LEI: 213800ZPHCBDDSQH5447

30 November 2022

NextEnergy Solar Fund Limited

("NESF" or the "Company")

Succession to Chairman of the Board

The Board of NESF is pleased to announce the appointment of Helen Mahy CBE to the Board as a non-executive Director with effect from 1 April 2023.  Helen will succeed Kevin Lyon as Chairman of NESF from the next AGM in August 2023.

Kevin has been Chairman of NESF since the Company's IPO in 2014, having played a substantial role in the expansion and development of the Company. His fellow Directors and the Company's Investment Adviser, would like to take this opportunity to thank Kevin for his leadership and for the many contributions he has made during his tenure.

Helen brings a depth of knowledge in relation to the energy sector to the Company.  She recently retired as Chairman of The Renewables Infrastructure Group (£3.27 billion market cap at 28 November 2022) and has valuable experience in investor and stakeholder engagement from that role and others.

Helen currently sits as a non-executive Director of SSE plc and Gowling WLG (UK) LLP, whilst also serving as a Commissioner for The Equality and Human Rights Commission. Helen has previously served as Group General Counsel and Company Secretary of the National Grid plc.

Kevin Lyon, Chairman of NESF, commented:

"We are absolutely delighted to welcome Helen to the Board.  We believe her experience and long-standing commitment to the renewable energy sector will allow her to bring a wealth of knowledge and insight to the Board and support the Company's further expansion."

Helen Mahy CBE, said:

"I am very pleased to be joining the Board of NESF which will allow me to continue to pursue my enthusiastic interest in renewables.  I am very much looking forward to working with my Board and manager colleagues from April 2023."

Pursuant to Listing Rule 9.6.13 the following disclosure is made:

Helen is a non-executive Director of SSE plc and is Chairman of its Safety, Sustainability, Health and Environment Advisory Committee.  There are no further disclosures required pursuant to LRs 9.6.13 and 9.6.11.

Notes to Editors¹:

About NextEnergy Solar Fund

NESF is a specialist solar and energy storage climate impact fund.  The Company is structured as a renewable energy investment company listed on the premium segment of the London Stock Exchange that invests in utility-scale solar power plants and energy storage.  The Company 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.

NESF currently has a diversified portfolio comprising of the following:

Solar PV:

·      99 operating solar assets across the UK and Italy (primarily on agricultural, industrial, and commercial sites)

·      A 50MW co-investment into a Spanish solar project alongside NextPower III ESG, currently under construction

·      A 210MW co-investment into a Portuguese solar project alongside NextPower III ESG, currently under construction

·      A UK solar project under construction (Whitecross 36MW)

·      A ready-to-build UK solar project (Hatherden 50MW)

·      A $50m commitment into NextPower III ESG (a private solar infrastructure fund providing exposure to both operating and under construction, international solar assets)

Energy Storage:

Joint Venture Partnership with Eelpower:

·      A 50MW standalone battery storage project in Fife, Scotland, currently under construction (part of a £300m joint venture with Eelpower)

·      A portfolio of 250MW pre-construction standalone battery storage projects in the East of England

Co-located programme:

·      First site identified for a 6MW co-located battery storage project at North Norfolk Solar Farm and discussions are ongoing with the local distribution network operator to confirm an energisation date

The NESF portfolio has a combined installed power capacity of 865MW (excluding NextPower III MW on an equivalent look-through basis).

As at 30 September 2022, the Company had an unaudited gross asset value of £1,258m, being the aggregate of the net asset value of the ordinary shares, the fair value of the preference shares and the amount of NESF Group debt outstanding, and an unaudited net asset value of £725m.

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 solar energy and energy storage infrastructure assets.  The majority of NESF's long-term cash flows are inflation-linked via UK government subsidies.

For further information on NESF please visit www.nextenergysolarfund.com

Commitment to ESG

NESF is committed to ESG principles and responsible investment which make a meaningful contribution to reducing CO2 emissions through the generation of clean solar power.  NESF will only select investments that meet the requirements of NEC Group's Sustainable Investment Policy.  Based on this policy, NESF benefits from NEC's rigorous ESG due diligence on each investment.  NESF is committed to reporting on its ESG performance in accordance with the UN Sustainable Development Goals framework and the EU Sustainable Finance Disclosure Regulation.

NESF has been awarded the London Stock Exchange's Green Economy Mark and has been designated a Guernsey Green Fund by the Guernsey Financial Services Commission.

Article 9

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 website (nextenergysolarfund.com/esg/) & NEC Group website (nextenergycapital.com/sustainability/transparency-and-reporting/).

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

NextEnergy Capital comprises the Group's investment management activities.  To date, NEC has invested in over 350 individual solar plants for a capacity in excess of 2.4GW across it institutional funds.  www.nextenergycapital.com

WiseEnergy

WiseEnergy® is NextEnergy Capital Group's operating asset manager.  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 1,300 utility-scale solar power plants with an installed capacity in excess of 1.7GW.  WiseEnergy clients comprise leading banks and equity financiers in the energy and infrastructure sector. 

www.wise-energy.com

Starlight

Starlight is NextEnergy Group's development company that is active in the development phase of solar projects.  It has developed over 100 utility-scale projects internationally and continues to progress a large pipeline of c.8.3GW of both green and brownfield project developments across global geographies.

 Notes:

^1: All financial data is unaudited at 30 September 2022, being the latest date in respect of which NESF has published financial information