NextEnergy Solar Fund has bought five solar plants for £98million.
The operational plants can produce 84.2MW at peak output.
The deal, expected to complete by mid-April, includes Great Wilbraham in Cambridgeshire, Branston in Lincolnshire, Emberton in Buckinghamshire and Berwick, in East Sussex, which were accredited for 1.4 ROCs during March 2015. Bottom Plain, in Dorset, was accredited for 1.4 ROCs during December 2014.
NextEnergy said the acquisition will be partially financed via a long-term fully-amortising project financing, secured solely by the portfolio, of £55 million, the rest of the consideration will be covered by its existing cash from operations and utilising its existing revolving credit facility.
The business will own 33 solar power plants with a total installed capacity of 414 MWp and an investment value of £480 million giving it the largest solar portfolio among LSE-listed renewable energy funds, once the acquisition is finalised.
“We are particularly pleased with this acquisition. The portfolio is high quality, with good technology and commercial counterparts, and has been performing solidly since connection,” said Kevin Lyon, NextEnergy Solar Fund’s chairman.