NextEnergy announces £22.7 million project debt facility, draws down £24 million on revolver

By Lisa Kerner

Charlotte, N.C., July 21 – NextEnergy Solar Fund Ltd. closed a 12-month £22.7 million debt facility with NIBC Bank NV to finance the company’s Cock Hill and Llwyndu projects. Together, the projects have an investment value of £32.7 million, according to a news release.

A 12-month extension of the financing is available.

NextEnergy has also drawn down £24 million of its £31.5 million revolving credit facility with Macquarie Bank Ltd.

“We continue to grow the company’s asset base and, as previously announced, are using existing and new debt facilities to fund the latest additions to our portfolio,” said chairman Kevin Lyon.

The company intends to refinance the debt facilities “in due course” through the issuance of long-term debt or via future placements of new NextEnergy shares, according to Lyon.

NextEnergy Solar Fund is an investment fund focused on operational solar photovoltaic assets located in the United Kingdom. The company is based in London.

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