NextEnergy Solar Fund Limited Project Finance Debt Facility (5651T)
21 July 2015 - 4:00PM
UK Regulatory
TIDMNESF
RNS Number : 5651T
NextEnergy Solar Fund Limited
21 July 2015
21 July 2015
NextEnergy Solar Fund Limited ("NESF", or the "Company")
Project Finance Debt Facility
- NESF has signed a debt facility with NIBC Bank N.V. ("NIBC")
for GBP22.7 million ("NIBC Facility")
- NIBC Facility has been employed to finance NESF's Cock Hill
and Llwyndu projects and is fully drawn
- NESF also has currently drawn GBP24 million of the GBP31.5
million available under its revolving credit facility ("RCF") with
Macquarie Bank Limited ("Macquarie")
- Total debt drawn under Macquarie RCF and NIBC Facility amounts
to GBP46.7 million, with GBP7.5 million remaining available under
the RCF
NESF is pleased to announce the closing of a debt facility of
GBP22.7 million with NIBC. The NIBC Facility has been drawn down to
finance NESF's Cock Hill (20.0MWp) and Llwyndu (9.4MWp) projects.
The total investment value of the two projects amounts to
GBP32.7million.
NIBC previously financed the construction of the two projects
for the vendor from which NESF acquired them. The upfront costs to
NESF favourably reflect NIBC's previous involvement in and
knowledge of the two projects and the remaining terms of the
facility are in line with current market conditions. The NIBC
Facility has a 12-month duration, with a further 12-month extension
available (which is not to be unreasonably withheld).
The Company has also started to make use of its RCF, having
drawn down to date GBP24 million, which has been utilised to fund
its previously announced acquisitions. The sum of drawings under
both debt facilities amounts to GBP46.7 million.
Kevin Lyon, Chairman of NESF, commented:
"We continue to grow the Company's asset base and, as previously
announced, are using existing and new debt facilities to fund the
latest additions to our portfolio. We expect to continue to expand
our debt funding sources.
NESF intends to refinance the debt facilities in due course
either via the issuance of long-term debt products or via future
placements of new shares in the Company."
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
Macquarie Capital (Europe)
Limited 020 3037 2000
Ken Fleming
Nick Stamp
MHP Communications 020 3128 8100
Andrew Leach / Jamie Ricketts / Eleanor Mahmoud
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 GBP246.6m since its initial
public offering on the main market of the London Stock Exchange in
April 2014. Its credit facilities include a two-year revolving
facility of GBP31.5m from Macquarie and a GBP22.7 million facility
from NIBC.
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 1,200 utility-scale solar power plants with an
installed capacity in excess of 1.5 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at www.nextenergysolarfund.com, www.nextenergycapital.com
and www.wise-energy.eu.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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