NextEnergy Solar Fund adds 66MW more as spending spree continues in UK

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email

NextEnergy Solar Fund (NESF) has made another acquisition, its fourth this year, with the purchase of a 66.8MW operational portfolio in the UK.

Acquired for a total consideration of £42.2 million, the ten sites are based in the south west of the country and are a mix of Renewables Obligation and feed-in tariff-accredited sites, connected to the grid before March 2014.

The portfolio includes;

  • The 1.6 ROC-accredited, 15.3MW Hook solar farm, located in Somerset;
  • The 1.6 ROC-accredited, 7.6MW Whitley solar farm, located in Somerset;
  • The 1.6 ROC-accredited, 7.2MW Saundercroft solar farm in Devon;
  • The 1.6 ROC-accredited, 6.1MW Blenches solar farm in Wiltshire;
  • The 1.6 ROC-accredited, 5.4MW Burrowton solar farm in Devon;
  • The 1.6 ROC-accredited, 5.7MW Raglington solar farm in Hampshire;
  • The FiT-accredited (10.34p/kWh), 5MW Chilton Cantello solar farm in Somerset;
  • The FiT-accredited (10.34p/kWh), 5MW Crossways solar farm in Dorset;
  • The FiT-accredited (8.01p/kWh), 4.8MW Wyld Meadow solar farm in Dorset, and;
  • The FiT-accredited (7.71p/kWh), 4.6MW Knockworthy solar farm in Cornwall.

The acquisition takes NESF’s portfolio to 85 operational assets with a total generating capacity of 689.4MW, firmly cementing the investor’s place in the top-three holders of UK solar assets.

The portfolio itself has a long-term debt facility amounting to £58.3 million which matures in 2033.

Meanwhile, NESF has also announced the closing of a £40 million revolving credit facility with Santander, which has been fully drawn to finance the acquisition. It expires in July 2020.

The firm said it was continuing to pursue further transactions in its pipeline and expects to make additional purchases in due course.

Read Next

June 28, 2021
The UK’s Climate Change Committee (CCC) has called for a “long-term ambition” for solar and other renewables.
June 18, 2021
In order to align with its net zero target, solar capacity in the UK needs to treble to 40GW by 2030, according to a new report from Solar Energy UK this week.
PV Tech Premium
February 1, 2021
Cero Generation, intended to be among the biggest solar development companies in Europe, has been launched by Australian giant Macquarie’s Green Investment Group (GIG).
January 20, 2021
In this project round-up, NextEnergy makes acquisitions in Portugal and Chile and BayWa r.e. sells two solar sites in Malaysia to local power producer reNIKOLA Sdn Bhd.
January 13, 2021
A round-up of the latest news in solar project development, as Grenergy secures €70 million for Chile farms, ReneSola sells a 12.3MW portfolio and Bluefield Solar Income Fund boosts its portfolio with a 70MWp acquisition.
December 9, 2020
The UK should transition to zero carbon electricity generation by 2035 and have 85GW of installed solar capacity by 2050 if the country is to meet its net zero target, a landmark new report says.

Subscribe to Newsletter

Upcoming Events

Solar Media Events, Upcoming Webinars
July 29, 2021
Webinar
Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021