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NextEnergy Solar sells two UK assets to Atrato for £46m

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221223 BSIF Raventhorpe Solar Plant Scunthorpe

NextEnergy Solar (NESF) has sold a 100MW UK portfolio to Atrato Onsite Energy for £46.2m.

The sale, the fifth disposal in three years, completes NESF’s capital recycling programme which has raised £119m. It comes a day before an update to shareholders of its strategic review under the new chair, Tony Quinlan.

NESF, which stands on a 37% share price discount and yields nearly 16%, will use the proceeds to reduce its debts.

The portfolio consisted of two operating 50MW subsidy-free solar assets at the Grange in Nottingham and South Lowfield in Yorkshire. NESF said that it had made 1.1 times invested capital.

Quinlan said this was an “important milestone”. NESF shares traded 3.9% up at 55.4p.

Atrato Onsite Energy is a surprise buyer after it delisted two years ago in a £219m acquisition by Brookfield and RAIM Apollo.

Our view

James Carthew, head of investment company research at QuotedData, said: “It is great to see NextEnergy Solar complete its capital recycling programme at a price close to NAV. Cutting gearing should help improve sentiment towards the company and it is encouraging to see that the share price has moved up on the news. All eyes now are on tomorrow’s announcement on the conclusion of the strategic review.”

Written By Gavin Lumsden

Head of News

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