NextEnergy Solar Fund buys solar power plant for GBP10.5m

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
NextEnergy Solar Fund buys solar power plant for GBP10.5m

NextEnergy Solar Fund (NESF) has announced the signing of the share purchase agreement to acquire a special purpose vehicle owning the rights to construct 9.4MW Gover Farm Power Plant, a solar power plant located in Cornwall, UK.

Gover Farm will be constructed under an Engineering, Procurement and Construction (EPC) contract negotiated by NESF. Under the terms of the EPC, the plan is to achieve preliminary acceptance certificate by August 2014. The plant will be accredited under the 1.4 Renewable Obligation Certificate regime.

NESF has committed to acquire the special purpose vehicle, subject to certain timing and performance criteria being achieved, for a total consideration of up to £10.5 million (US$17.8 million).

In April, NextEnergy Solar Fund raised GBP85.6 million in a share placing and offer for subscription, with the proceeds earmarked for buying up UK photovoltaic solar assets. The firm initially hoped to raise £150 million, but chief executive Michael Bonte-Friedheim said that this was reduced as a consequence of a busy fundraising schedule and that the firm expected to grow to £750 million over the next three years.

The fund now has three assets after acquiring two operating solar plants in May. It has now invested about 30% of the proceeds raised in its initial public offering two months ago.

List of country news

Country news

  • July 02, 2014

    Allianz launches 500m UK debt infrastructure fund

    Allianz Global Investors has launched the £500 million (US$856 million) UK debt Infrastructure Fund, which is expected to invest in loans of long-term, investment grade, and core infrastructure assets. Read more
  • July 03, 2014

    AllianzGI finances restructuring of Northern Irish road PPP

    Allianz Global Investors (AllianzGI) has completed a restructuring of the financing arrangements of the DBFO II Northern Irish road PPP project. Read more
  • July 03, 2014

    INPP acquires majority position in Nottingham BSF portfolio

    International Public Partnerships Limited (INPP) has acquired an additional 72% direct investment in the second phase of the Nottingham Building Schools for the Future (BSF) portfolio, increasing INPP's exposure to the project from 10% to 82%. Read more
  • July 04, 2014

    Foresight Group and Green Investment Bank invest in UK waste plants

    Working with its fund manager Foresight Group (Foresight), the UK Green Investment Bank (GIB) announced on Wednesday investment into two projects to construct anaerobic digestion plants on farms in Northern Ireland. These are expected to be the first of several, similar projects in the region. Read more
  • July 07, 2014

    Balfour Beatty announces sale of more PPP assets

    Balfour Beatty will continue with its PPP concession disposal programme in 2014 after the company did not manage to achieve the expected results, according to a Trading Update published by the company on July 3rd. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.