News
- Home
- Bluefield Solar buys portfolio of 15 ground-mounted solar PV plants for an initial £106.6m
Bluefield Solar (BSIF) has acquired a UK-based portfolio of 15 operational solar photovoltaic (‘PV’) plants with a total installed capacity of 64.2 megawatt peak (MWp). In addition, BSIF has also agreed a new £110m, three-year term loan facility with NatWest.
The acquisition was completed on 20 August 2020, for an initial cash consideration of £106.6m including working capital. The final consideration may be increased by up to £2.1m, contingent on securing asset life extensions.
Following the transaction, BSIF’s total outstanding debt has increased to £332m and the total installed capacity of its portfolio has grown to 543 MWp.
BSIF says that debt financing enables it to achieve the aim outlined by the chairman in his June 2019 statement of optimising the company’s leverage. Using its 31 March 2020 unaudited NAV of £418.7m as a reference, the leverage level of the company will rise from circa 34% to circa 44% of Gross Asset Value.
John Rennocks, chairman of BSIF, said: “This is an excellent acquisition by the company. It not only combines the addition of a portfolio of high ROC banded assets with bespoke low-cost financing but also enables the company to move its level of gearing in line with the board’s target. This acquisition will be immediately incremental 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 Advisor continue to carefully assess a strong pipeline of opportunities across both primary and secondary markets.”
BSIF: Bluefield Solar buys portfolio of 15 ground-mounted solar PV plants for an initial £106.6m
Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.
Due to data protection policies, USA residents can not access our data.
Your content has been curated