Acquisition

RNS Number : 0333G

NextEnergy Solar Fund Limited

01 May 2014

 



1 May 2014         

NextEnergy Solar Fund Limited ("NESF")

Acquisition of first operating solar power plant

-     First operating solar plant totalling 6.1MWp acquired for £7.11 million

-     Significant operating track record at plant facilitated technical, financial and operating due diligence

-     Investment accounts for c. 8% of NESF's IPO proceeds

NESF is pleased to announce the acquisition of a special purpose vehicle ("SPV"), owning an operating solar power plant.  The acquired plant is the Higher Hatherleigh Solar Power Plant ("Higher Hatherleigh"), located in Somerset, which was energised in April 2013.  The plant is accredited under the 1.6 Renewable Obligation Certificate regime ("ROCS") and has been accruing revenues since its energisation.  NESF has acquired the plant for a consideration of £7.11 million (£1.165M/MWp) and retains all net cash flows accrued since energisation. Five per cent of this consideration sum has been withheld by NESF for one year and is payable based on the performance of the plant.

The plant was identified in NESF's Prospectus as a 'core shortlist' asset.  The capital committed in the acquisition amounts to c. 8% of the proceeds raised in NESF's recent IPO.  The acquisition was undertaken on a full-equity basis.

Commenting on the acquisition, Kevin Lyon, Chairman of NESF, said:

"Acquiring this operating asset represents the first significant step in deploying the capital raised via NESF's IPO, in accordance with its investment policy.  The plant has a lengthy operating history which enabled us to conduct effective due diligence and evaluate the quality of its construction, components and historical performance.  We look forward to announcing further progress on investing the IPO proceeds shortly.

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.

 

END

 

 

ACQUAUVRSUAVRRR