Acquisition

RNS Number : 6529G

NextEnergy Solar Fund Limited

09 May 2014

 



9 May 2014         

NextEnergy Solar Fund Limited ("NESF")

Acquisition of second operating solar power plant

-      Second operating solar plant totalling 6.3MWp acquired for £7.98 million

-      Plant's operating track record in excess of one year facilitated technical, financial and operating due diligence

-      Investment accounts for c. 9% of NESF's IPO proceeds

-      Total of c. 18% of IPO proceeds now invested across two operating assets

NESF is pleased to announce the acquisition of a special purpose vehicle, owning an operating solar power plant.  The acquired plant is Shacks Barn Solar Power Plant, located in Northamptonshire, which was energised in March 2013.  The plant is accredited under the 2.0 Renewable Obligation Certificate (ROC) regime and has been accruing revenues since its energisation.  NESF has acquired the plant for a consideration of £7.98 million (£1.265m / MWp) and retains all net cash flows accrued since energisation.  Seven per cent of the consideration has been withheld by NESF for up to one year and is payable based on the performance of the plant and pending completion of minor technical activities.

The plant was identified in NESF's Prospectus as a 'core shortlist' asset, and acquired on a full-equity basis.  The capital committed in the acquisition amounts to c. 9% of proceeds raised in NESF's IPO. 

Commenting on the acquisition, Kevin Lyon, Chairman of NESF, said:

"This second acquisition is a further step in deploying NESF's capital.  Similar to our first acquisition, this plant has a lengthy operating history which enabled us to conduct effective due diligence and evaluate the quality of its construction, components and historical performance.  We now have one 2.0 ROC project and one 1.6 ROC project, and look forward to announcing further acquisitions in due course."

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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