28th Jul 2014 09:44
LONDON (Alliance News) - NextEnergy Solar Fund Ltd Monday said it has agreed to acquire a 14.9 megawatt solar power plant in Suffolk, South East England for up to GBP19 million.
The solar farm management group said it is acquiring the Ellough solar power plant for GBP18 million, assuming that it will be accredited under the 1.4 Renewable Obligation Certificate regime. However, if the plant is accredited under the 1.6 ROC regime, it will pay an additional amount making the total acquisition value GBP19 million. The company said the final accreditation ruling is expected in August.
The company listed earlier this year, and has been using the proceeds from its flotation to buy operational UK photovoltaic solar assets. So far it has now invested around 73% of its IPO proceeds, having now acquired six assets for a total of around 53 megawatts.
"The majority of capital deployed has been committed to operating plants... I expect further acquisitions to be announced shortly allowing us to deploy substantially all of the capital raised to date," said Chairman Kevin Lyon in a statement.
NextEnergy said it is on track for a full-year dividend payout of 5.25 pence per share.
The company's stock was trading at 102.60 pence Monday morning, down 0.02%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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