NextEnergy Solar Fund (NESF) has announced the acquisition of a 10.2MW project in Shropshire.

NESF has signed a share purchase agreement (SPA) to acquire the special purpose vehicle (SPV) which owns the 10.2MW Candover solar project.

The fund says that it will acquire the project for a total consideration of £11.7 million following the issuance of the preliminary acceptance certificate which it expects to occur in April 2015.  

Under the terms of the EPC contract, the solar farm will expect to achieve commissioning by March 2015 in order to receive support under the 1.4ROC regime. If the solar farm fails to meet this deadline NESF has the right to terminate the SPA.

The acquisition is being funded through a combination of the fund’s initial public offering (IPO) and access to revolving credit facility. NESF says that its £85.6 million IPO proceeds are now fully allocated across eight assets totalling 78MW of PV capacity in the UK.