The Company may invest in standalone energy storage systems (not ancillary to or co-located with solar PV assets owned by the Company) up to an aggregate limit of 10% of the Gross Asset Value (calculated at the time of investment).
Private Equity Limit: 15%
15% of the Gross Asset Value may be invested in solar assets through private equity structures (calculated at the time of investment).
Geographical Limit: 30%
The Company is permitted to invest up to 30% of GAV (at the time of investment) in OECD countries outside the UK
The Company may acquire an interest in solar PV assets located in non-OECD countries where those assets form part of a portfolio of solar PV assets in which the Company acquires an interest and where the Company’s aggregate investment in any such assets is, at the time any such investment is made, not greater than 3% of the Gross Asset Value
Development Limit: 10%
The Company mostly acquires operating solar assets, but it may also invest in solar assets that are under development (that is, at the stage of origination, project planning or construction) when acquired.
Such assets in aggregate will not constitute (at the time of investment) more than 10% of GAV
Single Asset Limit: 30%
No single investment by the Company in any one solar asset will constitute (at the time of investment) more than 30% of GAV.
In addition, the four largest solar assets will not constitute (at the time of investment) more than 75% of GAV.
Gearing Level: 50%
Leverage of up to 50% of GAV
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