The additional commitments have been agreed on attractive terms with a margin of 120bps over SONIA (“Sterling Overnight Index Average”), available until June 2024.
The extended facility provides cost-efficient funding with flexibility on drawdowns and repayments and increases total RCF capacity to £205m. As of 29 September 2022, the Company had £89.5m available for drawdown from all its RCFs to progress its immediate pipeline of solar farms and battery storage assets.
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Provider
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Short term credit facilities (RCF)
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Drawn down
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Expiry
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Santander UK
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£70m
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£40.5m
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July 2024 (excluding 12-month extension)
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AIB & NatWest
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£135m
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£75m
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June 2024
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Total
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£205m
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£115.5m
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The Company has drawn £115.5m from its £205m short term credit facilities. Gearing levels remain conservative at 41% (including preference shares and financial debt facilities) of the Company’s Gross Asset Value, which as of the 30 June 2022 was £1,198m.
Ross Grier, UK Managing Director of NextEnergy Capital commented:
“The £60m increase in the AIB and NatWest revolving credit facility provides the Company with sufficient headroom to secure solar and battery storage optionality within the immediate pipeline. We have also secured attractive terms considering the current macro environment.”
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