NextEnergy Solar Fund Limited (NESF), a specialist investment fund focused on operational solar photovoltaic (PV) assets located in the UK, has announced in a filing to the London Stock Exchange that it has signed financing documentation for a two-year revolving credit facility of up to £31.5 million which is being provided by Macquarie Bank Limited.
The revolving credit facility will allow NESF to acquire further solar power plants from among its pipeline of opportunities.
NESF is currently undertaking due diligence on twelve projects amounting to circa 206MW in respect of which it has entered into letters of intent containing exclusivity provisions, and expects to announce acquisitions from among this pipeline shortly.
NESF has to date deployed in excess of 90% of its IPO proceeds since listing at the end of April 2014.
NESF intends to provide investors with a sustainable and attractive dividend that increases in line with RPI over the long term and an element of capital growth through the re-investment of net cash generated in excess of the target dividend.
Since June, NESF has announced the following acquisitions: