NextEnergy Solar Fund Limited Two Acquisitions (9653J)
April 13 2015 - 2:00AM
UK Regulatory
TIDMNESF
RNS Number : 9653J
NextEnergy Solar Fund Limited
13 April 2015
13 April 2015
NextEnergy Solar Fund Limited ("NESF")
Two acquisitions with a combined 45.4MWp; equity proceeds fully
deployed
- Share purchase agreement signed to acquire the operational
33.7MWp Glebe Farm solar power plant in Bedfordshire ("Glebe Farm")
for up to GBP40.5 million
- Share purchase agreement signed to acquire the operational
11.7MWp Hawkers Farm solar power plant in Somerset ("Hawkers Farm")
for up to GBP14.2 million
- NESF has now secured 17 assets totalling c. 217MWp and a total
investment value of c. GBP252 million
- NESF has fully deployed the GBP246.6 million equity proceeds
raised since its IPO in April 2014
- NESF will utilise its revolving credit facility to finance any
amounts not covered by its available equity funding and to fund
further short-term investment opportunities
NESF is pleased to announce the signing of two separate share
purchase agreements, with unrelated counterparties, to acquire
special purpose vehicles which own Glebe Farm and Hawkers Farm.
Both plants were constructed under Engineering, Procurement and
Construction contracts negotiated by NESF's investment advisor,
NextEnergy Capital Limited.
Both plants were connected to the grid during March 2015, and
are being accredited under the 1.4 Renewable Obligation Certificate
("ROC") regime.
NESF will utilise its revolving credit facility of up to GBP31.5
million to finance any amounts not covered by its available equity
funding and further short-term investment opportunities.
Kevin Lyon, Chairman of NESF, commented:
"We have now deployed all of the equity raised since our IPO a
year ago, and have allocated the GBP61m raised in late February
within seven weeks. In total, NESF has acquired 17 individual
assets, demonstrating the team's ability to source and execute
attractive transactions.
"NESF expects to secure further acquisitions in short order,
financed by the debt facility we have in place, and is actively
exploring further debt funding sources."
For further information:
NextEnergy Capital Limited 020 3239 9054
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Shore Capital 020 7408 4090
Bidhi Bhoma
Anita Ghanekar
Macquarie Capital (Europe)
Limited 020 3037 2000
Ken Fleming
Nick Stamp
MHP Communications 020 3128 8100
Andrew Leach
Jamie Ricketts
Gina Bell
Notes to Editors:
NextEnergy Solar Fund (NESF)
NESF is a specialist investment company that invests in
operating solar power plants in the UK. Its objective is to secure
attractive shareholder returns through RPI-linked dividends and
long-term capital growth. The Company achieves this by acquiring
solar power plants on agricultural, industrial and commercial
sites.
NESF has raised equity proceeds of GBP246.6 million since its
initial public offering on the main market of the London Stock
Exchange in April 2014. It also has a two-year revolving credit
facility of GBP31.5m in place.
NESF is differentiated by its access to NextEnergy Capital Group
(NEC Group), its Investment Manager, which has a strong track
record in sourcing, acquiring and managing operating solar assets.
WiseEnergy is NEC Group's specialist operating asset management
division, providing solar asset management, monitoring and other
services to over 1,000 utility-scale solar power plants with an
installed capacity in excess of 1 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at www.nextenergysolarfund.com, www.nextenergycapital.com
and www.wise-energy.eu.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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