NextEnergy Solar Fund has announced that it has acquired of a portfolio of three operating plants totalling 53MWp for £61.7m (including transaction costs plus working capital). The Plants were all connected to the grid during the first quarter of 2015 and are operating under the 1.4 ROC regime. Green End (pictured) is located in Cambridgeshire and has an installed capacity of 24.8MWp. Fenland is also located in Cambridgeshire and has an installed capacity of 20.4MWp. Tower Hill is located in Gloucestershire and has an installed capacity of 8.1MWp.
The Portfolio’s Project Financing of £45.4m has been extended by Bayerische Landesbank and this is to remain in place (it expires at year-end 2032). The company has drawn on its revolving credit facility with Macquarie Bank to finance the balance of the acquisition. Following the acquisition, the company says it has drawn debt facilities and project-level debt amounting to £119.6m in total. Its NAV as at 30 September 2015 (adjusted for the December dividend payment) amounts to £280.3m. Following the acquisition, the company says that it has now secured 28 assets totalling 329MWp with a total investment value of £382m.
NextEnergy Solar acquires three new plants for £61.7m : NESF