NextEnergy Solar Fund closes financing for solar projects
NextEnergy Solar Fund Limited (NESF) has closed a debt facility of £22.7 million with NIBC to finance the 20 MW Cock Hill and the 9.4 MW Llwyndu solar projects in UK.
The total investment value of the two projects amounts to £32.7 million (US$50.8 million). NIBC previously financed the construction of the two projects for the vendor from which NESF acquired them.
The NIBC Facility has a 12-month duration, with a further 12-month extension available (which is not to be unreasonably withheld).
20 MW Cock Hill site consists of two fields covering a total area of approximately 40 hectares. A community benefit fund will purchase the energy generated from the project under a 25-year power purchase agreement.
The deals take NextEnergy’s solar portfolio up to 106 MW, with around £125 million (US$194.5 million) spent acquiring the assets.
Kevin Lyon, Chairman of NESF, commented:
"We continue to grow the Company's asset base and, as previously announced, are using existing and new debt facilities to fund the latest additions to our portfolio. We expect to continue to expand our debt funding sources."
"NESF intends to refinance the debt facilities in due course either via the issuance of long-term debt products or via future placements of new shares in the Company."
