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On a mission to generate a more sustainable future

NextEnergy Solar Fund (“NESF”) is a leading specialist solar and energy storage investment company[1], publicly listed as a constituent of the FTSE250. NESF invests in solar energy and energy storage to proactively drive the pivotal role renewables can play in responding to rapidly increasing energy demands while also addressing the global climate agenda.

Currently, the NESF portfolio has 1,015MW of total installed capacity, with the fund having invested over £1.2 billion into the sector since 2014.

New £135m RCF comes with additional flexibility

RRAM Energy, a subsidiary of the NextEnergy Solar Fund, was looking to refinance its solar portfolio Revolving Credit Facility (“RCF”) and at the same time build in additional documentary flexibility with respect to its hedging strategy. As a longstanding banking partner, and with our expertise of the UK and European renewables market, RRAM asked us to support structuring this new facility.

The NatWest team worked closely with RRAM to determine the most suitable structure for the debt facility and based on those discussions helped arrange a £135 million RCF with a three-bank consortium, taking a £45m hold ourselves as a senior lender. NatWest also maintained its role as Facility and Security Agent.

The new financing – with a tenor of two years with two additional 1-year extensions – also includes an uncommitted accordion capped at £70 million. 

NatWest committed to help accelerate growth of renewable energy sources

Ross Grier, COO and Head of UK Investments at NextEnergy Capital, commented: “We are pleased to have secured similar terms on NextEnergy Solar Fund’s primary revolving credit facility with the support from NatWest. As we have previously indicated, we continue to observe significant lender interest in providing debt to the solar infrastructure sector across the geographies we are active in.

Alberto Abascal, Project Finance at NatWest, said: “We’re delighted to continue supporting RRAM Energy, demonstrating with this transaction our commitment to helping accelerate the growth of renewable energy sources. This RCF is the result of several teams within the bank working closely together to deliver the best outcome for our customer.”

Source: [1] Home - NextEnergy Solar Fund

Finance is subject to status. Security may be required. Product fees may apply.

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