NextEnergy Solar Fund has completed the sale of a 50MW operational solar farm in Bedfordshire to the NextPower UK ESG Fund, a private fund managed by NextEnergy Capital (NEC). The transaction, valued at £30.3 million, forms part of NextEnergy Solar Fund's strategy to recycle capital within its portfolio.
The Staughton solar array, a subsidy-free utility-scale facility operational since 2019, is the twelfth acquisition by NextPower UK ESG Fund. The purchase increases the fund's total portfolio capacity to 565MW, including 178MW of operational solar assets and energy storage across the UK.
Proceeds from the sale will be used by NextEnergy Solar Fund to reduce its short-term debt via revolving credit facilities. The fund also disclosed a dip in its net asset value (NAV) per ordinary share to 97.8p as of 30 September 2024, down from 104.7p in March 2024, alongside generating £45 million in income for the six-month period ending September 2024.
Spyros Sfantos, Investment Director at NextEnergy Capital, highlighted the fund's expansion trajectory. “Staughton is a high-quality operating solar asset that represents NPUK's twelfth portfolio acquisition. NPUK's total capacity has grown to an impressive 565MW since its launch in August 2022,” he said. Sfantos added that the fund remains on track to exceed its return and dividend targets.
With 387MW of solar and energy storage projects either under construction or ready-to-build, NextPower UK ESG Fund continues to expand its presence in clean energy.
