Solar fund seeks shareholder approval to boost battery investments

NextEnergy Solar Fund (NESF) is seeking investor support to change its investment policy to allow it to invest more in battery storage.
The strategy change came as NESF and Eelpower Limited have announced a new £200 million joint venture for energy storage.
NESF is a specialist solar and energy storage fund that now has an installed power capacity of 865MW. It was already working with Eelpower in a £100 million joint venture announced last year, which now has its first 50MW battery under construction in Fife, Scotland that is expected to be grid-connected in the first half of 2023.
In the new joint venture, NESF ownership has increased to 75%, with Eelpower holding the remaining 25%. NextEnergy says it will “actively pursue a high-quality pipeline of over 500MW (£300 million) battery energy storage opportunities, which are already under exclusivity”.

However, utilisation of all the joint venture funding requires shareholder and FCA approval, as the company’s existing investment policy limits it to investing 10% of Gross Asset Value into energy storage.

NESF chair Kevin Lyon said: ” NESF has created a unique opportunity to become a key player in this space, whilst enhancing the existing portfolio of solar assets. Pending shareholder and FCA approval, NESF can further diversify and offer investors continued exciting growth prospects.”

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