Bluefield Solar Income (BSIF) has announced a proposed placing at a price of 124p, with the intention of raising a target of approximately £45m to repay a drawn revolving credit facility (RCF). The placing price represents a premium of approximately 8.3% to BSIF’s last published unaudited NAV as at 30 September 2020 (after deducting the FY20/21 fourth interim dividend paid on 28 October 2020) and a discount of approximately 7.1% to the closing share price on 13 November 2020.
BSIF recently bought a portfolio with an installed capacity of 64.2MWp
BSIF recently completed the acquisition of a UK-based portfolio of 15 plants with a total installed capacity of 64.2MWp for an initial cash consideration of £106.6m with deferred consideration of up to £2.1m, contingent on securing asset life extensions. This transaction was financed through increased debt facilities and resulted in the total outstanding debt of the company and its group increasing to £328.2m which includes £44.1m drawn on a RCF. This figure represents 43.1% of gross asset value (GAV) which is in line with BSIF’s board’s target long-term leverage of 40-50% of GAV. As a result, in order not to exceed the target leverage, BSIF notes that any future material acquisitions would require it to issue further equity to either finance acquisitions directly or to reduce debt to provide the capacity and flexibility for future acquisitions.
BSIF currently holds an operational portfolio of 105PV plants (consisting of 64 large-scale sites, 39 microsites and 2 rooftop sites) with a total capacity of 543MWp.
Readers interested in more information can access the RNS release by clicking here.
BSIF: Bluefield Solar Income placing looks to raise £45m