Bluefield Solar Income Fund trims and extends credit line

(Alliance News) - Bluefield Solar Income Fund Ltd on Friday said it has extended and reduced its revolving credit facility as part of an effort to reduce its short-term debt.

The London-based fund invests in solar energy assets. It said the line has been reduced to GBP150 million from the previous GBP210 million. The maturity date has been extended by two years to May 2027.

Bluefield Solar Income Fund said it is focused on reducing its short term debt while managing its development pipeline.

The firm has repaid GBP50.5 million of the facility in the current financial year to the end of June, with GBP133.5 million currently drawn.

The facility also has an uncommitted accordion feature which allows it to be increased by up to GBP30 million.

The margin for the revolving credit facility is now 1.85%, a reduction from the previous margin of 1.90%.

Bluefield Solar said the reduced commitment and improved margin means it will benefit from GBP1 million of savings over the two year extension period.

Shares in Bluefield Solar Income Fund were up 0.4% to 92.60 pence in London on Friday morning.

By Michael Hennessey, Alliance News reporter

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