9th Oct 2014 09:23
LONDON (Alliance News) - NextEnergy Solar Fund Ltd Thursday set a 250 million share placement programme in order to acquire further solar power plants.
Last month, the company said that it has already deployed over 90% of its IPO proceeds, having already acquired seven plants, and also signed a revolving credit facility of up to GBP31.5 million.
The company said Thursday that it has secured "further sizeable investment opportunities" with an investment value of over GBP210 million. It said some of those opportunities are all operational with the remainder expected to be fully operation by the end of March 2015. It also said that it is currently in negotiations over a pipeline of further opportunities with an investment value of up to GBP333 million.
"In view of the scale of the company's pipeline of potential investments, it is targeting an initial issue of around 75 million new shares as part of the placing programme. This initial placing is expected to take place in early November... and, subject to there continuing to be sufficient attractive investment opportunities, the directors will seek to utilise fully the placing programme over its 12-month life," the company said in a statement.
The placing programme requires the approval of the company's shareholders.
NextEnergy said it is on track to deliver its targeted dividend of 5.25 pence per share for its first year, rising to 6.25 pence per share for the financial year ending March 2016.
The company's stock was untraded Thursday morning at 105.88 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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