NextEnergy Announce PPA In Cornwall
NextEnergy Solar Fund Limited (NESF) is pleased to announce the signing of the share purchase agreement to acquire a special purpose vehicle owning the rights to construct a solar power plant. The plant is Gover Farm Power Plant ("Gover Farm"), located in Cornwall.
Gover Farm will be constructed under an Engineering, Procurement and Construction contract ("EPC") negotiated by NESF. Under the terms of the EPC, the plan is to achieve PAC by August 2014. The plant will be accredited under the 1.4 Renewable Obligation Certificate regime. NESF has committed to acquire the SPV, subject to certain timing and performance criteria being achieved, for a total consideration of up to £10.5 million.
The plant was identified in NESF's Prospectus as a "˜core shortlist' asset, and will be acquired on a full-equity basis. The capital committed to the acquisition amounts to c. 12% of proceeds raised in NESF's IPO.
