NextEnergy Solar Fund Limited Issuance of Preference Shares (2219H)
14 November 2018 - 12:58AM
UK Regulatory
TIDMNESF
RNS Number : 2219H
NextEnergy Solar Fund Limited
13 November 2018
13 November 2018
NextEnergy Solar Fund Limited
("NESF" or "Company")
Completion of the Subscription Agreement and
Issuance of 100,000,000 Preference Shares following the EGM
results
-- Completion of the Subscription Agreement with AIP Solco Limited (the "Investor")
-- Issuance of 100,000,000 Preference Shares at 100p per share for a total amount of GBP100m
-- Net proceeds intended to be used to repay certain existing debt facilities
Further to the announcement on 8 November 2018 of the results of
the Extraordinary General Meeting ("EGM"), NESF is pleased to
announce the completion of the Subscription Agreement dated 15
October 2018 between the Company and the Investor.
A total of 100,000,000 Preference Shares were issued to the
Investor on 12 November 2018 for a total amount of GBP100m.
The proceeds will be used to repay existing debt facilities and
optimise the Company's capital structure as indicated by the
Company in the Circulars dated 16 October 2018 and 23 October
2018.
Pursuant to the resolutions passed at the EGM, the Company has
the authority to issue a further 100,000,000 Preference Shares
before the next Annual General Meeting.
Capitalised terms not defined in this announcement bear the
meanings given to them in the announcement dated 16 October
2018.
For further information:
NextEnergy Capital Limited
Michael Bonte-Friedheim
Aldo Beolchini 020 3746 0700
Cantor Fitzgerald Europe
Robert Peel 020 7894 7667
Fidante Capital
John Armstrong-Denby 020 7832 0900
Shore Capital
Anita Ghanekar 020 7408 4090
Macquarie Capital (Europe) Limited
Nick Stamp 020 3037 2000
MHP Communications
Oliver Hughes 020 3128 8100
Ipes (Guernsey) Limited
Nicholas Robilliard 01481 755 137
Notes to Editors:
NESF is a specialist investment company that invests primarily
in operating solar power plants in the UK. It is able 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 preference shares of GBP100m in issue and
credit facilities outstanding of c.GBP365m in place (GBP149m from a
syndicate including MIDIS, NAB and CBA; MIDIS: GBP54m; ING GBP32m;
UniCredit GBP32m; Santander GBP40m; and Bayerische Landesbank
GBP58m).
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.
Issuance of preference shares
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END
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