NextEnergy Solar Fund breaks into rooftop market with latest round of PV buys

NextEnergy Solar Fund (NESF) has made its maiden acquisition of a solar rooftop portfolio within a tranche of new purchases announced today.

The investment fund revealed that it had made three separate acquisitions with a combined generation capacity of 18.3MW, paying £22.1 million for the projects.

Included is a portfolio of nearly 700 rooftop installations in Leicestershire which were connected between November and June 2013 and receive feed-in tariff revenue, costing NESF up to £2.3 million.

NESF confirmed the Thurlestone portfolio was its first move into solar rooftops, but added it expects to “expand in this market segment” as it looks to further “diversify the composition of its revenue sources”.

Also acquired by NESF was a 5MWp ground-mount solar farm in Essex which was connected in June this year and receives feed-in tariff revenue as a standalone installation, and a 11.5MW solar park in Dorset which was connected in March this year and receives 1.4 ROCs.

The new purchases take NESF’s UK solar portfolio to 253MW at a total investment value of £296.1 million.

Just last month NextEnergy raised £38.8 million from a further issue of ordinary shares which it said at the time would be used to pursue a 200MW pipeline of assets in the country.