23rd Jun 2014 10:15
LONDON (Alliance News) - NextEnergy Solar Fund Ltd Monday said it has agreed to acquire a 9.4 megawatt-peak Gover Farm solar power plant for up to GBP10.5 million, in a move that means it has now invested about 30% of the proceeds raised in its initial public offering two months ago.
In a statement, NextEnergy Solar Fund said it is buying the plant through the acquisition of a special purpose vehicle owning the rights to construct a solar power plant in Cornwall.
According to the statement, Gover Farm will be constructed under an engineering, procurement and construction contract, negotiated by the fund.
The fund said that the current plan is to attain a preliminary acceptance certificate, one of the conditions of the deal, by August 2014.
In April, NextEnergy Solar Fund raised GBP85.6 million in a share placing and offer for subscription, with the proceeds earmarked for buying up UK photovoltaic solar assets. It now has three assets after acquiring two operating solar plants in May.
NextEnergy Solar Fund shares were Monday quoted at 102.86 pence, down 0.3%.
By Samuel Agini; [email protected]; @samuelagini
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