13th Apr 2015 06:32
LONDON (Alliance News) - NextEnergy Solar Fund Ltd on Monday said it has agreed to acquire two more solar power plants in England and said it expects to make further acquisitions in the near future.
The solar investment company said it has now acquired a total of 17 assets since its initial public offering back in April 2014, after signing share purchase agreements to acquire the 33.7 megawatt peak Glebe solar power plant in Bedfordshire for up to GBP40.5 million and the 11.7 megawatt peak Hawkers solar power plant in Somerset for up to GBP14.2 million.
Both of the plants are already operating and were connected to the power grid in March.
NextEnergy said it will utilise its GBP31.5 million revolving credit facility to finance any amounts that it can not cover using its existing equity funding, and for any further acquisitions in the near future it said in a statement.
"We have now deployed all of the equity raised since our initial public offering a year ago, and have allocated the GBP61 million raised in late February within seven weeks. In total, NextEnergy Solar Fund has acquired 17 individual assets, demonstrating the team's ability to source and execute attractive transactions," said Chairman Kevin Lyon.
"NNextEnergy Solar Fund expects to secure further acquisitions in short order, financed by the debt facility we have in place, and is actively exploring further debt funding sources," he added.
By Joshua Warner; [email protected]; @JoshAlliance
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