Bluefield Solar Income Fund Limited Agreements to take Fund to over 75% committed (8431P)

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RNS Number : 8431P

Bluefield Solar Income Fund Limited

07 October 2013

7 October 2013

BLUEFIELD SOLAR INCOME FUND LIMITED

Agreements to take Fund to over 75% committed

Following a board meeting on 4 October 2013, Bluefield Solar Income Fund Limited ("BSIF" or the "Fund"), the leading UK large scale solar energy fund, is pleased to announce that Bluefield Partners LLP ("Bluefield"), its investment adviser, has agreed terms for the acquisition of a further five large-scale solar plants. Following completion of these acquisitions, the Fund will be over 75% committed.

Combined with the two acquisitions already announced by the Fund, the new assets are expected to take the Fund's total commitments to c. GBP96m, with a total energy capacity of c. 83 MegaWatt Peak ("MWp"). The Fund's total portfolio represents an average acquisition cost of GBP1.16m per MWp. The investments will be made without debt financing.

The plants are located across East Anglia, south and south west of England and, as with the two previous acquisitions, all have planning consent and completed grid offers. One of the assets is a large-scale operational asset that was grid connected prior to April 2013, qualifying under the 2 Renewable Obligation Certificates ("ROC") banding. Further notifications regarding each acquisition will be made shortly.

The Fund can confirm that, based on the existing committed projects and the terms agreed on this portfolio, it remains on course to deliver against its target dividend of 4 pence per ordinary share in relation to the first financial year ending 30 June 2014, and 7 pence per ordinary share in respect of the Company's second financial year, with the intention of this rising annually with RPI thereafter.

Bluefield is in advanced negotiations on a further GBP175m of potential 1.6 ROC qualifying assets (c.150MWp) which BSIF anticipates funding through further equity issuance.

John Rennocks, Chairman of BSIF said:

..."The Company looks set to be deployed ahead of target into high quality assets delivered by a select group of established contractors. The board is pleased with progress made so far"

Enquiries:

James Armstrong / Mike Rand / Giovanni Terranova

Bluefield Partners LLP - Company Investment Adviser

Tel: [phone]

Tod Davis / David Benda

Numis Securities Limited - Company Broker

Tel: [phone]

Nick Bastin, Liam Clark, Giles Abbott

Capital MSL, Financial Communications

Tel: [phone]

Kevin Smith

Heritage International Fund Managers Limited - Company Secretary & Administrator

Tel: [phone]

Note to editors

About Bluefield Solar Income Fund Limited (the "Fund" or "BSIF")

BSIF is a newly incorporated Guernsey-registered investment fund focusing on large scale agricultural and industrial solar assets. The Fund raised gross proceeds of GBP130 million in July 2013 through an initial public offering ("IPO") of shares on the main market of the London Stock Exchange.

The Fund seeks to provide shareholders with an attractive return, principally in the form of semi-annual income distributions, by investing in a diversified portfolio of solar energy assets, each located within the UK, with a focus on utility scale assets and portfolios on greenfield, industrial and/or commercial sites.

Website: www.bluefieldsif.com

About Bluefield Partners LLP ("Bluefield")

Bluefield was established in 2009 as a specialist investor into solar energy. Bluefield's team has a proven track record in the selection, acquisition and management of large scale energy and infrastructure assets in the UK and Europe.

The managing partners have been involved in over GBP250m of solar photovoltaic ("PV") deals in both the UK and Europe since 2008, including over GBP70m of solar PV transactions in the UK since December 2011.

Bluefield was appointed the investment adviser to the Fund in June 2013.

Website: www.bluefieldllp.com

This information is provided by RNS

The company news service from the London Stock Exchange

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