TIDMNESF
RNS Number : 1546H
NextEnergy Solar Fund Limited
26 July 2023
LEI: 213800ZPHCBDDSQH5447
26 July 2023
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Publication of Standalone Sustainability and ESG Report
Details provided of NESF's sustainability journey, proprietary
approach to biodiversity and industry leading ESG initiatives
NextEnergy Solar Fund, the specialist solar+ fund, has published
its second annual Sustainability and ESG Report for the year ended
31 March 2023 (the "Report").
The Report builds on NESF's first Sustainability and ESG report
published in 2022 and illustrates the breadth and depth of actions
NESF has taken across the three pillars that comprise its approach
to Sustainability and ESG - Biodiversity, Climate Change and Human
Rights. The Report also details NESF's sustainability journey,
including the development of its proprietary approach to
biodiversity, the strengthening of the Board's governance and
oversight of ESG, the advancement of ESG standards, and enhancement
of disclosure and reporting frameworks.
NESF continues to make progress against its current ESG
priorities and in spearheading sustainability and ESG initiatives
within the solar, storage and investment sectors. In addition to
generating enough clean electricity to power 242,000 UK homes over
the year, NESF has made a wider contribution to society. This
includes:
-- Championing Biodiversity: Promoting and preserving
biodiversity is as important to tackling climate change as reducing
carbon and other emissions. Over the year, NESF has taken
significant steps to promote natural capital and biodiversity
conservation best practice across its own portfolio and published
thought leadership pieces encouraging others to follow its
lead;
-- Solar Stewardship Initiative: NESF recognises that it has
responsibilities and impacts beyond its own borders when
contracting for goods or services. Alongside enhancing the
Company's management of its supply chain, NESF (through its
Investment Manager, NextEnergy Capital) has played a leading role
within the industry, such as the Solar Stewardship Initiative and
active involvement in Solar Energy UK, demonstrating NESF's
commitment to sustainable practices and transparency across the
supply chain; and
-- NextEnergy Foundation: NESF acknowledges its responsibility
as a successful, sustainable Company to support and fund
initiatives that deliver positive societal impacts around the
world. Through its donation to the NextEnergy Foundation during the
year, NESF has made an important contribution towards alleviating
poverty in parts of Africa through increasing access to renewable
energy, as well as supporting sustainable recovery activities in
Ukraine.
ESG Performance Highlights:
As at 31 March As at 31 March Change
2023 2022
Tonnes of CO(2) e emission
avoided per year 363,000 328,700 +10.43%
-------------------- --------------- --------
Equivalent to UK homes powered
for one year 242,000 216,300 +11.89%
-------------------- --------------- --------
Total emissions avoided since
2014 (ktCO(2) E) 2,181 1,818 +19.97%
-------------------- --------------- --------
Total fossil fuel avoided
since 2015 (kilotonnes of
oil equivalent) 929.4 769.1 +20.84%
-------------------- --------------- --------
Community funding (through
Special Purpose Vehicles) c.GBP104,000 c.GBP91,400 +13.78%
-------------------- --------------- --------
Donated to the NextEnergy
Foundation FY 2022-23 GBP400,000 GBP100,000 +300%
-------------------- --------------- --------
45, with 15
Universal Biodiversity Management more due by
Plan (UBPM) sites year end 30 +50%
-------------------- --------------- --------
Number of biodiversity exemplar 8 (completed
sites or in development) 6 +33.33%
-------------------- --------------- --------
Total acres of wildflowers
planted across portfolio 38 34 +12%
-------------------- --------------- --------
Equivalent cars taken off c.120,000* n/a n/a
UK roads for one year
-------------------- --------------- --------
*Comparative numbers have been given only where those metrics
were provided in the first report
Other ESG highlights in the period include:
-- Involvement in industry-wide projects, including the Solar
Stewardship Initiative, to help ensure responsible sourcing across
the solar supply chain;
-- Further development of NESF's approach to biodiversity, with
the expansion of its Universal Biodiversity Management Plan;
-- Continued development of NextEnergy Capital's ESG risk
management and proprietary due diligence processes, focused on
environmental and social impacts;
-- Direct funding to community initiatives and contribution to
the NextEnergy Group charity, the NextEnergy Foundation; and
-- Expansion of NextEnergy Capital's ESG and Sustainability
team, which advises NESF, doubling in size to six team members.
The report is now available to download from Reports and
Publication section of the Company's website:
https://www.nextenergysolarfund.com/reports-and-publications/
Josephine Bush, Chair of the NESF Board ESG Committee,
commented:
"We are delighted to publish this report looking at the
extensive action NESF has taken to deliver on its current ESG
priorities, and the strategic review being undertaken to ensure
that our overall approach reflects the changing expectations of
society and investors. We are committed to ensuring that our
approach to ESG is best-in-class and reflects evolving
international Sustainability and ESG standards. We look forward to
building on our progress in the period and presenting the outcome
of our strategic review in due course."
Ross Grier, COO of NextEnergy Capital, said:
"NESF continues to go from strength to strength and we are
excited to present further information on our current and future
ESG impacts in this report. Through measuring and disclosing NESF's
sustainability framework, we not only show the progress made during
the period but also identify how we are reducing risk within NESF
to make the strategy more sustainable. I would like to thank the
entire team for this detailed report and for continuing to
implement NESF's ESG framework that is delivering demonstrable
positive impacts for all our stakeholders."
For further information:
NextEnergy Capital 020 3746 0700
Michael Bonte-Friedheim ir@nextenergysolarfund.com
Ross Grier
Stephen Rosser
Peter Hamid (Investor Relations)
RBC Capital Markets 020 7653 4000
Matthew Coakes
Elizabeth Evans
Kathryn Deegan
Cenkos Securities 020 7397 8900
James King
William Talkington
H/Advisors Maitland 020 7379 5151
Neil Bennett
Finlay Donaldson
Alistair de Kare-Silver
Ocorian Administration (Guernsey) Limited 014 8174 2642
Kevin Smith
Notes to Editors(1) :
About NextEnergy Solar Fund
NESF is a specialist solar+ fund listed on the premium segment
of the London Stock Exchange and is a constituent of the FTSE 250.
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 majority of NESF's long-term cash flows are
inflation-linked via UK government subsidies.
The NESF portfolio has a combined installed power capacity of
865MW (excluding NextPower III MW on an equivalent look-through
basis). NESF 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 assets. As at 31 March 2023, the
Company had an audited gross asset value of GBP1,218m. For further
information on NESF please visit www. nextenergysolarfund.com
Article 9 Fund
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 and NEC websites.
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, the 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: Ha s over 16 years' specialist solar
expertise, having invested in over 375 individual solar plants
across the world. NextEnergy Capital currently manages four
institutional funds with a total capacity in excess of 2.4GW and
has assets under management of $3.7bn.
www.nextenergycapital.com
-- WiseEnergy(R): Provides solar asset management, monitoring
and technical due diligence services to over 1,350 utility-scale
solar power plants with an installed capacity in excess of 1.8GW.
WiseEnergy clients comprise leading banks and equity financiers in
the energy and infrastructure sector. www.wise-energy.com
-- Starlight: H as d eveloped 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.
Notes:
(1:) All financial data is audited at 31 March 2023, being the
latest date in respect of which NESF has published financial
information
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