TIDMNESF
RNS Number : 1200U
NextEnergy Solar Fund Limited
05 April 2016
5 April 2016
NextEnergy Solar Fund Limited (the "Company")
Acquisition of a portfolio of five operating plants totalling
84.2MWp
-- Acquisition contracts for a portfolio of five operating
plants totalling 84.2MWp ("Portfolio") for GBP97.9 million
executed
-- Completion of acquisition expected by mid-April
-- Portfolio comprises Great Wilbraham (38.1MWp), Branston
(18.9MWp), Bottom Plain (10.1MWp), Emberton (9.0MWp) and Berwick
(8.2MWp) (the "Plants")
-- All plants connected and accredited under 1.4 Renewable
Obligation Certificate ("ROC") regime
-- NESF has put in place a long-term fully-amortising project
financing ("Project Financing") of GBP55 million, with expiry in
2034, in conjunction with the acquisition
-- Remainder of acquisition value financed via a combination of
NESF's available cash from operations and existing revolving credit
facility ("RCF")
-- NESF has now secured 33 assets totalling 414 MWp with a total
investment value of GBP480 million since its IPO in April 2014
NESF is pleased to announce the signing of the share purchase
agreement to acquire the Portfolio for a total net consideration of
GBP97.9 million (including transaction costs) plus working capital.
The Company expects the transaction to complete by mid-April.
The acquisition will be partially financed via a long-term
fully-amortising project financing, secured solely by the
Portfolio, of GBP55 million. The Project Financing has been
arranged for NESF by Macquarie Infrastructure Debt Investment
Solutions ("MIDIS") and expires in 2034. The Company will fund the
remainder of the total net consideration from available cash from
operations and via a further drawdown from its existing RCF.
Great Wilbraham (Cambridgeshire), Branston (Lincolnshire),
Emberton (Buckinghamshire) and Berwick (East Sussex) were
accredited for 1.4 ROCs during March 2015 and Bottom Plain (Dorset)
was accredited for 1.4 ROCs during December 2014.
Following acquisition of the Portfolio, NESF will own 33 solar
power plants with a total installed capacity of 414 MWp and an
investment value of GBP480 million. The portfolio is broadly
diversified from a geographical perspective and based on technology
suppliers and service partners. NESF will own the largest solar
portfolio among LSE-listed renewable energy funds once the
acquisition is finalised.
At completion, NESF will have drawn financial debt facilities of
GBP216.6 million, split between GBP100.4 million of long-term
fully-amortising project financing and GBP116.2 million of
short-term facilities. The Company's NAV at 31 December 2015
amounts to GBP275.2 million.
NESF has been informed by NextEnergy Capital Limited ("NEC"),
the Investment Advisor, that NEC is putting in place a share
purchase plan to acquire shares in the Company. The Company has
been informed by NEC that it intends to begin purchasing shares for
the plan shortly.
Kevin Lyon, Chairman of NESF, commented:
"We are particularly pleased with this acquisition. The
Portfolio is high quality, with good technology and commercial
counterparts, and has been performing solidly since connection. We
have secured it at attractive returns for the Company.
In conjunction with this acquisition, we are putting in place
additional long-term fully-amortising debt financing. At
completion, our financial structure, with debt-to-GAV of c. 44%,
will be close to the level we have been targeting. Of the total
debt in place, c.GBP100 million is long-term fully-amortising debt
secured at attractive terms and conditions to the Company.
Beyond this acquisition, our operating performance over the
portfolio for the financial year to date has been above
expectations, demonstrating our ability to manage our portfolio
effectively and efficiently. We expect the acquired Portfolio to
contribute to this outperformance going forward."
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
Rebecca Emery
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 GBP285.4m since its initial
public offering on the main market of the London Stock Exchange in
April 2014. It also has credit facilities of GBP223.1m in place
(Macquarie: GBP100m, arranged by MIDIS: GBP55.0m, Bayerische
Landesbank: GBP45.4m and NIBC: GBP22.7m).
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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April 05, 2016 02:00 ET (06:00 GMT)
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