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Bluefield Solar buys a plant in Derby

The Board of the Bluefield Solar Income Fund Limited has entered into a binding sale and purchase agreement to acquire a 4.1 megawatt peak (“MWp”) ground-mounted solar photovoltaic (“PV”) plant and announces the successful connection prior to 31 March 2016 of the construction assets previously acquired.

Bluefiled Solar Income has acquired Bluefield Harrier Limited for £14.4m (including working capital and transaction costs), which through its wholly-owned subsidiary New Energy Business Solar Limited owns the plant.  The acquisition brings the total energy capacity of the Company’s portfolio to 402 MWp.

The plant, which is connected into a car manufacturing plant located in Burnaston, Derby, was commissioned in July 2011 and benefits from a fully RPI-linked 25 year Feed-in Tariff (“FiT”).  The plant provides electricity to Toyota Motor Manufacturing (UK) Limited pursuant to the terms of its lease and derives the entirety of its revenue under the FiT accreditation.

The acquisition has been fully funded through the amended and restated facility agreement with The Royal Bank of Scotland and Investec Bank, dated 22 January 2016, which is now drawn for a total of approximately £180.3m, with total group borrowing of £194.5m.

Construction Update

Bluefield Solar Income has also announced that each of the eight construction projects acquired as part of the prospective pipeline 258 MWp referred to in the Company’s prospectus published on 26 October 2015 was successfully connected prior to 31 March 2016, qualifying under the Renewable Obligation regime for 1.3 Renewable Obligation Certificates (“ROCs”).

The have confirmed that the company intends to meet or exceed its target dividend of 7.07 pence per ordinary share in respect of the current financial year, which ends on 30 June 2016, with the intention of this rising annually with RPI thereafter. The total dividends in the previous financial year were 7.25 pence per share.  On 26 October 2015, the Company declared its first interim dividend for the current financial period of 3.25 pence per ordinary share, which was paid on 15 December 2015.

BSIF : Bluefield Solar buys a plant in Derby

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