Modern Slavery Statement

Slavery and Human Trafficking Statement January 2024 

[Download pdf statement here]

NextEnergy Solar Fund  (“NESF”)

Business Principles:

Modern slavery and human trafficking are grave forms of human rights abuse and entirely incompatible with both NextEnergy Solar Fund’s ethics as a listed renewable investment company, and those of its investment adviser, NextEnergy Capital.

The Board of NextEnergy Solar Fund supports the prevention of modern slavery and human trafficking in its own operations and throughout NextEnergy Solar Fund’s supply chain.  NextEnergy Solar Fund is committed to maintaining the highest possible standards of ethical behaviour and expects the same of all its business partners and broader stakeholders.

NextEnergy Solar Fund acts on its commitment through NextEnergy Capital. As part of NextEnergy Group, NextEnergy Capital’s commitment to respect human rights is guided by the United Nations Declaration of Human Rights and recognises the OECD Guidelines on Multinational Enterprises and the UN Guiding Principles of Business and Human Rights as the frameworks through which to identify and manage human rights risks associated with its operations, supply chain, and throughout its business relationships.  This is reflected in the NextEnergy Sustainable Investment Policy and Human Rights Position Statement.

Active Management:

The majority of services supplied to or on behalf of NextEnergy Solar Fund are managed by NextEnergy Capital as the investment adviser.

As part of NextEnergy Group, NextEnergy Capital approaches the subject of human rights with the utmost importance and is committed to preventing modern slavery in its own activities and those related to its business relationships, including its own supply chain and supply chains for all assets under management.

NextEnergy Group is a signatory to:

• The UK industry supply chain statement;
• The Solar Stewardship Initiative Joint Industry Endorsement Statement; and
• The US Solar Industry Forced Labor Prevention Pledge.

NextEnergy Group is also a sponsor and supporter of the Solar Stewardship Initiative, which has developed a solar-specific ESG standard that includes human and labour rights.

NextEnergy Group’s ESG team has established a market-leading Environmental, Social and Governance (“ESG”) framework including policy commitments, a rigorous due diligence process, and a transparent reporting and stakeholder engagement process.  The due diligence process is extended to the supply chain, including solar pv modules and other manufacturers.  Based on responses to a comprehensive questionnaire, interviews, and publicly available information, the ESG team uses a proprietary tool to carry out a detailed screening of suppliers prior to selection.  This includes, for example, product and material origins, working practices, human rights standards, and environmental and emissions profiles, such as the carbon intensity of manufacturing processes. NextEnergy Group’s ESG framework is applied to all sourcing managed on behalf of NextEnergy Solar Fund.

NextEnergy Group’s ESG team is also directly involved in wider industry initiatives to promote and enhance supply chain transparency.  More information is available in the Investment Adviser’s approach to ensuring a responsible supply chain, which is disclosed publicly.

NextEnergy Solar Fund and NextEnergy Group continue to maintain strong engagement with our stakeholders, including business partners, investors, governments and NGOs, industry associations, and human rights experts to address these issues collectively, drive continuous improvement, and contribute to positive outcomes.

Ongoing Commitment:

NextEnergy Solar Fund recognises that modern slavery and human trafficking risks require constant commitment and vigilance.  On behalf of NextEnergy Solar Fund, NextEnergy Group will continue to identify opportunities to further reduce the risk of human trafficking and modern slavery, increase transparency in NextEnergy Solar Fund operations and supply chain and respond effectively to new risks as they are identified.

This statement has been reviewed and approved by the NextEnergy Solar Fund Limited Board of Directors

Title: Helen Mahy

Position: Chair of NextEnergy Solar Fund Limited

Issued Date: 31.01.2024