NextEnergy Solar Fund Raises GBP100 Million Via Preference Share Issue

(Alliance News) - NextEnergy Solar Fund Ltd said Monday it intends to raise GBP100 million ...

Alliance News 12 August, 2019 | 1:22PM
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(Alliance News) - NextEnergy Solar Fund Ltd said Monday it intends to raise GBP100 million through a subscription agreement with L1 LP, an investment vehicle owned by Universities Superannuation Scheme.

The scheme is a UK pension scheme for universities and other higher education institutions.

Under the agreement, 100.0 million preference shares will be issued at a price of 100 pence per share, the proceeds from which will go towards repaying the GBP90 million short-term debt facilities and investing in new opportunities.

This follows the issue of 100.0 million preference shares at the same amount in November, under a subscription agreement with AIP Solco, a subsidiary of investment vehicle AIP Infrastructure LP.

The facilities are due in February and July 2020, and having them repaid is expect to remove any short-term refinancing risk for NextEnergy.

NextEnergy will have the right to redeem these preference shares from April 2030.

As of April 2036, any unredeemed preference shares may be converted to either ordinary shares or to a new unlisted B class of shares. These B shares will have identical rights to ordinary shares.

Shares in the solar power-focused investment firm were up 0.4% at 120.50 pence on Monday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
NextEnergy Solar Ord 120.50 GBX 0.84 -
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