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BSIF Bluefield Solar Income Fund Limited

100.20
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bluefield Solar Income Fund Limited LSE:BSIF London Ordinary Share GG00BB0RDB98 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 100.20 100.60 101.00 102.40 100.20 100.20 1,548,656 16:35:13
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 49.07M 46.79M 0.0767 13.12 614.06M

Bluefield Solar Income Fund Limited Acquisition of 70 MWp UK-based solar PV plant (1333L)

11/01/2021 7:00am

UK Regulatory


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RNS Number : 1333L

Bluefield Solar Income Fund Limited

11 January 2021

11 January 2021

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Acquisition of 70 MWp UK-based solar PV plant

Bluefield Solar (LON: BSIF), a UK-focused income fund that invests primarily in solar assets, is pleased to announce that the Company has acquired Bradenstoke Solar Park Limited, an operational 70 megawatt peak ('MWp') ground mounted solar photovoltaic ('PV') plant. Unless otherwise noted herein, the information provided in this announcement and any asset valuations underlying such information is unaudited.

On 8 January 2021, the Company completed the acquisition of the plant for a total cash consideration of GBP89.0 million. The Company will receive the economic benefit of all cash flows from the plant from 1 April 2020.

The plant, which covers a 213 acre site and is located on a former RAF airbase in Wiltshire, has been operational since March 2015 and is accredited under the Renewable Obligation Certificate ('ROC') regime with a tariff of 1.4 ROCs.

The acquisition has been financed using the Company's revolving credit facility which, as well as being extended to September 2022 (with an option to extend to September 2023), has also been increased, through an accordion mechanism, to GBP100.0 million. The margin on the facility remains at LIBOR + 2.00%.

Following the transaction, the Company's total outstanding debt has increased to GBP370.4 million and the total installed capacity of its portfolio has grown to 612 MWp, to date all of which comprises UK solar assets with high levels of government backed revenue streams paid in sterling.

Using the Company's 30 September 2020 unaudited net asset value ('NAV') of GBP424.3 million as a reference and including the Company's over-subscribed equity raise of GBP45.0 million in November 2020, the leverage level of the Company is circa 44% of Gross Asset Value.

An updated audited NAV, as of 31 December 2020, will be published when the Company releases its Interim accounts on Tuesday, 2 March 2021.

John Rennocks, Chairman of Bluefield Solar, said: "Following the high quality 64 MWp portfolio of ROC accredited UK solar assets that we acquired in August 2020, the purchase of Bradenstoke is further evidence of our ability to source attractive assets with high levels of regulated revenues. This acquisition is immediately accretive 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 Investment Adviser continue to carefully assess a strong pipeline of opportunities across both primary and secondary markets."

- Ends -

For further information:

 
 Bluefield Partners LLP (Company Investment Adviser)         Tel: +44 (0) 20 7078 0020 
  James Armstrong / Neil Wood / Giovanni Terranova                www.bluefieldllp.com 
 
 Numis Securities Limited (Company Broker)                   Tel: +44 (0) 20 7260 1000 
  Tod Davis / David Benda                                                www.numis.com 
 
 Ocorian                                                     Tel: +44 (0) 1481 742 742 
  (Company Secretary & Administrator)                                  www.ocorian.com 
  Kevin Smith 
 
 Media enquiries: 
  Buchanan (PR Adviser)                                      Tel: +44 (0) 20 7466 5000 
  Henry Harrison-Topham / Henry Wilson / Charlotte Slater          www.buchanan.uk.com 
                                                                  BSIF@buchanan.uk.com 
 

Notes to Editors

About Bluefield Solar

Bluefield Solar is a UK income fund focused, primarily, on acquiring and managing UK-based solar projects to generate renewable energy for periods of typically 25 years or longer. Not less than 75% of the Company's gross assets will be invested into UK solar assets. The Company can also invest up to 25% of its gross assets into onshore wind, hydro and storage technologies. Its primary objective is to deliver to its shareholders stable, long term sterling income via quarterly dividends. The majority of the Group's revenue streams are regulated and non-correlated to the UK energy market. Bluefield Solar owns and operates one of the UK's largest, diversified portfolios of solar assets with a combined installed power capacity in excess of 612 MWp.

Further information can be viewed at www.bluefieldsif.com

About Bluefield Partners

Bluefield Partners was established in 2009 and is an investment adviser to companies and funds investing in renewable energy infrastructure. It has a proven record in the selection, acquisition and supervision of large-scale energy assets in the UK and Europe. The team has been involved in over GBP2.0 billion renewable funds and/or transactions in both the UK and Europe since 2008, including GBP1.3 billion in the UK since December 2011.

Bluefield Partners has led the acquisitions of, and currently advises on, over 100 UK based solar PV assets that are agriculturally, commercially or industrially situated. Based in its London office, it is supported by a dedicated and highly experienced team of investment, legal and portfolio executives. Bluefield Partners was appointed Investment Adviser to Bluefield Solar in June 2013.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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(END) Dow Jones Newswires

January 11, 2021 02:00 ET (07:00 GMT)

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