5 Jul 2017 14:27
Ventus 2 VCT plc (the "Company")
Refinancing of investee companies
We are pleased to announce that Temporis Capital has closed the refinancing of two of the Company's investments, which own and operate wind farms at Eye and Weston in East Anglia and between them have a generating capacity of 10.8MW.
Bayern LB provided term loans of £11.5m between the two investee companies, at a blended rate of
3.83% and over a term of 14 years. The debt is fixed price and fully amortising. The proceeds repay loan facilities taken out in 2013 to fund construction of the two wind farms.
A third refinancing, for the Company's investment in the North Pickenham windfarm, also with Bayern
LB and on similar terms, is expected to close shortly.
The reduced cost of debt will increase cashflow to the Company from the two investee companies, enhancing value for shareholders. This is part of the Board's continuing strategy to enhance value to shareholders through active management of the Company's assets.
For and on behalf of the Board
Alan Moore
Chairman
5th July 2017