Bluefield Solar Income Fund Limited Acquisition of 70 MWp UK-based solar PV plant (1333L)
January 11 2021 - 2:00AM
UK Regulatory
TIDMBSIF
RNS Number : 1333L
Bluefield Solar Income Fund Limited
11 January 2021
11 January 2021
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Acquisition of 70 MWp UK-based solar PV plant
Bluefield Solar (LON: BSIF), a UK-focused income fund that
invests primarily in solar assets, is pleased to announce that the
Company has acquired Bradenstoke Solar Park Limited, an operational
70 megawatt peak ('MWp') ground mounted solar photovoltaic ('PV')
plant. Unless otherwise noted herein, the information provided in
this announcement and any asset valuations underlying such
information is unaudited.
On 8 January 2021, the Company completed the acquisition of the
plant for a total cash consideration of GBP89.0 million. The
Company will receive the economic benefit of all cash flows from
the plant from 1 April 2020.
The plant, which covers a 213 acre site and is located on a
former RAF airbase in Wiltshire, has been operational since March
2015 and is accredited under the Renewable Obligation Certificate
('ROC') regime with a tariff of 1.4 ROCs.
The acquisition has been financed using the Company's revolving
credit facility which, as well as being extended to September 2022
(with an option to extend to September 2023), has also been
increased, through an accordion mechanism, to GBP100.0 million. The
margin on the facility remains at LIBOR + 2.00%.
Following the transaction, the Company's total outstanding debt
has increased to GBP370.4 million and the total installed capacity
of its portfolio has grown to 612 MWp, to date all of which
comprises UK solar assets with high levels of government backed
revenue streams paid in sterling.
Using the Company's 30 September 2020 unaudited net asset value
('NAV') of GBP424.3 million as a reference and including the
Company's over-subscribed equity raise of GBP45.0 million in
November 2020, the leverage level of the Company is circa 44% of
Gross Asset Value.
An updated audited NAV, as of 31 December 2020, will be
published when the Company releases its Interim accounts on
Tuesday, 2 March 2021.
John Rennocks, Chairman of Bluefield Solar, said: "Following the
high quality 64 MWp portfolio of ROC accredited UK solar assets
that we acquired in August 2020, the purchase of Bradenstoke is
further evidence of our ability to source attractive assets with
high levels of regulated revenues. This acquisition is immediately
accretive to earnings and further underpins our projected results
and dividends for the current financial year ending in June 2021
and beyond. The Board and our Investment Adviser continue to
carefully assess a strong pipeline of opportunities across both
primary and secondary markets."
- Ends -
For further information:
Bluefield Partners LLP (Company Investment Adviser) Tel: +44 (0) 20 7078 0020
James Armstrong / Neil Wood / Giovanni Terranova www.bluefieldllp.com
Numis Securities Limited (Company Broker) Tel: +44 (0) 20 7260 1000
Tod Davis / David Benda www.numis.com
Ocorian Tel: +44 (0) 1481 742 742
(Company Secretary & Administrator) www.ocorian.com
Kevin Smith
Media enquiries:
Buchanan (PR Adviser) Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham / Henry Wilson / Charlotte Slater www.buchanan.uk.com
BSIF@buchanan.uk.com
Notes to Editors
About Bluefield Solar
Bluefield Solar is a UK income fund focused, primarily, on
acquiring and managing UK-based solar projects to generate
renewable energy for periods of typically 25 years or longer. Not
less than 75% of the Company's gross assets will be invested into
UK solar assets. The Company can also invest up to 25% of its gross
assets into onshore wind, hydro and storage technologies. Its
primary objective is to deliver to its shareholders stable, long
term sterling income via quarterly dividends. The majority of the
Group's revenue streams are regulated and non-correlated to the UK
energy market. Bluefield Solar owns and operates one of the UK's
largest, diversified portfolios of solar assets with a combined
installed power capacity in excess of 612 MWp.
Further information can be viewed at www.bluefieldsif.com
About Bluefield Partners
Bluefield Partners was established in 2009 and is an investment
adviser to companies and funds investing in renewable energy
infrastructure. It has a proven record in the selection,
acquisition and supervision of large-scale energy assets in the UK
and Europe. The team has been involved in over GBP2.0 billion
renewable funds and/or transactions in both the UK and Europe since
2008, including GBP1.3 billion in the UK since December 2011.
Bluefield Partners has led the acquisitions of, and currently
advises on, over 100 UK based solar PV assets that are
agriculturally, commercially or industrially situated. Based in its
London office, it is supported by a dedicated and highly
experienced team of investment, legal and portfolio executives.
Bluefield Partners was appointed Investment Adviser to Bluefield
Solar in June 2013.
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