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QuotedData’s morning briefing 23 November 2020

US Solar Fund

In QuotedData’s morning briefing 23 November 2020:

  • US Solar Fund says that all 41 projects in its portfolio, totaling 443MWDC, are now fully operating and generating revenue. The final project, the 128MWDC Milford plant in Utah, reached the commercial operations date under its power purchase agreement (PPA) on 19 November, on-time and under-budget – saving $4m on construction and development costs and $1m worth of electricity revenue above budget. USF’s portfolio now produces enough electricity each year to power approximately 74,000 US homes. They said “this puts us firmly on track to pay and cash cover the full target dividend of 5.5 cents per share in 2021“.
  • HICL Infrastructure has agreed a new Letter of Credit Facility (LCF) with Sumitomo Mitsui Banking Corporation and ING. The facility is initially sized at £60m and an uncommitted £225m accordion. The maturity is on 31 December 2026, matching the long-dated nature of construction commitments much better than a typical shorter-dated facility.
  • Tritax Big Box REIT has today priced £250m of unsecured green bonds maturing on 27 November 2033. The 13-year notes carry an interest rate of 1.5%. The issue will reduce the company’s consolidated pro-forma capped cost of debt to 2.5% and the pro-forma average duration of debt will increase from 6.7 years to 7.5 years. The 2033 notes are rated Baa1 by Moody’s Investors Service Limited. The proceeds from the 2033 notes are intended to be used to finance or refinance new or existing green projects (built as best-in-class, sustainable, net zero carbon buildings and to be BREEAM certified as either “Very Good” or “Excellent”) and they believe that they represent the first Sterling green bond issuance by a UK REIT.
  • BlackRock Throgmorton’s placing raised £18.4m through an issue of 2,681,851 shares at a price of 687.63p (a 1.5% premium to NAV). The company still has permission to issue 625,835 shares but, as this could run out quite quickly given demand, the company will shortly be issuing a circular to shareholders for a meeting to seek a renewed authority to issue up to 10% of the ordinary shares that will be in issue.
  • The Renewable Infrastructure Group says it has a near term net funding requirement of circa £200m. In addition, InfraRed is currently evaluating a significant pipeline of attractive investment opportunities and is in advanced stages of negotiation in relation to more than 250MW of assets including a substantial investment opportunity in an offshore wind farm. The board will shortly be publishing a circular in order to seek additional authority to allot up to a further 174,192,585 ordinary shares (10% of the issued share capital).

We also have news of an investment by Greencoat UK Wind, new writedowns at KKV Secured Loan, a change in management fees for Macau Property Opportunities and a new launch planned to achieve positive social impact, as well as half-year results from LXI REIT and Sirius Real Estate and an acquisition by Harworth.

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