Last checked at 
9 May 2014 07:00
9 May 2014
NextEnergy Solar Fund Limited ("NESF")
Acquisition of second operating solar power plant
- Second operating solar plant totalling 6.3MWp acquired for £7.98 million
- Plant's operating track record in excess of one year facilitated technical, financial and operating due diligence
- Investment accounts for c. 9% of NESF's IPO proceeds
- Total of c. 18% of IPO proceeds now invested across two operating assets
NESF is pleased to announce the acquisition of a special purpose vehicle, owning an operating solar power plant. The acquired plant is Shacks Barn Solar Power Plant, located in Northamptonshire, which was energised in March 2013. The plant is accredited under the 2.0 Renewable Obligation Certificate (ROC) regime and has been accruing revenues since its energisation. NESF has acquired the plant for a consideration of £7.98 million (£1.265m / MWp) and retains all net cash flows accrued since energisation. Seven per cent of the consideration has been withheld by NESF for up to one year and is payable based on the performance of the plant and pending completion of minor technical activities.
The plant was identified in NESF's Prospectus as a 'core shortlist' asset, and acquired on a full-equity basis. The capital committed in the acquisition amounts to c. 9% of proceeds raised in NESF's IPO.
Commenting on the acquisition, Kevin Lyon, Chairman of NESF, said:
"This second acquisition is a further step in deploying NESF's capital. Similar to our first acquisition, this plant has a lengthy operating history which enabled us to conduct effective due diligence and evaluate the quality of its construction, components and historical performance. We now have one 2.0 ROC project and one 1.6 ROC project, and look forward to announcing further acquisitions in due course."
NextEnergy Capital Limited | 020 3239 9054 |
Michael Bonte-Friedheim |
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Aldo Beolchini |
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Cantor Fitzgerald Europe | 020 7894 7667 |
Sue Inglis |
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Gareth Price |
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Shore Capital | 020 7408 4090 |
Bidhi Bhoma | |
Anita Ghanekar | |
MHP Communications | 020 3128 8100 |
Rupert Trefgarne | |
Jamie Ricketts |
Notes to Editors:
NextEnergy Solar Fund
NextEnergy Solar Fund (www.nextenergysolarfund.com) is a specialist investment fund focused on operational solar photovoltaic ("PV") assets located in the UK. The Company intends to provide investors with a sustainable and attractive dividend that increases in line with RPI over the long term and an element of capital growth through the re-investment of net cash generated in excess of the target dividend.
Further information on NextEnergy Capital and WiseEnergy is available at www.nextenergycapital.com and www.wise-energy.eu.