4th Nov 2014 10:08
LONDON (Alliance News) - NextEnergy Solar Fund Ltd's investment manager Tuesday said the backdrop for the continued deployment of solar power plants in the UK remains strong and that it is on the lookout for new investment opportunities.
"The NEC Group, on behalf of the company, is continuing to seek out new investment opportunities that are either in operation, under construction or to be constructed before April 2015," NextEnergy Capital IM Ltd said in a statement.
NextEnergy Capital is targeting returns on new opportunities that equate to an unlevered internal rate of return between 7% and 9% after fees and expenses.
NextEnergy Capital IM's comments came as NextEnergy Solar Fund reported an increase in net asset value per share to 103.1 pence, from 100p at the time of its initial public offering.
"The company has successfully delivered on its principal IPO undertakings. Our financial and operational performance has been in line with or above management expectations," Chairman Kevin Lyon said.
The company raised net proceeds of GBP85.6 million in its April IPO.
In October, the company proposed a placing programme to issue up to 250 million new shares. That followed a deal with Macquarie Bank Ltd during September that secured a revolving credit facility of GBP31.5 million.
NextEnergy Solar Fund shares were untraded on Tuesday. They last traded at 104.75 pence.
By Samuel Agini; [email protected]; @samuelagini
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