NextEnergy Solar adds 10 solar plants to its portfolio – and adds a new revolving credit facility of £40.0 million with Santander.
As part of its ongoing growth programme, NextEnergy Solar Fund (NESF) has acquired ten operating solar plants with a total installed capacity of 66.8 MWp in the West Country. The aquisition was done by way of a share purchase agreement with the vendor. The portfolio that NextEnergy Solar has acquired has a long-term debt facility that matures in 2033, for £58.3m in place across all ten assets, which was previously entered into by the vendor.
The acquisitions increases the company’s operating portfolio to 85 assets with a total capacity of 689.4 MWp and total investment value of £890.1m.
The portfolio
All ten assets were connected to grid between 2012 and 2014 with subsidies, including six assets with renewable obligations certificates (“ROC”) of 1.6, and four assets with feed-in-tariffs (“FiT”). All projects are fully constructed, connected and generating electricity.
The Portfolio comprises:
· Hook (1.6 ROC, 15.3 MWp, Somerset)
· Whitley (1.6 ROC, 7.6 MWp, Somerset)
· Saundercroft (1.6 ROC, 7.2 MWp, Devon)
· Blenches (1.6 ROC, 6.1 MWp, Wiltshire)
· Burrowton (1.6 ROC, 5.4 MWp, Devon)
· Raglington (1.6 ROC, 5.7 MWp, Hampshire)
· Chilton Cantello (FiT – 10.34p/kWh, 5.0 MWp, Somerset)
· Crossways (FiT -10.34p/kWh, 5.0 MWp, Dorset)
· Wyld Meadow (FiT -8.01p/kWh, 4.8 MWp, Dorset)
· Knockworthy (FiT – 7.71p/kWh, 4.6 MWp, Cornwall)
New revolving credit facility
The company has arranged a new revolving credit facility for £40.0m with Santander. The facility has been fully drawn down to finance the acquisition and expires in July 2020.
Following this transaction, the company’s gearing is c.39% of Gross Asset Value, based on an NAV of £605m as at 31 March 2018 plus current debt outstanding of £384.7m.
NESF : NextEnergy Solar adds 10 solar plants to its portfolio