NextEnergy Solar Fund (NESF) has today published information for investors regarding its proposed energy storage strategy. The document provides details on how NESF will take advantage of energy storage opportunities in the UK to complement and diversify its existing large portfolio of 99 solar assets. The report is comprehensive and so we would recommend readers take a look (click here to read). The executive summary is reproduced below:
- NextEnergy Solar Fund (“NESF”) is a leading specialist solar+ investment company in the renewable energy sector. NESF has 91 solar power projects in the UK, widely distributed along the distribution network.
- NESF has been investing in energy storage projects since 2018 and has built up considerable expertise in managing energy storage assets and running them in conjunction with solar plants. NESF is also progressing projects to retrofit energy storage assets onto its existing assets where feasible.
- Currently, NESF has two operating small-scale batteries, is finalising the construction of a 50MWh battery in Scotland, and is preparing the construction of a 250MWh battery in Norfolk.
- NESF intends to expand its energy storage activities and is consulting with shareholders to amend its existing investment policy to increase the limit in standalone energy storage systems (not ancillary to or co-located with solar PV assets owned by the Company) from 10% up to 25% of the Gross Asset Value (“GAV”) (calculated at the time of investment). All other policy limits are to remain the same.
- This will enable NESF to take advantage of existing energy storage opportunities in the UK via its relationship with EelPower Ltd, which will complement and diversify NESF’s existing large portfolio of solar assets.