NextEnergy Solar agrees to buy 12.5-MW UK solar project
Jun 23, 2014 - UK-based NextEnergy Solar Fund Ltd (LON:NESF) said yesterday it will purchase the first 12.5-MW phase of the Bilsham solar project in Sussex, England for GBP 15 million (USD 26m/EUR 19m).
The fund has agreed to acquire the special purpose vehicle that has the rights to build the solar park, subject to the issuance of preliminary acceptance certificate (PAC) for the project expected by the middle of August 2014. When hooked to the grid, the Bilsham plant will receive 1.4 Renewables Obligation Certificates (ROCs) per MWh.
The solar project has a second phase planned at 2.4 MW, which is not included in the acquisition deal.
NextEnergy calculates that the deal amounts to 18% of the proceeds of the company’s initial public offering (IPO). It is NextEnergy Solar’s fourth solar purchase following its GBP-85.6-million London listing in April. So far, the fund has now allocated around 47% of its IPO proceeds and its portfolio comprises four projects with a total capacity of 34.5 MWp.