NESF raises short-term debt to enable more acquisitions
UK solar park. Author: Robert Pittman. License: Creative Commons, Attribution-NoDerivs 2.0 Generic
September 30 (Renewables Now) - NextEnergy Solar Fund Ltd (LON:NESF) today said it has expanded its total available short-term debt to GBP 205 million (USD 228.9m/EUR 233.1m) in a bid to finance the acquisition of new solar and energy storage schemes.
The UK solar and energy storage infrastructure investor has agreed to increase the funds in its revolving credit line with British lender AIB Group UK plc and NatWest to GBP 135 million from GBP 75 million. Following the additional commitments, available until June 2024, NESF has short-term debt facilities totalling GBP 205 million.
"The £60m increase in the AIB and NatWest revolving credit facility provides the Company with sufficient headroom to secure solar and battery storage optionality within the immediate pipeline. We have also secured attractive terms considering the current macro environment,” said Ross Grier, UK Managing Director of NextEnergy Capita, NESF’s fund manager.
NESF currently has 865 MW of installed power capacity in the UK and Italy, spread across 100 solar assets.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.