NextEnergy Solar Fund Limited Acquisition and New Revolving Credit Facility (0797U)
10 July 2018 - 4:00PM
UK Regulatory
TIDMNESF
RNS Number : 0797U
NextEnergy Solar Fund Limited
10 July 2018
10(th) July 2018
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Acquisition of ten operating solar plants in the UK with total
installed capacity of 66.8MWp and New Revolving Credit Facility
-- 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 GBP42.2m
-- The assets were purchased with a long-term debt facility of GBP58.3m already in place
-- All sites were connected to the grid prior to March 2014
-- NESF has entered into and fully drawn down a Revolving Credit
Facility ("RCF") of GBP40 million to finance part of the
transaction
-- The acquisition increases NESF's operating portfolio to 85
assets with a total capacity of 689.4MWp and a total investment
value of GBP890.1m
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
GBP58.3m 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:
-- Hook (1.6 ROC, 15.3 MWp, Somerset)
-- Whitley (1.6 ROC, 7.6 MWp, Somerset)
-- Saundercroft (1.6 ROC, 7.2 MWp, Devon)
-- Blenches (1.6 ROC, 6.1 MWp, Wiltshire)
-- Burrowton (1.6 ROC, 5.4 MWp, Devon)
-- Raglington (1.6 ROC, 5.7 MWp, Hampshire)
-- Chilton Cantello (FiT - 10.34p/kWh, 5.0 MWp, Somerset)
-- Crossways (FiT -10.34p/kWh, 5.0 MWp, Dorset)
-- Wyld Meadow (FiT -8.01p/kWh, 4.8 MWp, Dorset)
-- 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 GBP890.1m.
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 GBP40.0
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 GBP605m as at 31 March
2018 plus current debt outstanding of GBP384.7 million.
For further information:
NextEnergy Capital Limited 020 3746 0700
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Robert Peel
Fidante Partners Europe Limited 020 7832 0900
Tom Skinner
Justin Zawoda-Martin
Shore Capital 020 7408 4090
Anita Ghanekar
Macquarie Capital (Europe) Limited 020 3037 2000
Nick Stamp
MHP Communications 020 3128 8100
Oliver Hughes
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 GBP592m since its initial
public offering on the main market of the London Stock Exchange in
April 2014. It also has credit facilities of c.GBP385m in place
(GBP149m from a syndicate including MIDIS, NAB and CBA; MIDIS:
GBP54m; ING GBP32m; Santander GBP40m; Bayerische Landesbank GBP58m
and UniCredit GBP32m).
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.
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 news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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