Acquisition

RNS Number : 2599K

NextEnergy Solar Fund Limited

23 June 2014

 



23 June 2014

NextEnergy Solar Fund Limited ("NESF")

Agreement to acquire 9.4MWp solar power plant

-      Share purchase agreement signed to acquire 9.4MWp Gover Farm solar power plant

-      Total acquisition value of up to £10.5 million

-      Purchase conditional on issuance of preliminary acceptance certificate ("PAC")

-      PAC to be achieved by August 2014

-      Commitment accounts for c. 12% of NESF's IPO proceeds

-      Total of c. 30% of IPO proceeds now allocated across three assets for a total of c. 22MWp

NESF is pleased to announce the signing of the share purchase agreement ("SPA") to acquire a special purpose vehicle ("SPV") owning the rights to construct a solar power plant.  The plant is Gover Farm Power Plant ("Gover Farm"), located in Cornwall. 

Gover Farm will be constructed under an Engineering, Procurement and Construction contract ("EPC") negotiated by NESF.  Under the terms of the EPC, the plan is to achieve PAC by August 2014.  The plant will 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 £10.5 million.

The plant was identified in NESF's Prospectus as a 'core shortlist' asset, and will be acquired on a full-equity basis.  The capital committed to the acquisition amounts to c. 12% of proceeds raised in NESF's IPO. 

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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