Acquisition

RNS Number : 6366I

NextEnergy Solar Fund Limited

27 March 2015

 

27 March 2015

NextEnergy Solar Fund Limited ("NESF")

Agreement signed to acquire a solar power plant of 16.5MWp

-      Share purchase agreement signed to acquire the 16.5MWp Croydon solar power plant in Cambridgeshire ("Croydon solar power plant") for up to £17.8 million

-      Croydon solar power plant was connected to the grid on 2 March 2015

-      NESF has now secured 15 assets for a total of c. 171.3MWp and a total investment value of c. £197 million (c. 80% of £246.6 million in equity proceeds raised to date)

NESF is pleased to announce the signing of the share purchase agreement ("SPA") to acquire a special purpose vehicle which owns Croydon solar power plant.  The plant was constructed under an Engineering, Procurement and Construction contract negotiated by NESF's investment advisor, NextEnergy Capital Limited. 

Croydon solar power plant is located in Cambridgeshire, and is being accredited under the 1.4 Renewable Obligation Certificate ("ROC") regime.  The SPV is expected to be acquired by NESF before the end of March 2015. 

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
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 £245m 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 £31.5m 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 1,000 utility-scale solar power plants with an installed capacity in excess of 1 GW.

Further information on NESF, NEC Group and WiseEnergy is available at www.nextenergysolarfund.com, www.nextenergycapital.com and www.wise-energy.eu.

 

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