NextEnergy Solar Fund Limited Acquisition (3985L)
July 03 2014 - 8:19AM
UK Regulatory
TIDMNESF
RNS Number : 3985L
NextEnergy Solar Fund Limited
03 July 2014
3 July 2014
NextEnergy Solar Fund Limited ("NESF")
Agreement to acquire 12.5MW solar power plant
- Share purchase agreement signed to acquire 12.5MW Bilsham solar power plant
- Total acquisition value of GBP15 million
- Purchase price to be paid at issuance of preliminary acceptance certificate ("PAC")
- PAC to be achieved by middle of August 2014
- Commitment accounts for c. 18% of NESF's IPO proceeds
- Total of c. 47% of IPO proceeds now allocated across four assets for a total of c. 34MW
NESF is pleased to announce the signing of the share purchase
agreement ("SPA") to acquire a special purpose vehicle ("SPV")
owning the rights to construct a solar power plant. The plant is
Bilsham Solar Power Plant ("Bilsham"), located in Sussex. Bilsham
has two phases: phase one comprising 12.5MW and phase two
comprising 2.5MW. The SPA signed covers phase one of the plant.
Bilsham will be constructed under an Engineering, Procurement
and Construction contract ("EPC") negotiated by NESF. Under the
terms of the EPC, the first phase of Bilsham is to achieve PAC by
the middle of August 2014. The plant will be accredited under the
1.4 Renewable Obligation Certificate regime. NESF has committed to
acquire the SPV, subject to certain timing and performance criteria
being achieved, for a total consideration of up to GBP15
million.
The plant was identified in NESF's Prospectus as a 'core
shortlist' asset, and will be acquired on a full-equity basis. The
capital committed to the acquisition amounts to c. 18% of proceeds
raised in NESF's IPO.
NextEnergy Capital Limited 020 3239 9054
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7667
Sue Inglis
Gareth Price
Shore Capital 020 7408 4090
Bidhi Bhoma
Anita Ghaneker
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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