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NextEnergy Solar looking to raise over £250m

NESF : NextEnergy Solar looking to raise over £250m

NextEnergy Solar Fund has announced that it has identified a pipeline of potential deals worth about £210m and has identified additional deals worth £333m.  They have a revolving credit facility worth up to £31.5m and can use this to get the ball rolling but to fund more of these deals it is looking to raise £75m in November 2014 and then go on to issue up to 250m shares in total. This would represent a substantial expansion of the company (which raised £85.6m at the time of its IPO and has deployed £80.4m of this in seven solar parks).

The announcement says they are on track to pay a dividend of 5.25p for the current year and 6.25p for the financial year ending in March 2016.

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