NextEnergy Solar Fund to raise equity under placing programme

NextEnergy Solar Fund Ltd (LON:NESF) on Monday announced plans for an equity issue under its placing programme and said it was negotiating an expansion of its debt facilities up to about GBP 197 million (USD 303.2m/EUR 271.3m).

The UK solar fund also said it had a strong pipeline of acquisition opportunities. It has secured 155 MWp of capacity with an investment value of around GBP 179 million through letters of intent and was in talks for a further 256 MWp with an investment value of about GBP 335 million. All assets are supported by the Renewables Obligation Certificate (ROC) or Feed-in Tariff (FiT) regimes.

The issue will represent the fourth tranche of the company's placing programme, under which it has the authority to issue a further 95.25 million shares. The programme is open until November 9, 2015. The issue price will be based on the unaudited net asset value (NAV) per share as at August 31, to be announced on September 14, plus a premium of 1.75%. The issue will close on September 23.

NESF also said that after the end of June it has completed the acquisitions of 44 MWp of solar power plants. It has fully drawn its GBP-22.7-million debt facility with NIBC Bank NV and, as at August 31, had drawn the full GBP 31.5 million available under its revolving credit facility with Macquarie Bank Ltd.

The company's existing portfolio consists of 18 operating plants, totalling 235 MWp.

(GBP 1.0 = USD 1.539/EUR 1.377)

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