NextEnergy Solar Fund raises £85.6m from London flotation
NEXTENERGY Solar Fund, an investment company solely focused on solar energy assets in the UK, today said it has raised £85.6m from its initial public offering on the London Stock Exchange.
The firm initially hoped to raise £150m, but chief executive Michael Bonte-Friedheim told Morning Wire that this was reduced as “a consequence of a busy fundraising schedule” and that the firm expects to grow to £750m over the next three years.
“We will definitely look to raise further capital in the next 12 months,” he said. “We have a core shortlist of eight assets we expect to acquire in the next four months, which we will announce shortly.”
The company, which manages and operates over 1,100 solar power plants, expects to begin full trading on 25 April. The placing has attracted a number of blue-chip institutional investors and private wealth managers.
The firm plans to issue a first-year dividend of 5.25p per share and a 6.25p dividend the year after.