NextEnergy Solar hopes to double in size and, as a first step, it is planning a £104m share issue. At 30 September 2016, NextEnergy Solar had net assets of £350.1m (up from £283.1m at 30 June 2016) and the NAV per share had increased from 98.7p to 100.4p over that period. They expect to publish a prospectus to issue up to 350,000,000 new ordinary shares and/or C shares on or around 15 November 2016. An initial issue of up to 100,000,000 new ordinary shares at 104.5p per share by way of initial placing and initial offer for subscription would raise up to GBP104.5m. The new shares will rank for interim dividend for three months ending 31 December 2016 (expected to be 1.5775p per share and paid in March 2017). The initial issue is expected to close on or around 18 November 2016. One institutional investor intends to subscribe for GBP55.0m of new shares.
NextEnergy Solar has secured a significant pipeline of acquisition opportunities under letters of intent that include exclusivity terms and pricing arrangements. These letters of intent cover projects with a total generating capacity of c.170MWp and an investment value of c.GBP175m. The majority of these projects are expected to fall under the 1.2 Renewable Obligate Certificate (“ROC”) regime. In addition, NextEnergy Solar is currently pursuing an additional set of acquisition opportunities totalling c.440MWp and with an investment value of c.GBP405m. It expects to secure additional letters of intent from this set of acquisition opportunities before the end of 2016.
NESF : NextEnergy Solar plans £104m share issue