizabeth Evans

 Kathryn Deegan

 Cavendish                                   020 7397 1909
 James King
 William Talkington

                                             020 7379 5151

 H/Advisors Maitland
 Neil Bennett
 Finlay Donaldson

                                             01481 742642

 Ocorian Administration (Guernsey) Limited
 Kevin Smith

 

 

Notes to Editors(1):

About NextEnergy Solar Fund

NextEnergy Solar Fund is a specialist solar energy and energy storage
investment company that is listed on the premium segment of the London Stock
Exchange.

 

NextEnergy Solar Fund's investment objective is to provide ordinary
shareholders with attractive risk-adjusted returns, principally in the form of
regular dividends, by investing in a diversified portfolio of utility-scale
solar energy and energy storage infrastructure assets.  The majority of
NESF's long-term cash flows are inflation-linked via UK government subsidies.

 

As at 31 March 2024, the Company had an unaudited gross asset value of
£1,155m.  More information is available at www.nextenergysolarfund.com
(https://www.nextenergysolarfund.com/)

Article 9 Fund

NextEnergy Solar Fund is classified under Article 9 of the EU Sustainable
Finance Disclosure Regulation and EU Taxonomy Regulation.  NextEnergy Solar
Fund's sustainability-related disclosures in the financial services sector are
in accordance with Regulation (EU) 2019/2088 and can be accessed on the ESG
section of both the NextEnergy Solar Fund and NextEnergy Capital websites.

 

About NextEnergy Group

NextEnergy Solar Fund is managed by NextEnergy Capital, part of the NextEnergy
Group.  NextEnergy Group was founded in 2007 to become a leading market
participant in the international solar sector.  Since its inception, it has
been active in the development, construction, and ownership of solar assets
across multiple jurisdictions.  NextEnergy Group operates via its three
business units: NextEnergy Capital (Investment Management), WiseEnergy
(Operating Asset Management), and Starlight (Asset Development).

 

·     NextEnergy Capital: has over 17 years of specialist solar
expertise having invested in over 400 individual solar plants across the
world.  NextEnergy Capital currently manages four institutional funds with a
total capacity in excess of 3GW and has assets under management of $4.3bn.
More information is available at www.nextenergycapital.com
(https://www.nextenergycapital.com/)

·    WiseEnergy®:  is a leading specialist operating asset manager in
the solar sector.  Since its founding, WiseEnergy has provided solar asset
management, monitoring and technical due diligence services to over 1,500
utility-scale solar power plants with an installed capacity in excess of
2.5GW.  More information is available at www.wise-energy.com
(https://www.wise-energy.com/)

·   Starlight: has developed over 100 utility-scale projects
internationally and continues to progress a large pipeline of c.10GW of both
green and brownfield project developments across global geographies.  More
information is available at www.starlight-energy.com
(https://www.starlight-energy.com/)

 

Notes:

(1:) All financial data is unaudited at 31 March 2024, being the latest date
in respect of which NextEnergy Solar Fund has published financial information

 

 

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