NextEnergy Solar Fund Limited Acquisition (4490N)
28 Julho 2014 - 3:00AM
UK Regulatory
TIDMNESF
RNS Number : 4490N
NextEnergy Solar Fund Limited
28 July 2014
28 July 2014
NextEnergy Solar Fund Limited ("NESF")
Agreement to acquire 14.9MWp solar power plant
- Share purchase agreement signed to acquire 14.9MWp Ellough solar power plant
- Total acquisition value of up to GBP18.0 million assuming 1.4 ROC accreditation
- Plant commissioned in March 2014, currently operating in line with expectations
- Commitment accounts for c. 21% of NESF's IPO proceeds
- Total of c. 73% of IPO proceeds now allocated across six assets for a total of c. 53MWp
- NESF on track for full-year dividend payout of 5.25p per ordinary share
NESF is pleased to announce the signing of the purchase
agreement to acquire a special purpose vehicle ("SPV") owning the
Ellough solar power plant ("Ellough"). Ellough is located in
Suffolk.
The plant was commissioned in March 2014 and has been in
operation since then. All accrued revenues will be retained by
NESF. NESF is acquiring Ellough assuming that it will be accredited
under the 1.4 Renewable Obligation Certificate ("ROC") regime. NESF
has acquired the SPV for a total consideration of up to GBP18.0
million.
The plant was identified in NESF's Prospectus as a 'core
shortlist' asset, and will be acquired on a full-equity basis. The
capital committed to the acquisition at 1.4 ROCs amounts to c. 21%
of proceeds raised in NESF's IPO.
In the event the plant is accredited under the 1.6 ROC regime,
NESF will pay the seller an additional consideration, structured
such that NESF's financial project returns remain unchanged. In
that event, the total acquisition value will amount to GBP19.4
million. The final accreditation ruling is expected in August.
Commenting on the acquisition, Kevin Lyon, Chairman of NESF,
said:
"With the acquisition of Ellough, NESF has achieved a
significant milestone in the deployment of our capital. We now have
approximately three quarters of our IPO proceeds committed to a
diversified portfolio of solar power projects. The majority of
capital deployed has been committed to operating plants.
We have achieved this milestone in less than three months from
our IPO, demonstrating the team's transaction execution abilities.
I expect further acquisitions to be announced shortly allowing us
to deploy substantially all of the capital raised to date."
NextEnergy Capital Limited 020 3239 9054
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Gareth Price
Shore Capital 020 7408 4090
Bidhi Bhoma
Anita Ghanekar
MHP Communications 020 3128 8100
Rupert Trefgarne
Jamie Ricketts
Notes to Editors:
NextEnergy Solar Fund
NextEnergy Solar Fund (www.nextenergysolarfund.com) is a
specialist investment fund focused on operational solar
photovoltaic ("PV") assets located in the UK. The Company intends
to provide investors with a sustainable and attractive dividend
that increases in line with RPI over the long term and an element
of capital growth through the re-investment of net cash generated
in excess of the target dividend.
Further information on NextEnergy Capital and WiseEnergy is
available at 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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