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Nextenergy Solar Fund Limited (NESF)
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NextEnergy Solar Fund consolidates credit facilities, cuts costs
(Alliance News) - NextEnergy Solar Fund Ltd on Wednesday said it has consolidated its two short-term revolving credit facilities into a single facility, reducing borrowing costs and simplifying its capital structure.
The Guernsey-based specialist investor in solar energy and energy storage said the new combined facility, worth GBP205 million, carries a lower margin of 120 basis points over the sterling overnight index average, down from the previous 150bps on one of its former facilities.
The move merges the company's RCF with Banco Santander SA into its other facility under a consortium of lenders comprising Allied Irish Banks PLC, NatWest Group PLC, and Lloyds Banking Group PLC. The consolidated facility retains the same commitment limit and includes two optional 12-month extensions, allowing for maturity to be extended up to June 2028 at NextEnergy Solar Fund's discretion.
The company said it remains committed to reducing its debt. As of December 31, it had repaid a net GBP46.3 million in short-term debt through proceeds from its capital recycling programme and had also repaid a cumulative GBP60.4 million of long-term amortising debt from operational cashflows.
Chair Helen Mahy welcomed the cost savings, stating: "I am pleased to report a reduction in NextEnergy Solar Fund's short-term revolving credit facility costs, as a result of the facility being consolidated at a market-leading rate of 120bps over SONIA. The company is making good progress reducing its total debt, and it is encouraging that NextEnergy Solar Fund continues to make operational efficiencies where possible to benefit its shareholders."
Shares in NextEnergy Solar Fund were up 0.6% at 68.42 pence in London on Wednesday afternoon.
By Eva Castanedo, Alliance News reporter
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