Acquisition

RNS Number : 5584V

NextEnergy Solar Fund Limited

29 October 2014

 



29 October 2014

NextEnergy Solar Fund Limited ("NESF")

Agreement to acquire 10.2MWp solar power plant

-      Share purchase agreement signed to acquire the 10.2MWp Condover solar power plant ("Condover")

-      Total acquisition value of up to £11.7 million

-      Purchase to be completed at PAC

-      IPO proceeds of £85.6m now fully allocated across eight assets for a total of c. 78MWp

-      £6.6 million (represents c. 21%) of Revolving Credit Facility ("RCF") allocated as required to cover Condover's investment value beyond IPO proceeds

NESF is pleased to announce the signing of a share purchase agreement ("SPA") to acquire a special purpose vehicle ("SPV") owning the Condover solar power plant project, which is located in Shropshire. 

Condover will be constructed under an Engineering, Procurement and Construction contract ("EPC") negotiated by NESF's Investment Manager, NextEnergy Capital Limited.  Under the terms of the EPC, Condover is expected to achieve commissioning by March 2015.  The plant is to be accredited under the 1.4 Renewable Obligation Certificate regime.   In the event Condover is not commissioned by March 2015, NESF has the right to terminate the SPA and not acquire the plant.

NESF has committed to acquire the SPV following the issuance of the preliminary acceptance certificate ("PAC"), subject to certain timing and performance criteria being achieved, for a total consideration of up to £11.7 million.  PAC is expected to occur during April 2015.  NESF is funding the commitment through a combination of its IPO proceeds and access to the RCF.

For further information:

NextEnergy Capital Limited	020 3239 9054
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe	020 7894 7667
Sue Inglis
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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