19th May 2016 09:07
LONDON (Alliance News) - NextEnergy Solar Fund Ltd Thursday said it has increased and extended its credit facility in order to fund further acquisitions of solar assets.
The investment company is solely focused on solar power within the UK and has increased its revolving credit facility to GBP120.0 million from the previous limit of GBP100.0 million.
The new GBP20.0 million tranche that has been secured will expire in May 2017, but there is an option to extend that until November 2017. The changes to the facility means NextEnergy has total debt facilities worth GBP243.1 million, of which it has drawndown GBP216.6 million.
That leaves NextEnergy with access to a further GBP26.5 million in credit to progress further acquisitions.
Notably, the company said it has options to extend the original GBP100.0 million facility through the option to extend GBP31.5 million worth of the facility to March 2017 from its original expiry date of September 2016 whilst the remaining GBP68.5 million can be extended to May 2017 from December 2016.
NextEnergy shares were trading down 0.2% to 96.76 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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