NextEnergy Solar Fund (NESF) has announced a 250 million share placing programme to acquire further solar power plants.
The London-listed vehicle last month said that it had invested about 90 percent of the £85.6 million (€108.6 million; $137.3 million) proceeds it raised via an IPO last April and signed a revolving credit facility of up to £31.5 million.
The company yesterday confirmed that it has exclusive rights on £210 million of solar farms that are either operational or scheduled to be connected before April 1st next year, the date from which the UK’s Renewable Obligation regime closes for plants of more than 5 megawatts (MW). The investments represent around 186MW of capacity.
NESF also said that it is currently in negotiations over a pipeline of further potential deals worth up to £333 million.
The fund is targeting an initial issue of around 75 million new shares, expected to take place in early November 2014. The full placing programme, still subject to shareholder approval, will have a 12-month life.
In a statement, NESF said it is on track to deliver its targeted dividend of 5.25 pence per share for its initial year, rising to 6.25 pence per share for the financial year ending March 2016.