NextEnergy Solar Fund Limited Acquisitions Update (5599Z)
December 18 2017 - 2:00AM
UK Regulatory
TIDMNESF
RNS Number : 5599Z
NextEnergy Solar Fund Limited
18 December 2017
18 December 2017
NextEnergy Solar Fund Limited
("NESF" or the "Company")
Acquisitions Update
-- Acquisition of two operating solar plants (Gilley's Dam and
Pickhill Bridge) totalling 8.6MWp with an investment value of
GBP10.1m
-- Gilley's Dam is the Company's first plant acquired having a
long-term take-or-pay power purchase agreement ("PPA") with an
industrial counterpart in place
-- Acquisition of Solis Italian Portfolio completed and 15-year
foreign currency hedge implemented
-- Since the Company's IPO in 2014, NESF has acquired a
portfolio of 60 solar PV assets with a total capacity of 548MWp and
a total investment value of GBP710.6m.
NESF is pleased to announce the signing and completion of two
share purchase agreements for the acquisition of two operating
solar plants with a total installed capacity of 8.6MWp. The plants
were acquired from different counterparties and comprise Gilley's
Dam (5.0MWp, Cornwall) and Pickhill Bridge (3.6MWp, Wrexham).
Gilley's Dam was connected to the grid during March 2016 and
accredited under the 1.3 Renewable Obligation Certificate
regulation. The plant is located in the grounds of an industrial
company and has a PPA in place with the company covering the period
up to 2040. Under the terms of the PPA, the counterpart will
acquire on a take-or-pay basis the entirety of the electricity
generated by the plant. The plant's revenues will comprise the sale
of ROCs and of electricity generated under the terms of the
PPA.
Pickhill Bridge was connected to the grid during March 2017 and
accredited under the 1.2 Renewable Obligation Certificate
regulation. Both acquisitions were funded by the Company's existing
cash resources.
Further to the announcement dated 1 November, NESF is pleased to
announce the completion of the Solis Portfolio acquisition, with
the change-of-control approvals secured by the portfolio's lenders
Unicredit S.p.A. and ING Bank N.V. Following completion, the
Company has implemented a 15-year foreign currency hedge covering
approximately 80% of total expected distributions from the
portfolio over the hedge life. The hedge counterpart is Banca
Intesa San Paolo, Italy's largest bank.
NESF continues to pursue further transactions from its pipeline
of acquisition opportunities and expects to announce further
investments in due course.
For further information:
NextEnergy Capital Limited 020 3893 1500
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Fidante Partners Europe
Limited 020 7832 0900
Tom Skinner
Justin Zawoda-Martin
Shore Capital 020 7408 4090
Anita Ghanekar
Macquarie Capital (Europe)
Limited 020 3037 2000
Nick Stamp
MHP Communications Limited 020 3128 8100
Andrew Leach
Ipes (Guernsey) Limited 01481 713 843
Nick Robilliard
Notes to Editors:
NESF is a specialist investment company that invests primarily
in operating solar power plants in the UK. It is able to invest up
to 15% of its Gross Asset Value in operating solar power plants in
OECD countries outside the UK. The Company's 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 GBP591.9m since its initial
public offering on the main market of the London Stock Exchange in
April 2014. It also has credit facilities of GBP226m in place
(GBP150m from a syndicate including MIDIS, NAB and CBA; MIDIS:
GBP54.3m 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 and over the course of its activities has been providing
operating asset management, monitoring, technical due diligence and
other services to over 1,300 utility-scale solar power plants with
an installed capacity in excess of 1.9 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
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