NextEnergy Solar Fund Limited (NESF) has announced recently the signing and completion of the share purchase agreement to acquire a portfolio comprising three operating solar PV plants totalling 53.3 MW for a total net consideration including transaction cost of £61.7 million (US$89 million) plus working capital.
The total net consideration includes the long-term fully-amortising project financing currently drawn by the Portfolio.
Green End is located in Cambridgeshire and has an installed capacity of 24.8 MW. Fenland is also located in Cambridgeshire and has an installed capacity of 20.4 MW. Tower Hill is located in Gloucestershire and has an installed capacity of 8.1 MW. The three plants were grid-connected during the first quarter of 2015.
The portfolio's project financing of £45.4 million has been extended by Bayerische Landesbank, and will remain in place.
The project financing expires at year-end 2032. NESF has drawn on its revolving credit facility with Macquarie Bank Limited to finance the balance of the portfolio's acquisition value.
Following acquisition of the portfolio, NESF has drawn debt facilities and project-level debt amounting to £119.6 million in total. The company's net asset value as September 2015 amounts to £280.3 million.