LEI: 213800ZPHCBDDSQH5447

19 June 2025

NextEnergy Solar Fund Limited

("NESF" or "the Company")

Reduced Investment Management Fee

Following the update provided at the Company's full year results on 16 June 2025, the NESF Board is pleased to report that it has concluded constructive discussions with the Company's Investment Manager and Investment Adviser ("Investment Manager"), which has resulted in a reduction in fees incurred by NESF.  The change to the ongoing fees will take effect from 1 April 2025, being the start of the Company's current financial year. 

Based on the closing share price on 1 April 2025, this change would result in a reduction of the Investment Management fee of c.13%, equivalent to approximately £0.6m per annum.

Under the reduced fee structure, the Investment Management fee will be applied to an equal weighting of (i) the average of the closing daily market capitalisation during each quarter and (ii) the published Net Asset Value for that quarter.  The Investment Management fee will be capped at the lower of the new agreement and the old agreement, which was based solely on Net Asset Value.

The table below outlines the changes in fees:

Old Investment Management Fee

New Investment Management Fee

The Board is working with its advisers to assess various options aimed at improving shareholder value. The Board will consult with major shareholders on certain options that it is considering before making any definitive proposals.

The Board will set out progress made and, if appropriate, the proposed plans and/or actions which are aimed at improving shareholder value, in the circular to be sent to all shareholders convening the AGM, which will be held in the latter half of August. The business of the AGM will also include a discontinuation resolution, due to the Company's ordinary shares trading at an average discount of over 10% to the Company's NAV over financial year (as per the Company's Articles).

Notes to Editors ¹:

About NextEnergy Solar Fund

NextEnergy Solar Fund is a specialist solar energy and energy storage investment company that is listed on the Main Market 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 2025, the Company had an audited gross asset value of £1,061m.  For further information please visit 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 which now employs over 380 professionals.  Since its inception, NextEnergy Group 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 18 years of specialist solar expertise having invested in over 530 individual solar plants across the world.  NextEnergy Capital currently manages four institutional funds with a total capacity in excess of 3GW+ and has funds under management of c.$4.4bn.  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 1,600 utility-scale solar power plants with an installed capacity in excess of 3.5GW.  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 2025, being the latest date in respect of which NextEnergy Solar Fund has published financial information.