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NextEnergy Solar acquires two UK-based solar projects totalling 100MWp for £64m

NextEnergy Solar (NESF) announced the acquisition of the UK based Camden solar photovoltaic portfolio comprising two projects totalling 100MWp for a total consideration of c.£64.3m.

The portfolio has a 15-year power purchase agreement (PPA) in place covering c.75% of the electricity to be generated over the life of the PPA. The PPA counterparty is AB InBev, the world’s largest brewer.  One project is already energised and the second is expected to be energised during the second quarter of 2021.

Once commissioned, the portfolio will represent an increase of c.13% in NESF’s installed capacity. The acquisition has been financed using NESF’s current revolving credit facilities.

Some additional key points

  • The portfolio is made up of two assets:
    • 1.    The Grange: 50MWp on a c.214-acre site, located in Yorkshire, UK
    • 2.    South Lowfield: 50MWp on a c.200-acre site, located in Nottinghamshire, UK
  • The portfolio is expected to be commissioned in the first half of 2021
  • The portfolio will produce enough clean energy to power the equivalent of c.29,000 UK households per year
  • The NESF portfolio has immediately increased to 92 operating solar assets, with a combined installed power capacity of c.813MWp (from c.763MWp)
  • The NESF portfolio will increase to 93 operating solar assets, once South Lowfield is energised during the second quarter of 2021, increasing the combined installed power capacity to c.863MWp

NESF: NextEnergy Solar acquires two UK-based solar projects totalling 100MWp for £64m

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