NextEnergy raises £42m for solar

London-listed NextEnergy Solar Fund has raised £42 million ($55.2 million; €50.2 million) through a tap issuance it announced earlier this month.

NESF, managed by NextEnergy Capital, closed the tap issuance with new and existing shareholders agreeing to purchase 42 million of its shares at 100.4 pence per share. It originally said in mid-July that 54.9 million shares were available for issuance, offering 30,850,000 ordinary shares it already holds before creating 24,035,000 new ones.

Cantor Fitzgerald, Fidante Capital, Macquarie Capital and Shore Capital were bookrunners for the issue.

The solar fund said earlier this month that conditions were right to raise capital in an “efficient and cost-effective manner” to pursue a pipeline of assets it believes are available at attractive valuations.

NESF's financial debt as of 30 June totalled £216.1 million, £99.9 million of which was held in long-term facilities and £116.2 million drawn in short-term loans. It said this was equivalent to 43.4 percent of gross asset value. Its current portfolio generates a combined 414MW mostly from ground-mounted solar projects.