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NextEnergy SolFnd Ld (NESF)

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Wednesday 29 October, 2014

NextEnergy SolFnd Ld

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.


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