NextEnergy Solar Fund buys 66.8 MWp of UK solar assets
Solar system. Author: Mike Weber. License: Creative Commons, Attribution 2.0 Generic
NextEnergy Solar Fund Ltd (LON:NESF) said today it has acquired 10 operating solar plants in the UK with a combined capacity of 66.8 MWp.
The plants, which are located in the South West of England and were connected to grid between 2012 and 2014, were bought for a total equity investment value including cash and working capital of GBP 42.2 million (USD 56.2m/EUR 48m). They were acquired with a long-term debt facility of GBP 58.3 million, previously secured by the vendor.
The portfolio includes six plants that get 1.6 renewable obligations certificates (ROCs) per MWh and four that receive feed-in-tariffs (FiTs). The largest is the 15.3-MWp Hook project in Somerset, while the rest range between 7.6 MWp and 4.6 MWp in size.
The acquisitions bring the number of assets in NESF's operating portfolio to 85, representing a total capacity of 689.4 MWp. The company, which mainly invests in UK solar power plants, said it expects to unveil additional investments in due course.
NESF also announced it has closed a new revolving credit facility of GBP 40 million with Santander. The facility, expiring in July 2020, has been fully drawn down to finance the acquisition.