NextEnergy Solar Fund (NESF) has completed a share purchase agreement worth £61.7 million to acquire three operating solar PV plants in the UK.
The portfolio of sites has a combined capacity of 53.3MW, with each solar plant grid-connected during the first quarter of 2015 and operating under the 1.4 ROC regime. Of the new additions, Green End in Cambridgeshire is the largest with an installed capacity of 24.8MW. Fenland, also in Cambridgeshire, has a capacity of 20.4MW while Tower Hill in Gloucestershire adds a further 8.1MW to the investment firm’s list of solar PV assets.
The consideration agreed for the purchase includes long-term fully-amortising financing currently drawn by the portfolio of £45.4m. This has been extended by Bayerische Landesbank and will remain in place until it expires in 2032.
NESF has drawn on its revolving credit facility with Macquarie to finance the balance of the portfolio's acquisition value.
The new deal means NESF has now secured 28 solar sites totalling 329MW, representing a total investment of £382 million.