NextEnergy Capital launches fund to invest in solar PV projects in Italy and Spain

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NextEnergy Capital launches fund to invest in solar PV projects in Italy and Spain

NextEnergy Capital has launched a new fund, NextEnergy European Solar Utility (NEESU), to invest a target of €300 million (US$337 million) in utility-scale solar energy assets in the EU, focusing on Italy and Spain.

NEESU announced that it has published a prospectus in relation to an Initial Public Offering (IPO) by way of a placing and an offer for subscription of ordinary shares.

The company is targeting to raise €300 million (US$337 million) in the issue. If commitments and applications are received for more than the initial target, the directors reserve the right to increase the size of the issue up to €500 million (US$562 million).

NEESU will seek to provide investors with a sustainable and attractive dividends over the long term by investing in and operating solar photovoltaic (PV) plants located in countries within the EU (excluding the UK) with an initial focus on Italy and Spain.

The company has appointed Mirabella Malta Limited to perform investment management services, with Mirabella Financial Services acting as the portfolio manager. Investment advice will come from Next Energy Capital Limited, a member of the NextEnergy Capital Group.

NEESU will constitute a closed-ended investment company and an alternative investment fund. The firm is also intended to constitute an investment trust company.

The expected indicative timetable of the issue is as follows:

  • Offer for subscription to open - 22 June 2015
  • Placing to open - 24 June 2015
  • Result of issue announced - 10 July 2015
  • Commencement of dealings in the ordinary shares - 14 July 2015
  • Share certificates dispatched - Week beginning 20 July 2015

The solar sector in the EU is the largest solar PV market globally with an installed capacity of 86.7 GWp (end of 2014). Further growth in the EU's solar PV installed capacity is expected and is forecast to increase at a Compound Annual Growth Rate (CAGR) of 7.0% from 2014 to 2020.

NEESU's key target markets, Italy and Spain, together represent roughly 27% of the EU's installed solar PV capacity. The majority of this capacity has an operating history in excess of two years.

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