NextEnergy Solar Fund has sold a 50MW operational solar farm in the UK to NextPower UK ESG Fund, a private fund managed by NextEnergy Capital (NEC).
The £30.3m sale is part of NextEnergy Solar Fund’s capital recycling programme.
The Staughton PV array, located in Bedfordshire, is a subsidy-free utility-scale asset that has been operational since 2019.
Proceeds from the deal will be used to reduce the NextEnergy Solar Fund’s drawn short-term debt via its revolving credit facilities.
NextPower UK ESG Fund, is a 10-year closed-ended private fund.
Staughton (pictured) is the fund’s twelfth asset, taking its portfolio capacity to 565MW.
The fund now has 178MW of operating solar assets and co-located energy storage in the UK, making a tangible difference in providing clean generation to the UK’s energy mix.
It has a further 387MW of PV and energy storage projects in construction or ready-to-build, alongside further near-term acquisitions in its pipeline.
NextEnergy Capital’s investment director UK Spyros Sfantos said: “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, we expect to see further growth in NPUK’s total capacity through the end of the year and into 2025 through further acquisitions.
“NPUK remains on track to outperform its return and dividend targets, with dividends to date being significantly above the target.”
In its interim results for the period ended 30 September 2024, NextEnergy Solar Farm reported a net asset value (NAV) per ordinary share of 97.8p (31 March 2024 104.7p).
The fund generated income of £45m over the six-month period (30 September 2023, £50m).