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NextEnergy Solar agrees £10m deal for power plant

24 Jun 2014
NextEnergy Solar Fund Limited (NESF) has announced the signing of a £10.5m agreement.
The share purchase agreement to acquire a special purpose vehicle owning the rights to construct a solar power plant is subject to timing and performance criteria but will ultimately total £10.5m.

The plant, based in Cornwall is Gover Farm Power Plant and will be constructed under an Engineering, Procurement and Construction contract negotiated by NESF which has committed to acquire the SPV.

The plant was identified in NESF's Prospectus as a 'core shortlist' asset, and will be acquired on a full-equity basis. The capital committed to the acquisition amounts to around 12% of the proceeds raised in NESF's IPO.