TIDMNESF

RNS Number : 5596P

NextEnergy Solar Fund Limited

11 February 2019

11 February 2019

NextEnergy Solar Fund Limited

("NESF" or "Company")

NESF partners with Zestec for commercial rooftop solar rollout

NextEnergy Solar Fund, the specialist investment company that primarily invests in operating solar power plants in the UK, has entered into a partnership with Zestec Asset Management Limited ("Zestec") for the future acquisition of operating solar plants to be installed on commercial properties.

   --    Framework agreement ("Framework Agreement") signed between NESF and Zestec 
   --    Zestec to develop and build out solar projects on UK commercial rooftops 

-- Target up to GBP20m investment in 2019 to construct a portfolio of solar projects on commercial properties

   --    NESF has the option both to acquire operational assets and to fund construction of new assets 

-- NESF to monetise electricity generated principally from power purchase agreements ("PPAs") with commercial landlords

NESF has agreed a Framework Agreement with Zestec to install commercial solar PV across the UK using a PPA model developed jointly with Zestec. Zestec will source, develop and install solar power plants on commercial properties throughout the UK. Commercial landlords will buy the electricity produced by the solar PV system installed on their roofs under a PPA with NESF, at a reduced tariff compared to their normal electricity import cost. Projects constructed prior to 1 April 2019 will receive a 20-year RPI linked feed-in-tariff ("FiT").

Under the Framework Agreement, NESF has agreed to invest up to GBP20m in new solar installations in 2019, of which GBP5m has been committed to the initial batch of installations to be acquired during early 2019. NESF's status as a London Stock Exchange listed entity makes it attractive to landlords looking to ensure an identifiable counterparty and maintain a long-term relationship. NESF will enter into agreements ranging between 15 and 25 years with commercial business owners and landlords, receiving revenue from the PPA and, where assets are constructed before 1 April 2019, a supplemental FiT payment.

For further information:

 
NextEnergy Capital Limited 
 Michael Bonte-Friedheim             020 3746 
 Aldo Beolchini                       0700 
Cantor Fitzgerald Europe             020 7894 
 Robert Peel                          7667 
Fidante Capital                      020 7832 
 John Armstrong-Denby                 0900 
Shore Capital                        020 7408 
 Anita Ghanekar                       4090 
Macquarie Capital (Europe) Limited   020 3037 
 Nick Stamp                           2000 
MHP Communications                   020 3128 
 Oliver Hughes                        8100 
Ipes (Guernsey) Limited              01481 755 
 Nicholas Robilliard                  137 
 

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 31 December 2018, NESF has raised equity proceeds of GBP692m (including GBP100m of preference shares) since its initial public offering on the main market of the London Stock Exchange in April 2014. It also has credit facilities outstanding of c.GBP296m in place (GBP148m from a syndicate including MIDIS, NAB and CBA; MIDIS: GBP52m; Santander GBP40m; and Bayerische Landesbank GBP56m).

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.

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February 11, 2019 02:00 ET (07:00 GMT)

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