NextEnergy Solar Fund Limited Acquisition (7428H)
12 Juni 2017 - 8:00AM
UK Regulatory
TIDMNESF
RNS Number : 7428H
NextEnergy Solar Fund Limited
12 June 2017
12 June 2017
NextEnergy Solar Fund Limited (the "Company")
Acquisition of a portfolio of three operating solar plants
totalling 14.9MWp, a Community Interest Company ("CIC") solar
project of 1.7MWp and a portfolio of four development projects
totalling 59.8MWp
-- Share purchase agreement exchanged to acquire a portfolio of
three operating solar plants totalling 14.9MWp
-- Separate share purchase agreement completed to acquire
operating 1.7MWp Birch CIC project
-- Separate share purchase agreement exchanged to acquire a
portfolio of four development projects totalling 59.8MWp
-- NESF has now secured 48 assets totalling 483 MWp with a total
investment value of GBP554 million (excluding the four development
projects) since its IPO in April 2014
NESF is pleased to announce the signing of three separate share
purchase agreements covering a total of 16.6MWp split among four
operating plants and 59.8MWp in development projects.
The three operating solar plants acquired from one counterpart
comprise Barnby (4.99MWp, Nottinghamshire), Bilsthorpe (4.99MWp,
Nottinghamshire) and Wickfield (4.90MWp, Wiltshire). All three
plants were connected to the grid during March 2017 and are
expected to be accredited under the 1.2 Renewable Obligation
Certificate ("ROC") regulation.
The Birch CIC project, located in Essex, acquired from a
separate counterpart, was grid connected in June 2015 and receives
remuneration under the Feed-in-Tariff ("FiT") regime. Birch CIC is
located in Essex, in immediate proximity to NESF's Birch Farm plant
of 5.0MWp, acquired in October 2015. NESF has benefitted from the
sharing of selected infrastructure components, such as the grid
connection, between both plants. As part of the CIC's obligations,
a significant portion of the plant's profitability will be
reinvested in the local community. This obligation is in line with
NESF's ESG strategy to benefit the local communities in which it
operates.
NESF also acquired a portfolio of four development projects
totalling 59.8MWp from a further separate counterpart. The
development projects acquired comprise entities having all the
permissions in place to construct and connect solar plants to the
grid. The acquisition of three of the four development projects was
completed, while completion of the fourth is subject to
confirmation of full planning permission. The acquisition value of
the development portfolio is less than 0.25% of the Company's net
asset value. These assets, once constructed, will be remunerated
without subsidies by selling the electricity generated into the
market or via power purchase agreements with individual off-takers.
The seller of the projects will work with NESF to extend the
relevant project rights to maximise the time frame during which
NESF can commence construction of the plants. NESF will initiate
construction of each individual asset only once the financial
returns are sufficiently attractive.
The Company's investment advisor expects subsidy-free solar
plants to become financially viable in the UK over the next 12- to
24-month period as investment values and operating costs continue
to decline significantly. NextEnergy Capital is at present working
with suppliers to drive investment values and operating costs down
to sustainable levels.
For further information:
NextEnergy Capital Limited 020 3239 9054
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Fidante Capital 020 7832 0900
Robert Peel
Justin Zawoda-Martin
Shore Capital 020 7408 4090
Bidhi Bhoma
Anita Ghanekar
Macquarie Capital (Europe)
Limited 020 3037 2000
Nick Stamp
MHP Communications 020 3128 8100
Andrew Leach
Jamie Ricketts
Luke Briggs
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 GBP465m since its initial
public offering on the main market of the London Stock Exchange in
April 2014. It also has credit facilities of GBP269.8m in place
(GBP150m from a syndicate including MIDIS, NAB and CBA; MIDIS:
GBP54.3m; Bayerische Landesbank: GBP43.8m; and NIBC: GBP21.7m).
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 1,250 utility-scale solar power plants with an
installed capacity in excess of 1.7 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at www.nextenergysolarfund.com ,
www.nextenergycapital.com and www.wise-energy.eu.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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