Next Energy Solar Fund (NESF)

[idpickering]

£135m Revolving Credit Facility Refinance.

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce it has refinanced its existing £135m short-term Revolving Credit Facility ("RCF") with AIB Group and NatWest which is due to expire in June 2024.

The new facility is available until June 2026 and provides two additional 12-month extension options at NESF's sole discretion to bring the maturity date up to June 2028. The RCF continues to benefit from attractive terms with a margin of 120bps over SONIA ("Sterling Overnight Index Average"). The banking consortium consists of the Company's existing counterparties AIB Group and NatWest in addition to a new counterparty Lloyds.

The Company is also on track to exercise its option to extend its current £70m RCF with Santander for another 12-months until June 2025 on similar terms and well ahead of its June 2024 expiry. The Company will provide a further update to the market in due course.

https://www.investegate.co.uk/announcem ... e-/8138837

Ian (I hold NESF).

[idpickering]

£70m Revolving Credit Facility Extension

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce it has extended its existing £70m short-term Revolving Credit Facility ("RCF") with Santander previously due to expire in June 2024.

The £70m RCF extension is now available until June 2025 and benefits from improved terms with a margin of 150bps over SONIA ("Sterling Overnight Index Average") compared with 160bps over SONIA under the earlier terms. As at 7 May 2024, the Company's total interest cost for any amount drawn under this RCF was 6.7% due to SONIA being at 5.2%.

This follows the recent announcement of the extension of the Company's other RCF facility of £135m to June 2026 with two additional 12-month extension options available at the Company's sole discretion.

https://www.investegate.co.uk/announcem ... on/8187206

Ian (I hold, and intend topping up my NESF holdings soon).

[idpickering]

11th Dividend Target Increase

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce the Board has approved a dividend target of 8.43p per ordinary share for the financial year ending 31 March 2025.

In line with the Company's progressive dividend policy, the Board considers that a 1% increase in the dividend target appropriately balances the interests of the Company, investors and other stakeholders whilst taking into account the strength of the prior year's dividend and the Company's attractive c.11% dividend yield, which is currently one of the largest amongst renewable investment companies as at closing share price on 14 May 2024.

The target dividend cover is forecasted to be between 1.1x-1.3x, supported by a high degree of visibility of the Company's revenues. The Company's RPI-linked subsidised revenues represent approximately 50% of total revenues. The remaining revenues are derived from budgeted electricity generation, of which prices for 82% of revenues have already been fixed to 31 March 2025 through the Company's active power hedging strategy.

The Company has declared total ordinary dividends since inception of £345m or 67.8p per ordinary share. This announcement represents NextEnergy Solar Fund's eleventh consecutive dividend target increase, in line with the Company's progressive annual dividend policy. The Company has an impressive track record having achieved all its dividend targets whilst maintaining a covered dividend throughout the last ten years and continues to target a covered dividend beyond the current financial year.

https://www.investegate.co.uk/announcem ... se/8197243

Ian.

[idpickering]

Interim Dividend Declaration

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, is pleased to announce its fourth interim dividend of 2.09 pence per Ordinary Share for the quarter ended 31 March 2024, in line with its previously stated target of paying dividends of 8.35p for the year ended 31 March 2024.

The interim dividend of 2.09 pence will be paid on 28 June 2024 to shareholders on the register as at the close of business on 24 May 2024. The ex-dividend date is 23 May 2024.

https://www.investegate.co.uk/announcem ... on/8197052

Ian.