NextEnergy Solar Fund Limited signs two SPAs
NESF is pleased to announce the signing of two SPAs to acquire the special purpose vehicles which own the
Bowerhouse and the Wellingborough solar power plants, respectively. Bowerhouse is located in Somerset, and is to be accredited under the 1.4 ROC regime. The plant was connected to the grid on 27 March 2015 and the SPA will be completed upon achievement of the preliminary acceptance certificate ("PAC"), which NESF expects to be issued in June 2015.
Wellingborough is located in Northamptonshire, and is accredited under the 1.6 ROC regime. The plant was connected to the grid on 30 March 2014 and has already achieved PAC. The SPV will contain the equivalent of the calculated net operating income since grid connection.
Kevin Lyon, Chairman of NESF, commented:
"We continue to make good progress in line with our growth objectives. The Company is considering a number of additional acquisition opportunities which we will finance using our current debt facility. Given the extent of the portfolio under consideration, we expect to expand our debt facilities in short order to enable us to continue to close acquisitions rapidly on attractive assets as they mature.
Under the Placing Programme announced in November 2014, having raised £161m over the past eight months, we can still potentially raise in excess of £95m. Given our continuing pipeline of deals, we plan to undertake further equity raises during the rest of 2015 to utilise this capacity."
For further information:
NextEnergy Capital Limited
0203 239 9054