NextEnergy Solar Fund has increased its revolving credit facility by an additional £20 million to help it clinch additional solar plant acquisitions in the UK.
Macquarie Bank and Santander have increased NESF’s facility from £100 million to £120 million, taking the total amount of secured debt drawn by NESF to £216.6 million.
The new facility matures in May 2017 and NESF has the option to extend out to November next year. NESF can also extend a further £31.5 million of the pre existing RCF between September 2016 and March 2017, and a further £68.5 million between December 2016 and May 2017.
The move comes just six weeks after NESF splashed just shy of £100 million on a four-strong portfolio of UK solar assets with a combined capacity of 84MW, taking the fund’s portfolio capacity to 414MW.