Two new projects announced

RNS Number : 2254H

NextEnergy Solar Fund Limited

12 March 2015

 

12 March 2015

NextEnergy Solar Fund Limited ("NESF")

Two new projects announced

Agreements signed to acquire a solar power plant of 21.2MWp and to undertake Bilsham Phase Two comprising 2.6MWp

-      Share purchase agreement signed to acquire 21.2MWp Langenhoe solar power plant ("Langenhoe") for up to £22.9 million

-      Langenhoe connected to grid on 4 March, 2015

-      Development services agreement ("DSA") signed to build 2.6MWp Phase Two of Bilsham solar power plant ("Bilsham") for up to £3.2 million

-      NESF has now secured thirteen assets for a total of c. 148.3MWp and total investment value of c. £171.7 million (c. 70% of equity proceeds raised to date)

NESF is pleased to announce the signing of the share purchase agreement ("SPA") to acquire a special purpose vehicle ("SPV") owning Langenhoe.  The plant is being constructed under an Engineering, Procurement and Construction contract ("EPC") negotiated by NESF's investment adviser, NextEnergy Capital Limited.  Langenhoe was connected to the grid on 4 March 2015.

Langenhoe is located in Essex, and will be accredited under the 1.4 Renewable Obligation Certificate ("ROC") regime.  The SPV will be acquired by NESF upon achievement of the preliminary acceptance certificate ("PAC"), which is expected to be issued during March 2015. 

NESF is also pleased to announce the signing of the DSA to undertake the construction of Bilsham Phase Two, amounting to a 2.6MWp extension to the existing plant located in Sussex.  Phase One, comprising 12.7MWp, was grid-connected in November 2014 and its acquisition was completed in January 2015.    

Bilsham Phase Two is to be accredited under the 1.4 ROC regime.  NESF has structured the DSA to accept the plant from the contractor only in the event Bilsham Phase Two is grid connected in full ahead of 31 March 2015.

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
Andrew Leach Jamie Ricketts Gina Bell

Notes to Editors:

NextEnergy Solar Fund (NESF)

NESF is a specialist investment company that invests in operating solar power plants in the UK.  Its 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 more than £245m since its initial public offering on the main market of the London Stock Exchange in April 2014.  It also has a two-year revolving credit facility of £31.5m in place.  More than 70% of equity proceeds are currently invested in thirteen operating solar assets.

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, providing solar asset management, monitoring and other services to over 1,000 utility-scale solar power plants with an installed capacity in excess of 1 GW.

Further information on NESF, NEC Group and WiseEnergy is available at www.nextenergysolarfund.com, www.nextenergycapital.com and www.wise-energy.eu.

 

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