NextEnergy acquires 100MWp from Lightsource BP in ₤ 64.3 m deal

Mar 1, 2021 07:46 PM ET
  • NextEnergy Solar Fund (NESF) has actually acquired 100MWp of UK solar in a c. ₤ 64.3 million deal with Lightsource BP.
NextEnergy acquires 100MWp from Lightsource BP in ₤ 64.3 m deal
Image: NESF

The Camden solar PV portfolio is made up of 2 projects, the 50MWp Grange site in Yorkshire as well as the 50MWp South Lowfield website in Nottinghamshire.

Bifacial panels have been made use of at the utility-scale ground-mount websites, which have a 40 year lifespan. The Grange is energised and also South Lowfield is anticipated to be energised shortly, NESF claimed, with both anticipated to be appointed in the first half of 2021.

Both have 15-year power purchase agreements signed for c. 75% of the electricity generation with AB InBev, the world's biggest maker according to the firm.

Kevin Lyon, chairman of NESF, claimed the Camden portfolio is an "excellent fit" for the firm as "the PPA contract with AB InBev supplies lasting, dependable cashflows to the fund".

" The board is thrilled to partner with such a prominent worldwide firm, helping them achieve their renewable energy targets."

The acquisition of the Grange brings NESF's portfolio as much as 92 operating solar assets, with an integrated ability of c. 813MWp, which will certainly expand to c. 863MWp once South Lowfield is energised. The purchase of both increases NESF's portfolio capability by 13%.

Speaking about the procurement, Ross Grier, UK managing director of NextEnergy Capital Team, claimed the "15-year company PPA is a real emphasize offered the average duration for business PPAs that we see in the marketplace is around 7-10 years".

" NESF will continue to look to expand its solar portfolio additionally, locally as well as worldwide, with our determined financial investment process, with shareholder worth at the heart of our choices."

As part of this portfolio development, NESF is currently targeting a 150MW subsidy-free portfolio, introducing within its H1 results for 2020 in November it had currently achieved 64MW of operating subsidy-free solar in this portfolio.

Regardless of the obstacles of COVID-19, it hailed the "strong functional strength" in its full year results for 2020 as its assets executed 8.1% over budget.