Acquisition

RNS Number : 4101A

NextEnergy Solar Fund Limited

22 December 2014

 

22 December 2014

NextEnergy Solar Fund Limited ("NESF")

Agreement to acquire two solar power plants totalling 28.0 MWp

-      Share purchase agreement signed to acquire the 20.0MWp Cock Hill solar power plant ("Cock Hill") for up to £23.3 million

-      Share purchase agreement signed to acquire 8.0MWp Llwyndu solar power plant ("Llwyndu") for up to £9.4 million

-      NESF has now secured ten assets for a total of c. 106 MWp for a total investment value of c. £125 million (c. 69% of equity proceeds raised to date)

NESF is pleased to announce the signing of two share purchase agreements ("SPA") to acquire two special purpose vehicles, respectively owning the Cock Hill and Llwyndu solar power plant projects.  Both plants will be constructed under separate Engineering, Procurement and Construction contracts negotiated by NESF's Investment Advisor, NextEnergy Capital Limited. 

The Cock Hill plant is located in Wiltshire, and is to be accredited under the 1.4 Renewable Obligation Certificate ("ROC") regime.  Construction of the plant has already begun, with internal roads and civil works well advanced and c. 90% of mounting system piles already installed.

The Llwyndu plant is located in Mid Wales, and is also to be accredited under the 1.4 ROC regime. Construction on Llwyndu is also underway, with the construction team having broken ground with almost 40% of mounting system piles already installed.

Both plants are to be connected to the grid by March 2015.  In the event either plant does not achieve the expected ROC regime, NESF has the right to terminate the respective SPA without incurring any financial penalties.

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
MHP Communications	020 3128 8100
Jamie Ricketts
Gina Bell

Notes to Editors:

NextEnergy Solar Fund

NextEnergy Solar Fund (www.nextenergysolarfund.com) is a specialist investment fund focused on operational solar photovoltaic 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.

 

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