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(Alliance News) - Bluefield Solar Income Fund Ltd on Tuesday said it has successfully re-financed, increased, and extended its loan with NatWest Group PLC.
Bluefield is a Guernsey-based income fund focused on UK-based renewable energy assets.
The original GBP110 million loan had a maturity of September 2023. It has now been increased to GBP130 million and extended in maturity to December 2039.
Bluefield explained that the financing has been against the UK-based portfolio of 15 operational solar photovoltaic plants with a total installed capacity of 64 megawatt peak, as well as 16 operational PV plants totalling 75 megawatt peak.
The company said that the additional debt of GBP20 million is being used to provide financing for the construction of Yelvertoft, its 48 megawatt peak solar PV project in Northamptonshire. Once construction is complete, expected in the fourth quarter of 2023, Bluefield will review whether to enter hedging arrangements on this tranche.
Following the transaction, the Bluefield's total outstanding debt has increased to GBP585 million, including GBP153 million drawn under its revolving credit facility. Leverage will rise to 41% of gross asset value from 38%.
Chair John Scott said: "We are delighted to have completed the re-financing of this three-year term loan at an all-in cost materially below current debt rates. Furthermore, it is particularly pleasing that the GBP20 million increase in the facility is supporting the construction of the Company's first CfD-backed solar PV plant."
Shares in Bluefield were up 0.4% to 137.20 pence each in London on Tuesday morning.
By Sophie Rose; Alliance News reporter
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