NextEnergy Solar has announced the acquisition of a portfolio of five operating plants totalling 84.2MWp for £97.9m. Completion is expected by mid April.
The portfolio comprises Great Wilbraham (38.1MWp), Branston (18.9MWp), Bottom Plain (10.1MWp), Emberton (9.0MWp) and Berwick (8.2MWp). All these plants are connected and accredited under 1.4 Renewable Obligation Certificate (“ROC”) regime.
NESF has put in place a long-term fully-amortising project financing of £55m, with expiry in 2034, in conjunction with the acquisition. The remainder of acquisition value financed via a combination of NESF’s available cash from operations and existing revolving credit facility.
Following the acquisition of the Portfolio, NextEnergy Solar Fund will own 33 solar power plants with a total installed capacity of 414 MWp and an investment value of £480m. The portfolio is broadly diversified from a geographical perspective and based on technology suppliers and service partners. NESF will own the largest solar portfolio among LSE-listed renewable energy funds once the acquisition is finalised.
At completion, NESF will have drawn financial debt facilities of £216.6m, split between £100.4m of long-term fully-amortising project financing and £116.2m of short-term facilities. The Company’s NAV at 31 December 2015 amounts to £275.2m.
NESF has been informed by NextEnergy Capital Limited (“NEC”), the Investment Advisor, that NEC is putting in place a share purchase plan to acquire shares in the Company. The Company has been informed by NEC that it intends to begin purchasing shares for the plan shortly.
NESF : NextEnergy Solar buys five plants