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NextEnergy SolFnd Ld (NESF)

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Thursday 01 May, 2014

NextEnergy SolFnd Ld

Acquisition

RNS Number : 0333G
NextEnergy Solar Fund Limited
01 May 2014
 



1 May 2014         

NextEnergy Solar Fund Limited ("NESF")

Acquisition of first operating solar power plant

-     First operating solar plant totalling 6.1MWp acquired for £7.11 million

-     Significant operating track record at plant facilitated technical, financial and operating due diligence

-     Investment accounts for c. 8% of NESF's IPO proceeds

NESF is pleased to announce the acquisition of a special purpose vehicle ("SPV"), owning an operating solar power plant.  The acquired plant is the Higher Hatherleigh Solar Power Plant ("Higher Hatherleigh"), located in Somerset, which was energised in April 2013.  The plant is accredited under the 1.6 Renewable Obligation Certificate regime ("ROCS") and has been accruing revenues since its energisation.  NESF has acquired the plant for a consideration of £7.11 million (£1.165M/MWp) and retains all net cash flows accrued since energisation. Five per cent of this consideration sum has been withheld by NESF for one year and is payable based on the performance of the plant.

The plant was identified in NESF's Prospectus as a 'core shortlist' asset.  The capital committed in the acquisition amounts to c. 8% of the proceeds raised in NESF's recent IPO.  The acquisition was undertaken on a full-equity basis.

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

"Acquiring this operating asset represents the first significant step in deploying the capital raised via NESF's IPO, in accordance with its investment policy.  The 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 look forward to announcing further progress on investing the IPO proceeds shortly.

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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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