Bluefield Solar Income Fund has announced announce that it has entered into binding agreements to acquire five new build sub-5 megawatt peak ground-mounted solar photovoltaic plants. The projects are being acquired for a total consideration of £22.7m, including transaction costs and working capital. The company says that each plant is expected to become operational before 31 March 2017 and to qualify under the 1.2 Renewable Obligation Certificate regime.
Three of the projects, located in Essex, Leicestershire and South Wales, are being constructed by Parabel UK Limited, who were the contractors for the Company’s Ashlawn and North Beer projects. The two remaining projects are located in Staffordshire and Northamptonshire and are being constructed by Solar Century Holding Limited. The company says that the successful acquisition of the projects will bring the total of the Company’s projects constructed by Solar Century to seventeen, with a total capacity of c.166 MWp. The company says that the acquisitions have been fully funded through the placing of new Ordinary Shares announced 20 October 2016, which raised gross proceeds of approximately £60.6m.
About Bluefield Solar Income Fund
Bluefield Solar Income Fund is focused on the acquisition and management of a diversified portfolio of large scale solar energy in the UK. The Company seeks to provide shareholders with an attractive return, principally in the form of semi-annual income distributions.
Bluefield Solar Income Fund invests in a diversified portfolio of solar energy assets, each located within the UK, with a focus on utility scale assets and portfolios on greenfield, industrial and/or commercial sites. The Group will target long life solar energy infrastructure, expected to generate stable renewable energy output over a 25 year asset life.
Bluefield Solar Income Fund to acquire five new plants for £22.7m : BSIF