Last checked at 
10 Jul 2018 07:00
10th July 2018
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NextEnergy Solar Fund Limited
("NESF" or the "Company")
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Acquisition of ten operating solar plants in the UK with total installed capacity of 66.8MWp and New Revolving Credit Facility
路 Share purchase agreement signed to acquire a portfolio ("Portfolio") of ten operating solar plants totalling 66.8MWp located in the South West of England, for a total equity investment value including cash and working capital of 拢42.2m
路 The assets were purchased with a long-term debt facility of 拢58.3m already in place
路 All sites were connected to the grid prior to March 2014
路 NESF has entered into and fully drawn down a Revolving Credit Facility ("RCF") of 拢40 million to finance part of the transaction
路 The acquisition increases NESF's operating portfolio to 85 assets with a total capacity of 689.4MWp and a total investment value of 拢890.1m
Acquisition
NESF, a specialist investment company that invests primarily in UK solar power plants, is pleased to announce the signing and completion of a share purchase agreement for the acquisition of ten operating solar plants with a total installed capacity of 66.8 MWp.
The Portfolio has a long-term debt facility amounting to 拢58.3m in place across all assets, previously entered into by the vendor. This facility matures in 2033.
All ten assets were connected to grid between 2012 and 2014 with subsidies, including six assets with renewable obligations certificates ("ROC") of 1.6, and four assets with feed-in-tariffs ("FiT"). All projects are fully constructed, connected and generating electricity.
The Portfolio comprises:
路 Hook (1.6 ROC, 15.3 MWp, Somerset)
路 Whitley (1.6 ROC, 7.6 MWp, Somerset)
路 Saundercroft (1.6 ROC, 7.2 MWp, Devon)
路 Blenches (1.6 ROC, 6.1 MWp, Wiltshire)
路 Burrowton (1.6 ROC, 5.4 MWp, Devon)
路 Raglington (1.6 ROC, 5.7 MWp, Hampshire)
路 Chilton Cantello (FiT - 10.34p/kWh, 5.0 MWp, Somerset)
路 Crossways (FiT -10.34p/kWh, 5.0 MWp, Dorset)
路 Wyld Meadow (FiT -8.01p/kWh, 4.8 MWp, Dorset)
路 Knockworthy (FiT - 7.71p/kWh, 4.6 MWp, Cornwall)
The acquisitions increase NESF's operating portfolio to 85 assets with a total capacity of 689.4 MWp and total investment value of 拢890.1m.
NESF continues to pursue further transactions from its pipeline of acquisition opportunities and expects to announce additional investments in due course.
New Revolving Credit Facility
NESF is pleased to announce the closing of a RCF of 拢40.0 million with Santander. The Facility has been fully drawn down to finance the acquisition and expires in July 2020.
Following this transaction, NESF's gearing is c.39% of Gross Asset Value, based on a Net Asset Value of 拢605m as at 31 March 2018 plus current debt outstanding of 拢384.7 million.
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For further information:
NextEnergy Capital Limited | 020 3746 0700 |
Michael Bonte-Friedheim | 聽 |
Aldo Beolchini | 聽 |
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Cantor Fitzgerald Europe | 020 7894 7667 |
Sue Inglis Robert Peel | 聽 |
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Fidante Partners Europe Limited | 020 7832 0900 |
Tom Skinner Justin Zawoda-Martin | |
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Shore Capital | 020 7408 4090 |
Anita Ghanekar | |
Macquarie Capital (Europe) Limited | 020 3037 2000 |
Nick Stamp | |
MHP Communications | 020 3128 8100 |
Oliver Hughes 聽 | |
Ipes (Guernsey) Limited | 01481 713 843 |
Nick Robilliard | |
Notes to Editors:
NESF is a specialist investment company that invests primarily in operating solar power plants in the UK. It has the authority to invest up to 15% of its Gross Asset Value in operating solar power plants in OECD countries outside the UK. The Company's 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 拢592m since its initial public offering on the main market of the London Stock Exchange in April 2014. It also has credit facilities of c.拢385m in place (拢149m from a syndicate including MIDIS, NAB and CBA; MIDIS: 拢54m; ING 拢32m; Santander 拢40m; Bayerische Landesbank 拢58m and UniCredit 拢32m).
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 and over the course of its activities has provided operating asset management, monitoring, technical due diligence and other services to over 1,300 utility-scale solar power plants with an installed capacity in excess of 1.9 GW.
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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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