UK solar park. Author: Robert Pittman. License: Creative Commons, Attribution-NoDerivs 2.0 Generic
Oct 29, 2014 - UK-based NextEnergy Solar Fund Ltd (LON:NESF) said today it has agreed to buy the 10.2-MWp Condover solar project in England for up to GBP 11.7 million (USD 18.9m/EUR 14.8m).
The fund has sealed a share purchase agreement under which its will take possession of a special purpose vehicle that owns the photovoltaic (PV) scheme. It will finance the acquisition from the proceeds of its initial public offering (IPO) in London and a GBP-6.6-million revolving credit facility. A preliminary acceptance certificate on the deal is to be issued in April 2015.
The Condover plant will be installed in Shropshire, in the West Midlands of England, under an engineering, procurement and construction (EPC) deal negotiated by the fund’s investment manager NextEnergy Capital Ltd. NextEnergy Solar noted that if the plant is not put on stream by March 2015 it has the right to cancel the acquisition.
The PV park will qualify for 1.4 Renewable Obligation Certificates (ROCs) per MWh of generated electricity.
NextEnergy Solar said that with this purchase, it has allocated all of the funds from its GBP-85.6-million IPO from April. It is the fund’s eight solar acquisition and its portfolio now totals about 78 MWp.
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.