NextEnergy Solar buys 2 UK plants totalling 45.4 MWp
Apr 13, 2015 11:29 CEST
April 13 ( SeeNews) – NextEnergy Solar Fund Ltd (LON:NESF) today said it has agreed to acquire two UK solar power plants with a combined capacity of 45.4 MWp and has now fully deployed its equity proceeds.
The fund will buy the 33.7-MWp Glebe Farm solar park in Bedfordshire for up to GBP 40.5 million (USD 59.1m/EUR 55.8m). It will also pay up to GBP 14.2 million for the 11.7-MWp Hawkers Farm solar facility in Somerset.
Both solar farms are being accredited to get 1.4 Renewables Obligation Certificates (ROCs) per MWh. They were connected to the grid in March, before RO subsidies ended for large-scale solar on April 1. The facilities were built under a contract agreed by the fund’s investment advisor, NextEnergy Capital Ltd.
The acquisitions mean that NESF, which invests in operating solar power plants in the UK, has now secured 17 assets and has fully committed the GBP 246.6 million of equity raised since its flotation in London a year ago. The 17 assets have a combined capacity of 217 MWp and total investment value of around GBP 252 million.
The fund said it will use its revolving credit facility of up to GBP 31.5 million to finance any amounts not covered by its equity funding and additional short-term investment opportunities.
“NESF expects to secure further acquisitions in short order, financed by the debt facility we have in place, and is actively exploring further debt funding sources,” said NESF chairman Kevin Lyon.
(GBP 1. 0 = USD 1.459/EUR 1.378)
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