NESF Announce Acquisition Of Three Operating Plants Totalling 53MWp
NESF has announced the signing and completion of the share purchase agreement to acquire a portfolio comprising three operating solar PV plants totalling 53.3MWp for a total net consideration of £61.7 million (including transaction costs) plus working capital. The total net consideration includes the long-term fully-amortising project financing ("Project Financing") currently drawn by the Portfolio.
The Plants were grid-connected during the first quarter of 2015 and are operating under the 1.4 ROC regime. Green End is located in Cambridgeshire and has an installed capacity of 24.8MWp. Fenland is also located in Cambridgeshire and has an installed capacity of 20.4MWp. Tower Hill is located in Gloucestershire and has an installed capacity of 8.1MWp.
The Portfolio's Project Financing of £45.4m has been extended by Bayerische Landesbank ("Project Financing"), 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 £119.6m in total. The Company's net asset value as at 30 September 2015 (adjusted for the December dividend payment) amounts to £280.3m.
