NextEnergy Solar Fund Ltd (LSE:NESF) has merged two revolving credit facilities into one, reducing its borrowing costs.
The new facility, which consolidates agreements with Santander, Allied Irish Banks, NatWest, and Lloyds, offers a lower margin of 120 basis points over SONIA (Sterling Overnight Index Average).
It maintains a total commitment of £205 million and includes options to extend the maturity to June 2028.
NextEnergy has repaid £46.3 million of short-term borrowing and £60.4 million of long-term debt by the end of 2024 using cash from asset sales and operational income.