NextEnergy Solar Fund extends Santander revolver by two years

By Marisa Wong

Los Angles, July 5 – NextEnergy Solar Fund Ltd. announced it signed a two-year extension to its existing £70 million revolving credit facility with Santander UK.

The revised facility has been agreed on attractive terms with a margin of 160 basis points over Sonia, including an uncommitted option to extend the facility term for an additional 12 months if required, according to a press release.

The £70 million revolver, £22 million of which has been drawn, now expires in July 2024.

The company said the extended facility provides cost-efficient funding with flexibility on drawdowns and repayments.

As of July 1, the company had £48 million available for immediate drawdown from its revolvers, excluding the £25 million accordion under its fully drawn £75 million AIB and NatWest revolver due June 2024, to progress solar and battery storage assets and the remaining NextPower III ESG commitment.

The specialist renewable energy investment company is based in London.

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