Government Response to RoC and FiT Consultation

LEI: 213800ZPHCBDDSQH5447

28 January 2026

NextEnergy Solar Fund Limited

("NESF" or "the Company")

 Government Response to Renewable Obligation Certificate and Feed in Tariff Consultation

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, notes today's UK Government Response to the formal consultation regarding the change to the inflation indexation of Renewable Obligation Certificate ("ROC") and Feed-in-Tariffs ("FiT") which impacts the Company.

The Government has confirmed it intends to pursue Option 1 - an immediate switch to CPI indexation from RPI - which means the UK Government would change the inflation measure for ROC buy-out prices and FiT prices from RPI to CPI, effective from April 2026.

As reported in the Company's interim results, the impact to NESF as at its 30 September 2025 Net Asset Value ("NAV") will be as follows:

A further update will be provided in February 2026 on the impact on NAV per Ordinary Share when the Company releases its Q3 NAV & Operating Update as at 31 December 2025.

Ross Grier, Chief Investment Officer of NextEnergy Capital said:

"The NextEnergy Solar Fund Board and NextEnergy Capital are grateful to the civil servants for engaging so proactively with the concerns we raised regarding this consultation. Whilst the selected option is the less disruptive of the two proposed, we remain disappointed that the Government is taking steps that are expected to harm investor confidence in Great British infrastructure at a time when we need more capital than ever to deliver the energy transition in a timely fashion."

Notes to Editors 1:

About NextEnergy Solar Fund

NextEnergy Solar Fund is a specialist solar energy and energy storage investment company that is listed on the Main Market of the London Stock Exchange.

NextEnergy Solar Fund'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.

As at 30 September 2025, the Company had an unaudited gross asset value of £1,029m. For further information please visit www.nextenergysolarfund.com

Article 9 Fund

NextEnergy Solar Fund is classified under Article 9 of the EU Sustainable Finance Disclosure Regulation and EU Taxonomy Regulation. NextEnergy Solar Fund's sustainability-related disclosures in the financial services sector are in accordance with Regulation (EU) 2019/2088 and can be accessed on the ESG section of both the NextEnergy Solar Fund and NextEnergy Capital websites.

About NextEnergy Group

NextEnergy Solar Fund 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 which now employs over 400 professionals. Since its inception, NextEnergy 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: has over 18 years of specialist solar expertise having invested in over 530 individual solar plants across the world. NextEnergy Capital currently manages four institutional funds with a total capacity in excess of 4GW and has funds under management of c.$4.8bn.  More information is available at www.nextenergycapital.com   

· WiseEnergy®:  is a leading specialist operating asset manager in the solar sector. Since its founding, WiseEnergy has provided solar asset management, monitoring and technical due diligence services to over 1,600 utility-scale solar power plants with an installed capacity in excess of 3.5GW.  More information is available at www.wise-energy.com

· Starlight: has developed over 100 utility-scale projects internationally and continues to progress a large pipeline of c.12GW of both green and brownfield project developments across global geographies.  More information is available at www.starlight-energy.com

Notes:

1: All financial data is unaudited at 30 September 2025, being the latest date in respect of which NextEnergy Solar Fund has published financial information.