NextEnergy Solar Fund has clinched a major acquisition deal which will see it spend almost £100 million on an asset portfolio with a combined capacity of 84MW.

The deal, which is expected to close in the next two weeks, will see NESF spend £97.9 million on five separate projects accredited under 1.4 ROCs, most notably the 38MW Great Wilbraham solar farm in Cambridgeshire.

The other four projects included in the portfolio are:

  • Branston solar farm (18.9MW)
  • Bottom Plain solar farm (10.1MW)
  • Emberton solar farm (9MW)
  • Berwick solar farm (8.2MW)

NESF is to fund the acquisition through £55 million project finance arranged by Macquarie Infrastructure Debt Investment Solutions (MIDIS), with the remaining balance paid for through available cash from operations and a drawdown from its current revolving credit facility.  

The five sites will take NESF’s portfolio to 33 individual projects with a total capacity of 414MW and an investment portfolio of £480 million, cementing its position as one of the largest asset owners in the UK market.

Kevin Lyon, chairman at NESF, said the company was “particularly pleased” by acquiring this portfolio.

“The portfolio is high quality, with good technology and commercial counterparts, and has been performing solidly since connection. We have secured it at attractive returns for the company,” he said.