NextEnergy Solar Fund Limited NESF Transaction (8356M)
14 Mayo 2020 - 1:00AM
UK Regulatory
TIDMNESF
RNS Number : 8356M
NextEnergy Solar Fund Limited
14 May 2020
14 May 2020
NextEnergy Solar Fund Limited
("NESF" or "Company")
Smaller Related Party Transaction with subsidiary of NextPower
Development Ltd
NESF announces that it has agreed to sell two subsidy free
assets under development with a capacity of 115MW for a combined
total consideration of GBP11.5m to a subsidiary of NextPower
Development Ltd ("NextPower") (the "Transaction"). The Transaction
is expected to simultaneously exchange and complete later
today.
The Transaction will result in a net IRR (after NESF's
Transaction costs) significantly in excess of NESF's annualised
target return of 7 - 9% p.a.
The disposal of these assets is in line with the Company's
current strategy of adding up to 150MW of operational subsidy-free
capacity to the portfolio, by building those projects which are
expected to generate a rate of return in line with or in excess of
NESF's target equity annualised return range of 7% to 9%. The
Company will consider divesting those subsidy-free development
assets in its portfolio that are in excess of that capacity or that
are not expected to generate financial returns that are in line
with the Company's target range.
Following a review by the Board and its independent advisers,
the Board concluded that these two subsidy free development assets,
amounting to 115MW, no longer meet the Company's financial
targets.
NESF may sell further subsidy free assets under development from
its portfolio to subsidiaries of NextPower or to other third-party
buyers as the secondary market for subsidy free assets develops and
matures. All related-party disposals are at the Board's discretion
and, in the case of any related party transaction, compliance with
the FCA's Listing Rules, and there are no exclusivity arrangements
in place between NESF and any member of the NEC Group in relation
to the Transaction or future disposals.
NextPower, which was appointed as Developer by NESF at the time
of the Company's IPO in April 2014, and its subsidiaries are under
the common control of the wider NEC Group along with NextEnergy
Capital Limited (Investment Adviser to NESF) and NextEnergy Capital
IM Limited (Investment Manager to NESF) and as such is a related
party of the Company. Based on the amounts involved, the
Transaction constitutes a smaller related party transaction as set
out in Listing Rule 11.1.10R.
For further information:
NextEnergy Capital Limited 020 3746 0700
Michael Bonte-Friedheim
Aldo Beolchini
Cenkos Securities Plc 020 7397 8900
Justin Zawoda-Martin
Robert Naylor
William Talkington
Shore Capital 020 7408 4090
Anita Ghanekar
Darren Vickers
MHP Communications 020 3128 8100
Oliver Hughes
Giles Robinson
Apex Fund and Corporate Services
(Guernsey) Limited 01481 735 827
Nick Robilliard
Notes to Editors ([i]) :
A constituent of the FTSE 250 Index, NextEnergy Solar Fund
("NESF") is a renewable energy infrastructure investment company
that invests primarily in operating solar power plants in the UK
(it may invest up to 15% of its gross assets in other OECD
countries). The Company is committed to ESG principles and
responsible investment and makes a meaningful contribution to
reducing CO2 emissions through the generation of clean solar power.
NESF has been designated a Guernsey Green Fund by the Guernsey
Financial Services Commission and has been awarded the London Stock
Exchange's Green Economy Mark.
NESF has a diversified portfolio comprising 90 operating solar
assets, primarily on agricultural, industrial and commercial sites,
with a combined installed power capacity in excess of 755MW. As at
31 March 2020, the Company has gross assets of GBP993 million, of
which 89% is invested in the UK, and net assets of GBP579 million.
The majority of long-term cash flows from its investments are
inflation-linked.
NESF's investment objective is to provide ordinary shareholders
with a sustainable and attractive dividend that increases in line
with RPI over the long term, while delivering an element of capital
growth through reinvesting net cash generated in excess of the
target dividend. The dividend is payable quarterly and the Company
has announced a total dividend for the year to 31 March 2020 of
6.87p per ordinary share.
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, which since its founding 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 1.6 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at nextenergysolarfund.com , nextenergycapital.com and
wise-energy.eu .
[1] Note: All data is unaudited as at 31 March 2020, being the
latest date in respect of which NESF has published financial
information.
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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