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Bluefield buys Good Energy portfolio

Bluefield buys Good Energy portfolio – Bluefield Solar has bought a 47.5 megawatt peak (MWp) operational solar and wind portfolio from Good Energy Group Plc (GOOD LN).

The portfolio was bought for an initial equity consideration of £16.4m, which could rise to a total of £24.5m if  a series of due diligence milestones are met within the next 4-6 weeks. The portfolio comes with £39.1m of long term portfolio debt provided by GCP Infrastructure.

Bluefield Solar will receive the economic benefit, from 1 July 2021, of all cashflows from the portfolio which has been acquired using funds from the revolving credit facility (RCF).

The portfolio consists of six ground mounted solar photovoltaic (PV) plants with a total installed capacity of 30.1 MWp and two wind farms with a total installed capacity of 17.4 MWp. All the solar sites, as well as one of the wind assets, are located in South West England, whilst the second wind site is located in North England.

Of the solar projects, five are accredited under the feed-in-tariff (FiT) regime and one of the projects is accredited under the Renewable Obligation Certificate (ROC) regime with a tariff of 1.4 ROCs. Both of the wind farms are accredited under the ROC regime, being 1 ROC and 0.9 ROCs respectively. In the period 2021 to 2034, the proportion of regulated revenues from this portfolio is projected to be approximately 65%.

Following the deal, Bluefield Solar’s total outstanding debt has increased to £399.9m and the total installed capacity of its portfolio has grown to 673MWp. Total gearing is now about 41% of gross asset value.

BSIF : Bluefield buys Good Energy portfolio

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