NextEnergy Solar Fund has completed the sale of a 100MW operational UK solar portfolio to Atrato Onsite Energy.
The company said the £46.2m transaction marks the completion of its capital recycling programme, which has generated around £119m through the disposal of 245MW of UK solar assets.
NextEnergy Solar Fund added the portfolio comprises two subsidy-free utility-scale solar projects, the 50MW Grange project in Nottingham and the 50MW South Lowfield project in Yorkshire.
The sale represents a 1.1x multiple on invested capital, according to the company.
Proceeds from the transaction will be used to reduce the company’s drawn short-term debt through its revolving credit facilities.
Across four phases of the programme, the company sold five UK solar assets with a combined capacity of 245MW.
The disposals generated around £119m and delivered an estimated net asset value uplift of 2.44p per ordinary share.
“The completion of Phase IV marks the culmination of the Capital Recycling Programme and represents an important milestone for NESF,” said Tony Quinlan, chair of NextEnergy Solar Fund.
“This final transaction strengthens the Company’s balance sheet and demonstrates our continued commitment to disciplined capital stewardship on behalf of shareholders.”
“Over the four phases of the Programme, we have divested five UK solar assets totalling 245MW, generating approximately £119 million in proceeds and contributing a 2.44p NAV uplift per ordinary share,” stated Stephen Rosser, investment director at NextEnergy Capital.