NextEnergy Solar Fund Limited Operating Update (3088I)
07 Agosto 2019 - 11:00AM
UK Regulatory
TIDMNESF
RNS Number : 3088I
NextEnergy Solar Fund Limited
07 August 2019
7 August 2019
NextEnergy Solar Fund Limited
("NESF" or "Company")
Operating Update
NextEnergy Solar Fund is pleased to announce the following
operating update:
-- Grid connection of NESF's first subsidy-free plant, Hall Farm II, with a capacity of 5.4MWp
-- Acquisition of an 8MWp subsidised operating solar farm, Ballygarvey, in Northern Ireland
-- Construction progress on Staughton, a subsidy-free 50MWp
plant on the Bedfordshire/Cambridgeshire border
Hall Farm II
Hall Farm II, located in Leicestershire, is an extension to the
Company's 5MWp Hall Farm plant acquired in 2015. Construction of
Hall Farm II began in March 2019 and the plant was connected to the
grid on 5 August 2019. The plant benefits from the original site's
oversized planning permission and previously-built grid access
infrastructure. Hall Farm II will not receive any subsidies and
will not impact Hall Farm's eligibility to receive renewable
obligation certificates ("ROCS").
Ballygarvey
Ballygarvey is an 8MWp solar plant located in Northern Ireland,
connected to the grid in March 2018. The plant receives subsidies
under the Northern Ireland ROCS ("NIROCS") regulatory framework,
and receives 1.4NIROCS per MWh generated. The Company acquired the
plant for a total investment value of GBP8.5m.
Since early 2018, Ballygarvey has been managed for its previous
owner by WiseEnergy, NESF's operating asset manager; WiseEnergy's
role is expected to facilitate the onboarding process as the
Company integrates the asset into its portfolio.
The plant is NESF's first asset located in Northern Ireland; the
Company now owns operating plants in England, Scotland, Wales and
Northern Ireland.
The acquisition of Ballygarvey and grid connection of Hall Farm
II increase NESF's portfolio to 89 operating solar plants with a
total installed capacity of 705MWp.
Staughton
Having successfully completed the construction and grid
connection of Hall Farm II, NESF is progressing with the
construction of Staughton, a 50MWp project located primarily on a
former airfield on the Bedfordshire/Cambridgeshire border.
The project is split across two sites that are part of and close
to Little Staughton Airfield. The airfield was constructed in 1941
and continues to be operational. Both sites will have a direct
interconnection and feed into a single substation.
NESF expects Staughton to be connected to the grid by the end of
2019.
For further information, please contact:
NextEnergy Capital Limited 020 3746 0700
Michael Bonte-Friedheim
Aldo Beolchini
Cantor Fitzgerald Europe 020 7894 7719
Robert Peel
Shore Capital 020 7408 4090
Anita Ghanekar
Macquarie Capital (Europe) Limited 020 3037 2000
Nick Stamp
MHP Communications 020 3128 8100
Oliver Hughes
Apex Fund and Corporate Services (Guernsey)
Limited 01481 735827
Nicholas Robilliard
Notes to Editors:
NESF is a specialist investment company that invests primarily
in operating solar power plants in the UK. It is able to invest up
to 15% of its Gross Asset Value in operating solar power plants in
OECD countries outside the UK. The Company's objective is to secure
attractive shareholder returns through RPI-linked dividends and
long-term capital growth. The Company achieves this by acquiring
solar power plants on agricultural, industrial and commercial
sites.
As at 31 March 2019, NESF has raised equity proceeds of GBP692m
(including GBP100m of preference shares) since its initial public
offering on the main market of the London Stock Exchange in April
2014. The Company's subsidiaries have bank and other external
finance outstanding of GBP269m, on a look-through basis and
including at project level. Of this, GBP199m was long-term fully
amortising financing, and GBP70m was drawn under a short-term
credit facility.
NESF is differentiated by its access to NextEnergy Capital Group
("NEC Group"), its Investment Manager, which has a strong track
record in sourcing, acquiring and managing operating solar assets.
WiseEnergy is NEC Group's specialist operating asset management
division and over the course of its activities has provided
operating asset management, monitoring, technical due diligence and
other services to over 1,300 utility-scale solar power plants with
an installed capacity in excess of 1.9 GW.
Further information on NESF, NEC Group and WiseEnergy is
available at nextenergysolarfund.com, nextenergycapital.com and
wise-energy.eu.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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