NESF Nextenergy Solar Fund Limited

LEI: 213800ZPHCBDDSQH5447

19 June 2024

NextEnergy Solar Fund Limited

("NESF" or the "Company")

Publication of Standalone Sustainability & ESG Report

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce it has published its third standalone annual Sustainability & ESG Report for the year ended 31 March 2024 (the "Report") and is proud to share that the Company is an early adopter of the International Sustainability Standard Board ("ISSB") standards S1 and S2, becoming the first in its peer group to voluntarily adhere to these high-quality standards.

The Report is now available to download from the Sustainability & ESG Reports section of the Company's website here:  https://www.nextenergysolarfund.com/esg/esg-reports-and-publications/

The Report makes all relevant disclosures in alignment with the inaugural S1 and S2 standards of the ISSB and in alignment with ISSB requirements is designed to be read in conjunction with the NESF 2024 Annual Report to evidence the full integration of Sustainability & ESG into its financial reporting.

NESF continues to focus on three principal sustainability topics: climate, nature and social-related issues, with supply chain considerations incorporated as part of these.  The Report informs all relevant stakeholders of NESF's approach to sustainability, how it executes its strategy, and how it creates impact. 

Josephine Bush, Chairwoman of the NESF Board ESG Committee, commented:

"The previous twelve months have seen the global energy transition gather pace, despite macroeconomic headwinds.  NESF is incredibly proud to have become an early adopter of the International Sustainability Standards Board ("ISSB") standards S1 and S2, becoming the first in the renewable investment company peer group to voluntarily adhere to these high-quality standards. 

The standards cover and expand on the Taskforce for Climate-related Financial Disclosures guidance, through a dedicated ISSB aligned Sustainability and ESG Report. This is the first ISSB reporting year and acts as a demonstration of the Company's transparent approach to doing business.  NESF continues to monitor with interest the UK adoption of the Standards and aims to amend its approach accordingly.

Furthermore, NESF intends to align its nature-related reporting with the Taskforce on Nature-related Financial Disclosures ("TNFD") in its next Sustainability and ESG Report for the year ending 31 March 2025.  NESF's forward-thinking approach to Sustainability and ESG continues to evolve, with the purpose of supporting a more sustainable world powered by clean energy."

Notes to Editors¹:

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 audited gross asset value of £1,155m.  More information is available at 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   

·      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

·      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

Notes:

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