Title: 238542666.pdf

URL Source: https://documentscdn.financialexpress.net/Literature/D3F1BDECD3636A3D73C0BF1095636034/238542666.pdf

Number of Pages: 4

Markdown Content:
Generating a more 

# sustainable future 

Factsheet 

For the quarter ended 31 December 

2025 

NextEnergy Solar Fund Limited is a

specialist solar energy and energy storage 

investment company, listed on the main 

market of the London Stock Exchange. During the quarter, NESF was pleased to announce the 

appointment of Tony Quinlan as a Non -Executive Director and 

Chair of the Company, effective 3 December 2025. 

NESF paid down £8.0m of its long -term amortising debt in the 

period (30 September 2025 YTD: £3.5m). 

Camilla, the Company’s standalone utility scale BESS asset, is 

placed amongst the top 3 performing UK BESS assets out of a 

pool of 64 similar assets based on revenue performance 

according to Modo Energy, a leading independent market 

consultant. Camilla participates in all markets and services 

combining wholesale, balancing, frequency, reserve and capacity 

payments. 

Post period, the NESF Board announced it will release the 

conclusion of its strategic review alongside hosting a Strategy 

Seminar on the 11 March 2026, presented by the NESF Chair and 

NextEnergy Capital, the Investment Adviser and Manager to NESF. 

Financial Highlights  ESG Highlights 

NAV per share as at 

31 December 2025 

# 84.9p 

(30 Sept embe r 2025: 88.8p) 

Ordinary Shareholder’s NAV 

as at 31 December 2025 

# £488.4m 

(30 Sept embe r 2025: £510.9m) 

Dividend per ordinary 

share for the year ended 

31 March 2026 

# 8.43p 

(31 March 202 5: 8. 43 p) 

Dividend  target cover for the full 

year 2025/2026 is forecast to be 

covered 

# 1.1x – 1.3x 

(3 1 Ma rch 2025 : 1. 1x. -1.3 x) 

Tonnes of CO 2e emissions avoided for 

the six -month period ended 

30 September 2025 3

# c.2 12 ,200 

(3 0 September 2024: c. 193 ,900 )

Equivalent cars remove d from road for 

the six -month period ended 

30 September 2025 4

# c. 46,135 

(30 September 2024 : 46,167 )

For Quarter Ending:  Status:  Dividend per 

Ordinary Share 

30 June 202 5 Paid  2.10p 

30 September 2025  Paid  2.11p 

31 December 2025  Declared  2.11p 

31 December 2025 

Ordinary shareholder total return  (16.8 %)

Ordinary NAV total return  (4.1%) 

Ordinary shareholder total return since IPO  30 .5%

Ordinary NAV total return since IPO  65 .4%

Ordinary shareholder total return since IPO – annualised  2.6%

Ordinary NAV total return since IPO – annualised  5.6%

Shareholder and NAV Return 

Debt Structure 

The Company has a target dividend of 8.43p per Ordinary Share 

for the year ending 31 March 2026. A dividend of 2.11p per 

Ordinary Share will be paid on 31 March 2026 to Ordinary 

Shareholders on the register as at the close of business on 13 

February 2026. 

Reporting Period Highlights 

Dividends FY25/26 

# PERFORMANCE HIGHLIGHTS 

31 December 2025 

Financial Debt Gearing 1 29.5% 

Preference Shares  20.4% 

Total gearing 2 49.9% 

5.25 

6.25 6.31 6.42 6.65 6.87 7.05 7.16 7.52 

8.35 8.43 8.43 

0.0 

1.0 

2.0 

3.0 

4.0 

5.0 

6.0 

7.0 

8.0 

9.0 

> PE NCE

Dividends per share (p) 

Dividend 12% 

3% 

40% 

12% 

1% 

6% 

4% 

1% 5% 

16% 

1.2 ROCs 

> 1.3 ROCs
> 1.4 ROCs
> 1.6 ROCs

2.0 ROCs 

FiTs UK 

> FiTs Italy
> 1.4NIROCs
> Subsidy-free

(incl CfDs) 

Long-term PPA 

84% 

11% 

3% 

1% 1% 

UK 

> Italy
> Other International

(NEIII) 

Spain 

> Portugal

By Subsidy/Regulatory Regime 2,3 

Total Capacity Operating Assets 

The UK 

Spain and Portugal –

c.260MW of solar PV 

assets operational 

(41MW owned by NESF) 

UK – c.830MW of solar PV & energy storage assets operational 

Assets locations 

Operating Solar 

Assets 

Operating  Energy 

Storage Assets 

Private Solar 

Infrastructure Fund 

Italy 

c. 35MW of solar PV assets 

operational 

World Map 

The World – including $50m investment into NEIII, which holds 155 

solar PV and 3 energy storage assets globally 

# OPERATIONAL HIGHLIGHTS 

Iberian Peninsula 

Total capacity 

installed as at 31 

December 2025 1

# 939 MW 

(30 Sept embe r 2025: 939M W) 

Operating assets 

as at 31 

December 2025 2

# 101 

(30 Sept embe r 2025: 101) 

Portfolio Diversification By Location 

% of invested capital 

% of total revenue for the quarter ended 31 December 

2025 

% of assets by MW capacity 

By Revenue Type Power Hedging 2025/2026 

43% 

42% 

11% 

4% 

> Fixed PPAs
> ROCs
> FiTs (UK &

Italy) 

> Other

53% 42% 

1% 

4% 

> Fixed Revenues

from Subsidies 

> Fixed Revenues
> from PPAs
> Available for PPA

Programme 

Other Revenues Footnotes 

NextEnergy Capital IM Limited and NextEnergy Capital Limited, both 

members of the NextEnergy Group, act as Investment Manager to the 

Company and Investment Adviser to the Investment Manager, 

respectively. The NextEnergy Group is a leading specialist solar and 

energy storage investment manager and asset manager focused on the 

renewable energy sector. 

The NextEnergy Group has funds under management of c.$5 billion and 

employs over 400 individuals worldwide. It is responsible for the 

acquisition and management of the Company’s portfolio, including the 

sourcing and structuring of new investments and advising on the 

Company’s financing strategy. 

Investment Manager Information 

NESF’s investment objective is to provide ordinary shareholders with 

attractive risk -adjusted returns, principally in the form of regular dividends, 

through a diversified portfolio of solar energy infrastructure assets with 

the addition of complementary technologies, such as energy storage. 

The Company is currently advancing a pipeline of UK solar, international 

solar, battery storage and co -investment opportunities to complement the 

portfolio and diversify asset - specific and market risks.              

> 1. Financi al debt gearing exc ludes the £200m p referenc e
> sh ares , and sh ort and l ong -term debt at NEII I, Agenor and
> Santarém ( in wh ich the Co mpany has c o -inv ested) . A t 31
> Decem ber 2025, the aggregate debt prop ortionate to the
> Com pany ’s i nves tments in those entities was £22. 8m.
> 2. Total gearing is the aggregate of financ ial debt an d £200m of
> preference shares . The preference shares are equi valent to
> non -amo rti sing debt with rep ay m ent in shares . Total gearing
> exclud es s hort and long -term debt at NEII I, Agenor and
> Santarém .
> 3. Em iss ions avo ided figure is ad justed to reflect th e NESF’s
> propo rti on of c apital in teres t ( debt and equity) . NESF’s
> avoi ded em is sion s h av e been calc ulated i n lin e with the
> United Nations Framework C onven ti on on Cli mate C hange’s
> worki ng group on I nternati onal Financ ial I nstitution s.
> 4. NESF’s equiv alent fos sil fu el c ars off the ro ad figure is
> calc ulated u sing th e total em iss ions av oided of NESF’s sol ar
> PV p rojects and standard em is sio n factors from the US
> Env ironm ental Protec tion A gen cy where a ty pic al foss il fuel
> pass enger v ehic le em its c.4. 2 m etric tonnes of CO 2e per
> year. W e div ide NESF’s to tal emi ss ions avoi ded by this
> em iss ion fac to r to deri ve the equiv alent num ber of fo ss il fuel
> cars taken off th e road.
> 1. On a look -through MW eq uivalen t basis , thi s i nclu des inves tmen t NEIII ,
> where it owns 6.21%. Owners hip in the international c o -inv estm ents
> (13. 6% o f Santarém ( 210MW i n Portugal) and 24.5% of Agenor ( 50M W in
> Spain) ), an d 70% ownersh ip of the Com pany 's s tandalone energy s torage
> ass et Cam illa thro ugh its join t venture partnershi p.
> 2. Exclud ing the $50m c om mi tm ent i nto priv ate equity v ehicl e NEIII .
> 3. Figures are stated to th e nearest 0.1% wh ich may lead to round ing
> differences .
> 4. NESF min imi ses its merc hant expos ure throu gh its activ e rolli ng PPA
> program me. The pro gram m e loc ks in PPAs in the liq uid m arket to ens ure
> m axim um c ontracted rev enues are ac hieved .

# CORPORATE INFORMATION 

> N
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Fund Details Recap 

Fund name  NextEnergy Solar Fund Limited 

Listing  London Stock Exchange 

Investment Manager  NextEnergy Capital IM Limited 

Investment Adviser  NextEnergy Capital Limited 

Vehicle Type  Closed -end Investment Company 

Domicile  Guernsey 

Launch date  28 April 2014 

Financial year end  31 March 

Dividend payments  Quarterly 

Dividend target  8.43 pence per ordinary share 

Discount/Premium to NAV  (41.1)% 

Ordinary shares in circulation  575,200,043 

NAV  £488.4m 

GAV  £997.5m 

Market cap  £287.6m 

ISIN  GG00BJ0JVY01 

Bloomberg Ticker  NESF:LN 

Ongoing charges (OCR)  1.18% as at 30 September 2025 

NESF Report 

Catalogue 

This Fact she et was approve d for issue in accordance wit h section 21 of t he 

Financial Servi ces and Markets Act 2000 by Next Energy Capital Limit ed, 

aut horised and regulated by t he Fi nancial Conduct Authority (FCA). 

This docume nt is not and should not be construed as an offer t o sell or the 

solicitation of an offer to purchase or subscri be for any investme nt. The 

document i s i ntende d for information purposes only and does not constitute 

invest ment advice. It i s i mport ant to remember that past pe rformance is not a 

guide to future perform ance. 

Furthe rmore, the value of any i nve stment or the income deri ving from them 

may go down as well as up and you may not get back the full am ount investe d. 

The target divi dends referred t o in thi s docum ent are targets only and not a 

profi t forecast. The re can be no assurance that these targe ts can be me t. 

Investment Policy 

Key Stakeholders 

Investment Manager  NextEnergy Capital IM Ltd 

Investment Adviser  NextEnergy Capital Ltd 

Asset Manager  WiseEnergy 

Company Secretary and 

Administrator  Ocorian Administration 

Independent Auditor  KPMG Audit Limited 

Registrar  MUFG Corporate Markets 

(Guernsey) Ltd 

Legal Advisers  Stephenson Harwood LLP 

Carey Olsen (Guernsey) LLP 

Joint Broker and Sponsor  Cavendish Corporate Finance 

Joint Broker  RBC Capital Markets Ltd 

Media and Public Relations 

Adviser  H/Advisors Maitland 

Principle Bankers  Barclays Bank Plc 

Important Information 

Operational Highlights Performance Highlights