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Behind the brand:

'Boutique hotel at sea': Virgin Voyages CEO hails Branson's 'biggest endeavour'

On board entrepreneur's latest venture

NextEnergy gears up for £350m placing programme

Reuters - UK Focus

Nov 3 (IFR) - NextEnergy Solar Fund will begin another share issuance programme with a £350m placing and offer for subscription in November.

NextEnergy Solar is currently in negotiations for a pipeline of short-term acquisition targets, citing an opportunity to deploy funds with favourable returns.

There is already an intention to subscribe for £55m from an unnamed institutional investor.

The fund has already invested the bulk of previous fundraisings, comprising an £85.6m IPO in April 2014 and a £264.5m share issuance programme that finished in late 2015, followed in September this year with a £9.5m tap issue.

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In addition, £173.1m of debt has been drawn down. It has £68.5m remaining under a £120m revolving credit facility.

To date, £481.4m has been ploughed into 33 assets amounting to 414MW of installed solar capacity, with the current pipeline under discussion totalling more than 230MW. Current available capital is expected to be committed in the next month.

Cantor Fitzgerald Europe, Fidante Capital, Macquarie Capital and Shore Capital will manage the fundraising. (This story will appear in the November 5 issue of IFR magazine; Reporting by Robert Venes)