NESF adds £39m to coffers

The UK solar investment firm has raised the gross proceeds from its latest issuance of shares on the London Stock Exchange.

NextEnergy Solar Fund (NESF) has raised gross proceeds of £38.8 million (€52.9 million; $59.2 million) from an issue of new ordinary shares on the London Stock Exchange (LSE) which it announced earlier this month.

NESF has raised a total of £285.5 million in equity since its initial public offering (IPO) on the main market of the LSE in April 2014, not including the current placing. It also has a £31.5 million revolving credit facility from Macquarie and a £22.7 million facility from NIBC.

The firm revealed that it had exhausted its equity funds in April this year when it agreed to acquire the Glebe Farm and Hawkers Farm solar power plants in Bedfordshire and Somerset respectively for a combined sum of up to £54.7 million. It had previously raised £61 million in late February.

In July, NESF said it would be delaying the IPO of a planned Southern European-focused solar vehicle which was aiming to raise up to €500 million. Amid unfavourable conditions, fellow solar fund manager Bluefield Partners also postponed a planned €400 million listing of a similar vehicle a week later.

NESF invests in operating solar power plants in the UK and delivers shareholder returns through RPI-linked dividends and long-term capital growth. It acquires plants on agricultural, industrial and commercial sites.