NextEnergy Solar Fund : Fact Sheet - 31 December 2022

FACTSHEET

As at 31 December 2022

Generating a more sustainable future

COMPANY OVERVIEW

NextEnergy Solar Fund Limited is a specialist renewable energy investment company, listed on the premium segment of the London Stock Exchange. As at 31 December 2022 the Company has completed and announced 99 separate acquisitions of operational solar projects (and a private equity investment) with a total capacity installed1 of 865MW and total invested capital of approximately £1.13b.

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1 Excludes share in private equity vehicle (NextPower III)

Performance Highlights

Financial Highlights

	NAV per ordinary share	Ordinary shareholders' NAV
	as at 31 December 2022	as at 31 December 2022
	120.9p	£713.0m
	(30 September 2022: 122.9p)	(30 September 2022: £724.7m)
	Forecast cash dividend cover	Financial debt gearing as at
	(pre-scrip) for FY22/23	31 December 20221
	1.5x	27%
	(FY21/22: 1.2x)	(30 September 2022: 27%)
	Operational Highlights
	Total capacity installed	Total electricity generation for the
	as at 31 December 20223	period ended 31 December 2022
	865MW	744GWh
	(30 September 2022: 865MW)	(31 December 2021: 622GWh)
	Operating solar assets	Generation above budget for the
	as at 31 December 2022	period ended 31 December 2022
99		6.2%
	(30 September 2022: 99)	(31 December 2021: 0.4%)
	DIVIDEND TARGET		DIVIDEND PAYMENTS
	Targeting a total dividend of 7.52p per		Quarterly
	ordinary share in respect of the year		(June, September, December,
	ending 31 March 2023		March)

Total dividend per ordinary share

for FY22/23

7.52p

(31 March 2022: 7.16p)

Ordinary shareholder

annualised total return since IPO

7.7%

(30 September 2022: 7.7%)

ESG Highlights

Tonnes of CO2e emissions avoided

for the period ended

30 September 20222

266,500

(30 September 2021: 229,000)

UK homes powered

for six months4

354,274

(30 September 2021: 299,000)

MANAGEMENT FEES

1.0% up to £200m

0.9% between £200m-£300m

0.8% greater than £300m

(Based on NAV to ordinary shareholders)

Investment Policy

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 utility-scale solar energy and energy storage infrastructure assets.

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.

The Company's investment adviser continues to consult investors in support of an increase to the Company's investment policy energy storage limit, from 10% of Gross Asset Value, up to 25%.

Portfolio Highlights

The Company advanced its position in the energy storage sector by increasing its strategic joint venture partnership with energy storage specialist EelPower Limited to £300m and secured development rights for Project Lion, a 250MW battery storage project located in the East of England.

The Company started construction on its first 50MW standalone battery storage project in Fife, Scotland, and signed its second international co-investment with NextPower III (an international solar private equity vehicle), taking a 13% stake in a 210MW solar project currently under construction in Santarém, Portugal.

Shareholder/NAV Return

For the period ended 31 December 2022, the ordinary shareholder total return was 13.0% and the NAV total return was 11.5%.

As at 31 December 2022, NESF has achieved an ordinary shareholder total return since IPO of 66.9% and a NAV total return since IPO of 76.6%.

The annualised ordinary shareholder total return since IPO was 7.7% and annualised NAV total return since IPO was 8.8%.

1 Excludes the £200m preference shares

1. www.greeninvestmentgroup.com/green-impact/green-investment-handbook
2. Excludes share in private equity vehicle (NextPower III)

Snapshot of Our Diversified Portfolio

As at 30 September 20222

By Subsidy/PPA1 (RPI linked)			By Installed Capacity1
	12.1%	1.2 ROCs	57.6%	0-5 MWp
	3.0%	1.3 ROCs	19.2%	6-10 MWp
	40.9%	1.4 ROCs	23.2%	>10 MWp
	12.7%	1.6 ROCs
	0.7%	2.0 ROCs
	6.5%	FiTs UK
	4.0%	FiTs Italy
	0.9%	1.4 NIROCs
	7.4%	Subsidy-free
% of assets by MW capacity	11.7%	Long-term PPA	% of assets

By Revenue Type1			By Inverter Manufacturer1
	10.7%	FiTs (UK & Italy)	26.6%	SMA
	33.2%	ROCs	20.7%	Huawei
	0.9%	Embedded	17.0%	Power Electronics
		benefits	8.1%	Emerson
	3.4%	Wholesale
	6.4%	Schneider
	52.0%	Fixed PPA
	5.6%	Gamesa
	0.7%	Other
	5.0%	ABB
			3.9%	Power-One
			6.7%	Other
% of total revenue for the period			% of assets by MW capacity
ended 30 September 2022
By Solar Module Manufacturer1		By Location1
	20.4%	Hanwha Q Cells	85.1%	UK
	19.6%	TRINA	10.8%	Italy
	10.8%	Yingli	2.6%	Other International
	8.3%	REC		(NextPower III)
	0.9%	Spain
	7.5%	Jinko Solar
	0.6%	Portugal
	7.5%	LDK Solar
	5.7%	Canadian Solar
	4.1%	BYD
	3.9%	Renesola
% of assets by MW capacity	12.3%	Other	% of invested capital

1. Figures are stated to the nearest 0.1% which may lead to rounding differences.
2. Figures updated every six months.

Corporate Information

Investment Manager and Adviser

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.

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As at 31 December 2022, the NextEnergy Group provides operating asset management, monitoring, technical due diligence and other services to over 1,350 utility-scale solar power plants with an installed capacity in excess of 1.8GW. Its asset management clients include solar funds (in addition to the Company), banks, private equity funds and other specialist investors.

The Company

NextEnergy Solar Fund Limited

Registered Office:

Floor 2 Trafalgar Court Les Banques St Peter Port Guernsey GY1 4LY Registered no.: 57739

LEI: 213800ZPHCBDDSQH5447

Ordinary Share ISIN: GG00BJ0JVY01

Ordinary Share SEDOL: BJ0JVY0

London Stock Exchange Ticker: NESF

Website: www.nextenergysolarfund.com [e-mail]

Directors

Kevin Lyon, Chairman

Vic Holmes, Senior Independent Director

Patrick Firth

Joanne Peacegood

Josephine Bush

(All non-executive and independent)

Investment Manager

NextEnergy Capital IM Limited

1 Royal Plaza

Royal Avenue

St Peter Port

Guernsey GY1 2HL

Investment Adviser

NextEnergy Capital Limited

20 Savile Row

London W1S 3PR [e-mail]

Company Secretary and Administrator

Ocorian Administration

(Guernsey) Limited

Floor 2

Trafalgar Court

Les Banques

St Peter Port

Guernsey GY1 4LY

Independent Auditor

KPMG Channel Islands Limited

Glategny Court

Glategny Esplanade

St Peter Port

Guernsey GY1 1WR

Registrar

Link Market Services

(Guernsey) Ltd

Mont Crevelt House

Bulwer Avenue

St Sampson Guernsey

GY2 4LH

Legal Advisers

As to UK Law

Stephenson Harwood LLP

1 Finsbury Square

London EC2M 7SH

As to Guernsey Law

Carey Olsen (Guernsey) LLP

PO Box 98

Carey House Les Banques

St Peter Port

Guernsey GY1 4BZ

Sponsor and Joint Broker

Cenkos Securities plc 6, 7, 8 Tokenhouse Yard London EC2R 7AS

Joint Broker

RBC Capital Markets Ltd (appointed

8 November 2021)

100 Bishopsgate London EC2N 4AA

Media and Public Relations Adviser

Camarco

107 Cheapside London EC2V 6DN [e-mail]

Principal Bankers

Barclays Bank plc 6/8 High Street

St Peter Port

Guernsey GY1 3BE

Important Information

This Factsheet was approved for issue in accordance with section 21 of the Financial Services and Markets Act 2000 by NextEnergy Capital Limited, authorised and regulated by the Financial Conduct Authority (FCA). This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. The document is intended for information purposes only and does not constitute investment advice. It is important to remember that past performance is not a guide to future performance. Furthermore, the value of any investment or the income deriving from them may go down as well as up and you may not get back the full amount invested. The target dividends referred to in this document are targets only and not a profit forecast. There can be no assurance that these targets can be met.