NextEnergy Solar Fund Limited Acquisition (4966Q)
18 Junho 2015 - 3:01AM
UK Regulatory
TIDMNESF
RNS Number : 4966Q
NextEnergy Solar Fund Limited
18 June 2015
18 June 2015
NextEnergy Solar Fund Limited ("NESF", the "Company")
Agreements signed to acquire two solar power plants totalling
17.8MWp
- Share purchase agreement ("SPA") signed to acquire 9.3MWp
Bowerhouse solar power plant ("Bowerhouse") for up to GBP11.1
million
- Bowerhouse was connected to the grid on 27 March 2015 and is
to be accredited under the 1.4 Renewable Obligation Certificate
("ROC") regime
- Share purchase agreement signed to acquire 8.5MWp
Wellingborough solar power plant ("Wellingborough") for up to
GBP10.9 million
- Wellingborough was connected to the grid on 30 March 2014 and
is accredited under the 1.6 ROC regime
- NESF has now secured 18 assets totalling c. 234.5MWp and a
total investment value of c. GBP274 million (c. 111% of equity
proceeds raised to date)
- The Company continues to progress additional investment opportunities
- NESF will utilise its revolving credit facility of GBP31.5
million to finance any consideration not covered by its available
equity funding; plans are underway to expand this debt facility
- Intention to secure further equity funding under the Placement
Programme announced in November 2014
NESF is pleased to announce the signing of two SPAs to acquire
the special purpose vehicles which own the Bowerhouse and the
Wellingborough solar power plants, respectively.
Bowerhouse is located in Somerset, and is to be accredited under
the 1.4 ROC regime. The plant was connected to the grid on 27 March
2015 and the SPA will be completed upon achievement of the
preliminary acceptance certificate ("PAC"), which NESF expects to
be issued in June 2015.
Wellingborough is located in Northamptonshire, and is accredited
under the 1.6 ROC regime. The plant was connected to the grid on 30
March 2014 and has already achieved PAC. The SPV will contain the
equivalent of the calculated net operating income since grid
connection.
Kevin Lyon, Chairman of NESF, commented:
"We continue to make good progress in line with our growth
objectives. The Company is considering a number of additional
acquisition opportunities which we will finance using our current
debt facility. Given the extent of the portfolio under
consideration, we expect to expand our debt facilities in short
order to enable us to continue to close acquisitions rapidly on
attractive assets as they mature.
Under the Placing Programme announced in November 2014, having
raised GBP161m over the past eight months, we can still potentially
raise in excess of GBP95m. Given our continuing pipeline of deals,
we plan to undertake further equity raises during the rest of 2015
to utilise this capacity."
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 more than GBP246.6m 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 1,200 utility-scale solar power plants with an
installed capacity in excess of 1.5 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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