Bluefield Solar reports the completion of Phase Two of its long-term strategic partnership with GLIL – the sale of a 50% stake in a 112MW portfolio of UK solar assets which had been 100% owned by Bluefield Solar.

GLIL is a partnership of UK pension funds, investing into core UK infrastructure, including Local Pensions Partnership Investments, Greater Manchester Pension Fund, Merseyside Pension Fund, West Yorkshire Pension Fund and Nest, and has a £3bn portfolio of infrastructure assets.

In Phase 1, Bluefield Solar took a 9% equity interest the Lightsourcebp Portfolio. After this deal, it now has a roughly 25% stake in the combined portfolio.

Before the deal completed, the drawn balance on the company’s revolving credit facility (RCF) drawing stood at £184m. Long term amortising debt totalled £423m, so that the company had total outstanding debt of £607m with a leverage level of c. 44% of GAV. Following completion, the RCF balance is projected to fall to about £134m and the leverage level is projected to fall to about 43% of GAV.

The company says that it continues to progress Phase Three of the strategic partnership, where Bluefield Solar and GLIL intend to commit capital together to construct approximately 10% of the Bluefield’s development pipeline. An initially identified portfolio of 17MW of Auction Round 4 Contracts for Difference (CfD) development assets is expected to be grid connected within the next twelve months. [We published the results of Auction Round 6 on Tuesday]

The Bluefield Solar board reiterates its guidance in delivering a full year dividend of not less than 8.80pps for the period ended 30 June 2024 (increased from 8.60pps paid for the period ended 30 June 2023).

BSIF : Bluefield Solar completes £70m disposal