NextEnergy Solar Regulatory News (NESF)

LEI: 213800ZPHCBDDSQH5447

16 August 2023

NextEnergy Solar Fund Limited

("NESF" or the "Company")

Change to Director Roles and Responsibilities

Succession to Chair of the Board

NextEnergy Solar Fund, the specialist solar+ fund announces changes to the roles and responsibilities of the following Directors with effect from 16 August 2023, in accordance with listing rule 9.6.11.

In line with the information provided in the Notice of Annual General Meeting released on 20 July 2023, Mr Kevin Lyon has stepped down as the Chair and Non-Executive Director of the Company after serving his full nine-year tenure. The Board and the Company's Investment Adviser extends their gratitude for Mr Lyons' guidance and experience since the Company listed in 2014 and wishes him well in his future endeavours.

Ms Helen Mahy who joined the NESF Board as a Non-Executive Director and Chair Elect on the 3 April 2023 has succeeded Kevin Lyon as Chair of NESF. Ms Mahy was appointed as the new Chair of the Company with immediate effect following the Company's AGM on 16 August 2023. The Board of Directors and the Company's Investment Adviser look forward to Ms Mahy's leadership and continued support.

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

"On behalf of NESF's Board of Directors, we would like to thank Kevin for his successful Chairmanship and leadership of NESF. Kevin has been the Chair of NESF since the Company successfully floated on the London Stock Exchange and under his guidance, NESF has significantly grown to an audited gross asset value of £1,218m (as of 31 March 2023), has been promoted into the FTSE 250 index, and has delivered strong shareholder returns. I look forward to continuing this hard work alongside my fellow Directors as we prepare for our next phase of growth."

Michael Bonte-Friedheim, CEO of NextEnergy Group said:

"On behalf of the NextEnergy Group, I would personally like to thank Kevin for his guidance and oversight over the last nine years. NESF is a fund that provides both an attractive financial return for its shareholders whilst contributing to a real reduction in carbon emissions, currently producing enough clean energy to power c.242,000 UK homes per year. Going forward, NESF continues to benefit from both its highly experienced and specialist Non-Executive Board and its Investment Adviser's deep knowledge of the sector. We are excited to formally welcome Helen as the new Chair of NESF. Helen has a proven track record and wealth of experience in the renewables sector and is ideally suited to support NESF at this juncture."

Notes to Editors1:

About NextEnergy Solar Fund

NESF is a specialist solar+ fund listed on the premium segment of the London Stock Exchange and is a constituent of the FTSE 250. NESF'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. 

The NESF portfolio has a combined installed power capacity of 865MW (excluding NextPower III MW on an equivalent look-through basis). NESF may invest up to 30% of its gross asset value in non-UK OECD countries, 15% in solar-focused private infrastructure funds, and 10% in energy storage assets. As at 31 March 2023, the Company had an audited gross asset value of £1,218m. For further information on NESF please visit www.nextenergysolarfund.com

Article 9 Fund

NESF is classified under Article 9 of the EU Sustainable Finance Disclosure Regulation and EU Taxonomy Regulation. NESF's sustainability-related disclosures in the financial services sector in accordance with Regulation (EU) 2019/2088 can be accessed on the ESG section of both the NESF & NEC website.

About NextEnergy Group

NESF 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 16 years specialist solar expertise having invested in over 375 individual solar plants across the world. NextEnergy Capital currently manages four institutional funds with a total capacity in excess of 2.4GW+ and has asset under management of $3.7bn.  www.nextenergycapital.com

· WiseEnergy®:  Provides solar asset management, monitoring and technical due diligence services to over 1,350 utility-scale solar power plants with an installed capacity in excess of 1.8GW. WiseEnergy clients comprise leading banks and equity financiers in the energy and infrastructure sector.  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.

Notes:

1: All financial data is audited at 31 March 2023, being the latest date in respect of which NESF has published financial information.