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QuotedData’s morning briefing 9 June 2022

In QuotedData’s morning briefing 9 June 2022:

  • NextEnergy Solar Fund (NESF) now has its hundredth operating solar asset, an 181kW commercial rooftop solar power asset located on a Holiday Inn in Nottinghamshire. The asset benefits from an attractive 25-year power purchase agreement for 100% of its generated volume. This is the final investment under the company’s rooftop solar venture with renewable energy developer, Zestec. The partnership, which was formed in March 2021 has allowed the company to add five rooftop solar assets with a combined capacity of 0.9MW, yielding attractive future risk-weighted financial returns in line with the company’s strategy. The five rooftop assets benefit from long term, inflation linked PPAs with the building tenants, with two benefiting from government subsidised Feed in Tariffs. The rooftop assets generate stable priced, sustainable energy for the tenants, helping them to reduce power price volatility whilst achieving their decarbonisation ambitions.
  • Target Healthcare REIT (THRL) and Supermarket Income REIT (SUPR) both draw attention to their inclusion in the FTSE 250 Index this morning. They’ll also be joined by Merchants Trust (MRCH), but Baillie Gifford US Growth (USA) is dropping down to the Small Cap Index.
  • Cordiant Digital Infrastructure (CORD) has a new €200m eurobond facility with an initial maturity date of 30 September 2026, an extension option of up to three years (subject to the approval of Bondholders) and issuance in both fixed and floating interest rate tranches. Following completion of the Emitel acquisition and in the event the eurobonds are issued in full, the weighted average credit margin of the group’s debt facilities is expected to be about 3.25% and aggregate group debt is expected to be about 40% of gross asset value.
  • Aquila European Renewables (AERI) has agreed an increase in its existing revolving credit facility (RCF) limit from €40m to €100m, and an extension of the maturity date by a further 12 months from April 2023 to April 2024. A further one year extension option to April 2025 remains (subject to bank consent). The RCF margin (1.85% over EURIBOR) and commitment fee remain unchanged;

We also have results from Personal Assets and JPMorgan European Growth and Income, and a new fundraise by VH Global Sustainable Energy Opportunities

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