NextEnergy Solar Fund is looking to raise up to £100 million ($121 million) through a subscription agreement with an investment vehicle owned by Universities Superannuation Scheme (USS).
The agreement calls for the issue of 100 million preference shares at £1 per share, which will be used to repay £90 million ($108 million) in short-term debt facilities and invest in new pipeline opportunities, according to Alliance News.
It follows a similar issue in November of 100 million preference shares under a subscription agreement with AIP Solco, a subsidiary of AIP Infrastructure.
The facilities are due in February and July 2020, when the short-term debt facilities mature. NextEnergy will be able to redeem these preference shares from April 2030 until 2036, when any unredeemed shares may be converted to ordinary shares or an unlisted B class of shares.
NextEnergy operates a portfolio of 89 solar plants, with a total installed capacity of 705 megawatts, according to Renewables Now. It is also constructing a 50-megawatt solar park in Staughton, Australia.
