Proactive Investors - NextEnergy Solar Fund Ltd (LON:NESF) has successfully refinanced its £135 million short-term revolving credit facility (RCF), extending the maturity by two years.
This refinancing includes the option for two additional 12-month extensions, potentially taking the facility up to June 2028.
The new debt line continues to offer favourable terms with a margin of 120 basis points over the sterling overnight index average (SONIA). This consortium now welcomes Lloyds (LON:LLOY) as a new banking partner, joining the existing lenders, AIB Group and NatWest (LON:NWG).
In parallel, NESF is also preparing to extend another RCF with Santander (BME:SAN) by 12 months, maintaining similar terms and extending the maturity to June 2025, well ahead of its initial expiry next year.
These facilities are vital components of NESF's disciplined capital structure, allowing the fund substantial flexibility to manage cash flows for both investment opportunities and debt repayment, the company said.
"This refinancing demonstrates lenders' continued appetite to provide facilities against utility-scale solar assets in the UK on attractive terms," said Ross Grier, COO and Head of UK Investments, NextEnergy Capital.