NextEnergy Solar Fund to place 250 million new shares following successful IPO, new financing

By Lisa Kerner

Charlotte, N.C., Oct. 9 – NextEnergy Solar Fund Ltd. announced plans to place up to 250 million of new shares within a 12-month period, with an initial issue of about 75 million new shares to take place in early November.

The company would raise £262.5 million of gross proceeds from the placing program if 250 million new ordinary shares are issued at 105 pence per share, the mid-market price of the ordinary shares as of Oct. 8.

According to NextEnergy’s announcement, its placing program offers the company with the flexibility to issue both ordinary shares and/or C shares, which convert into ordinary shares on the occurrence of specified events, or at specified times.

The company will hold a general meeting on Nov. 4 to approve changes to its articles related to the share placement program.

In September, NextEnergy said it deployed more than 90% of its April IPO proceeds totaling £85.6 million and signed a revolving credit facility of up to £31.5 million. Also, the company has secured additional investment opportunities valued at more than £210 million and is negotiating for further investment opportunities valued up to £333 million.

NextEnergy is a closed-end investment company focused on operational solar photovoltaic assets. It is incorporated in Guernsey.

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