Universities Superannuation Scheme (USS) invests GBP100mn in Next Energy Solar Fund
The investment vehicle owned by Universities Superannuation Scheme (USS) has made an investment in NextEnergy Solar Fund (NESF), an energy fund managed by NextEnergy Capital.
The GBP100 million (US$121 million) total investment for 100 million preference shares at GBP1 per share will be used to repay GBP90 million (US$108 million) in short-term debt facilities and to invest in new pipeline opportunities.
The facilities are expected to due by February and July 2020 when the short-term debt facilities are expected to 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.
Country updates
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