Closing debt facility with NextEnergy Solar Fund LimitedCorporate News -
NIBC is pleased to announce Financial Close of a senior debt facility of GBP 22.7 million (“the Facility”) with NextEnergy Solar Fund Limited (“NESF”, or the “Company”). The Facility will be used to finance two operational solar photovoltaic projects, Cock Hill Farm (20.0MWp) and Llwyndu (7.96MWp). The total investment value of the two projects is GBP 32.5 million.
NIBC previously financed the construction of the two projects for the vendor from which NESF acquired them, and its prior involvement meant it was in an advantageous position to arrange the new Facility once the plants had been fully constructed.
The Facility has been provided for an initial 12 months, with a potential 12 month extension (not to be unreasonably withheld), and the terms of the Facility are in line with current market conditions.
NESF is a strong addition to NIBC’s client franchise given its superior track record as an investor in and manager of solar assets. Going forward, NIBC continues to have a very strong appetite for financing renewables and waste to energy projects in the UK, Germany and in the Benelux.