NextEnergy Solar Announces Extension to Revolving Credit Facility

Source: 7/5/2022, Location: Europe

NextEnergy Solar Fund, the specialist renewable energy investment company, is pleased to announce it has signed a two-year extension to its existing £70m Revolving Credit Facility ("RCF") with Santander UK.

The revised facility has been agreed on attractive terms with a margin of 160bps over SONIA ("Sterling Overnight Index Average"), including an uncommitted option to extend the facility term for an additional twelve months if required.

The extended facility provides cost-efficient funding with flexibility on drawdowns and repayments. As of 1 July 2022, the Company had £48m available for immediate drawdown from its RCF's (excluding the £25m accordion), to progress solar and battery storage assets, and the remaining NextPower III ESG commitment.

Drawn short term credit facilities currently constitute £97m of the Company's £483m total debt capital structure. Gearing levels remain conservative at 42% of the Company's Gross Asset Value, which as of the 31 March 2022 was £1.15bn.

Ross Grier, UK Managing Director of NextEnergy Capital, commented:

"The £70m RCF extension builds on our successful relationship with Santander and provides NESF with the continued firepower to take advantage of the attractive investment opportunities we are pursuing. The facility was secured on attractive terms, given the backdrop of inflation and rising interest rates."

Mark Cumbo, Director, Specialised and Project Finance at Santander UK said:

"We are delighted to support NextEnergy Solar Fund with this latest funding package. Santander UK strongly supports clients such as NextEnergy Solar Fund that are bringing positive environmental change to the UK's energy sector."

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