Development sites sold as NextEnergy fund reaches 150MW subsidy-free PV target

NextEnergy Solar Fund has announced two newly approved subsidy-free development assetsthat are about to start construction and are due to go into operation in early 2022.

The assets have an approximate investment value of £45M and comprise:

  • Whitecross, 124 acres in Lincolnshire with an installed capacity of 35.3MWp
  • ·Hatherden, 198 acres in Hampshire with an installed capacity of c.50MWp

The two projects bring the fund to its target subsidy-free capacity of 150MWp, so NESF will sell 16 development projects from its subsidy-free pipeline to a subsidiary of NextPower Development. For £5.6M .  This follows NESF’s announcement in May 2020 of the sale of two subsidy-free projects under development with a capacity of 115MW to NextPower for £11.5M.

NextPower and NESF are related parties and NESF said it may sell it further subsidy-free projects from its pipeline.

Kevin Lyon, Chairman of NextEnergy Solar Fund commented:“The divestment is a result of NESF having achieved this target and reducing exposure to any further development risk at this time.  This allows NESF to increase its focus on investment opportunities both in and outside the UK in line with the expansion of NESF’s investment policy approved by shareholders last year”.

Further reading

Cheers: NESF picks up Camden PV sites holding 15-year PPA with world’s largest brewer

Expect failures in corporate PPAs, says solar investor

NextEnergy starts up second subsidy-free solar farm, plans to take year’s rollout to 150MWp

Anglian Water sites to host 35MW of PV in step towards net zero goal

 

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