16th Apr 2024 09:32
(Alliance News) - NextEnergy Solar Fund Ltd on Tuesday announced it had refinanced an existing short-term revolving credit facility.
The London-based renewable energy investment company refinanced a GBP135 million credit facility which was originally due to expire in June. The agreement with AIB Group PLC and NatWest Group PLC, plus new lender, Lloyds Banking Group PLC, will now be available until June 2026, giving NextEnergy Solar the flexibility to pursue investments and make repayments.
In addition, NextEnergy Solar said it is on track to exercise its option to extend a GBP70 million credit facility with Banco Santander SA for an additional 12 months until June 2025.
NextEnergy Solar adheres to a gearing policy limit of up to 50% of its gross asset value, it noted.
As at December 31, NextEnergy Solar had drawn GBP163 million from its available GBP205 million in credit facilities. Gearing was at 46%.
NextEnergy Solar shares were up 0.6% to 72.05 pence each in London on Tuesday morning.
By Elijah Dale, Alliance News reporter
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