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NextEnergy Solar Fund reaches UK subsidy-free development target
StockMarketWire.com
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Solar power renewable energy investment company, NextEnergy Solar Fund (NESF), has reached its subsidy-free development target of c.150MWp, through two newly approved subsidy-free development assets.
Both assets are currently being prepared for construction and are expected to be energised in early 2022.
The assets have an approximate investment value of £45m and comprise Whitecross, a 124-acre solar project, based in Lincolnshire with an installed capacity of c.35.3MWp and Hatherden, a 198-acre solar project, based in Hampshire with an installed capacity of c.50MWp
The two assets will cover the yearly electricity demand for approximately 25,000 UK households. NESF has selected Whitecross and Hatherden from its development portfolio based on the assets' attractive forecast financial returns and their relative near-term energisation.
Having achieved its target subsidy-free capacity of c.150MWp, NESF is looking to divest any residual development risk and has agreed to divest 16 development projects (not in construction or in operation) from its subsidy-free pipeline.
The identified projects will be sold to a subsidiary of NextPower Development. The divestment amounts to a combined consideration of c.£5.6m and will result in NESF receiving an attractive return on the capital invested into this development activity.
This follows NESF's announcement in May 2020 regarding the sale of two subsidy-free projects under development (not in construction or in operation) with a capacity of 115MW to NextPower for a combined total consideration of £11.5m.
Michael Bonte-Friedheim, CEO of NextEnergy Capital Group, said: 'Reaching the c.150MWp target of subsidy-free assets in development is truly a milestone achievement for NESF, as we have shown the market that we have achieved what we set out to do.
'NESF has firmly demonstrated its leadership in the UK solar market and continues to achieve superior technical and operational performance. In parallel, NESF continues to focus on further growth opportunities in the UK and internationally.'
Story provided by StockMarketWire.com
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