Acquisition

RNS Number : 2197R

NextEnergy Solar Fund Limited

09 September 2014

 



9 September 2014

NextEnergy Solar Fund Limited ("NESF")

Agreement to acquire 14.5MWp solar power plant

- Share purchase agreement signed to acquire 14.5MWp Poulshot solar power plant

- Total acquisition value of up to £15.2 million assuming 1.4 ROC accreditation

- Purchase to be completed at commissioning

- Commitment accounts for c. 18% of NESF's IPO proceeds

- Total of c. 90% of IPO proceeds now allocated across seven assets for a total of c. 68MWp

NESF is pleased to announce the signing of the purchase agreement to acquire a special purpose vehicle ("SPV") owning the Poulshot solar power plant ("Poulshot"). Poulshot is located in Wiltshire.

Poulshot will be constructed under an Engineering, Procurement and Construction contract ("EPC") negotiated by NESF. Under the terms of the EPC, Poulshot is to achieve commissioning by February 2015. The plant is to be accredited under the 1.4 Renewable Obligation Certificate regime.

NESF has committed to acquire the SPV, subject to certain timing and performance criteria being achieved, for a total consideration of up to £15.2 million. The capital committed to the acquisition amounts to c. 18% of proceeds raised in NESF's IPO, resulting in a total of c. 90% of IPO proceeds now committed to seven plants.

NextEnergy Capital Limited        020 3239 9054

Michael Bonte-Friedheim

Aldo Beolchini

Cantor Fitzgerald Europe             020 7894 7667

Sue Inglis

Gareth Price

Shore Capital                                     020 7408 4090

Bidhi Bhoma

Anita Ghanekar

MHP Communications                  020 3128 8100

Rupert Trefgarne

Jamie Ricketts

Notes to Editors:

NextEnergy Solar Fund

NextEnergy Solar Fund (www.nextenergysolarfund.com) is a specialist investment fund focused on operational solar photovoltaic ("PV") assets located in the UK. The Company intends to provide investors with a sustainable and attractive dividend that increases in line with RPI over the long term and an element of capital growth through the re-investment of net cash generated in excess of the target dividend.

Further information on NextEnergy Capital and WiseEnergy is available at www.nextenergycapital.com and www.wise-energy.eu.

 

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