Last checked at 
20 Jan 2022 07:00
20 January 2022
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Acquisition of 47.5 MWp UK-based solar and wind portfolio
· 30.1 MWp portfolio of six ground mounted solar assets in South West England
· 17.4 MWp portfolio of two wind assets in South West and North England
· c.65% proportion of regulated revenues projected from the portfolio
· Initial consideration £16.4 million, rising to £24.5 million payable in two tranches
Bluefield Solar (LON: BSIF), the UK income fund focused on acquiring and managing UK-based renewable energy and storage assets to provide growing dividends for its shareholders whilst furthering the decarbonisation of the energy system, is pleased to announce the successful acquisition of a 47.5 megawatt peak ('MWp') operational solar and wind portfolio from Good Energy Group PLC (AIM: GOOD).
The portfolio has been acquired for an initial equity consideration of £16.4 million rising to a total of up to £24.5 million, subject to a series of due diligence milestones being met within the next 4-6 weeks. The acquisition contains £39.1 million of long term portfolio debt provided by Gravis.
Bluefield Solar will receive the economic benefit, from 1 July 2021, of all cashflows from the portfolio which has been acquired using funds from the Company's Revolving Credit Facility ("RCF").
The portfolio consists of six ground mounted solar photovoltaic ('PV') plants with a total installed capacity of 30.1 MWp and two wind farms with a total installed capacity of 17.4 MWp. All the solar sites, as well as one of the wind assets, are located in South West England, whilst the second wind site is located in North England.
Of the solar projects, five are accredited under the feed-in-tariff ('FIT') regime and one of the projects is accredited under the Renewable Obligation Certificate ('ROC') regime with a tariff of 1.4 ROCs. Both of the wind farms are accredited under the ROC regime, being 1 ROC and 0.9 ROCs respectively. In the period 2021 to 2034, the proportion of regulated revenues from this portfolio is projected to be approximately 65%.
Following the acquisition, the Company's total outstanding debt has increased to £399.9 million and the total installed capacity of its portfolio has grown to 673MWp. The leverage level of the Company has increased from 37% to circa 41% of Gross Asset Value ('GAV').
John Rennocks, Chairman of Bluefield Solar, said: "We are delighted to have acquired this high-quality portfolio of operating assets from Good Energy. Not only does this acquisition mark our second purchase of operational wind assets within the space of six months, but it also adds a very attractive portfolio of solar assets with a high proportion of regulated revenues to the Company's significant existing portfolio. Furthermore, the acquisition underpins the Board's confidence in delivering our FY 2021/22 target dividend of 8.12pps (FY 2020/21: 8.00pps). Finally, the Board and our Investment Adviser continue to carefully assess a strong pipeline of diverse opportunities across both primary and secondary markets."
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For further information:
Bluefield Partners LLP (Company Investment Adviser)James Armstrong / Neil Wood / Giovanni Terranova | Tel: +44 (0) 20 7078 0020www.bluefieldllp.com |
Numis Securities Limited (Company Broker)Tod Davis / David Benda | Tel: +44 (0) 20 7260 1000www.numis.com |
Ocorian(Company Secretary & Administrator)Patrick Ogier | Tel: +44 (0) 1481 742 742www.ocorian.com |
Media enquiries:Buchanan (PR Adviser)Henry Harrison-Topham / Vicky Hayns / Henry Wilson
| Tel: +44 (0) 20 7466 5000www.buchanan.uk.comBSIF@buchanan.uk.com |
Notes to Editors
About Bluefield Solar
Bluefield Solar is a UK income fund focused on acquiring and managing UK-based renewable energy and storage projects to generate stable, long term dividends for its shareholders whilst furthering the decarbonisation of the energy system. 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 wind, hydro and storage technologies. The majority of the Company's 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 now in excess of 673 MWp.
Further information can be viewed at www.bluefieldsif.com
LEI Code 2138004ATNLYEQKY4B30
About Bluefield Partners
Bluefield Partners LLP 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 £4 billion renewable funds and/or transactions in both the UK and Europe, including over £1 billion in the UK since December 2011.
Bluefield Partners LLP 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 experienced team of investment, legal and portfolio executives. Bluefield Partners LLP was appointed Investment Adviser to Bluefield Solar in June 2013.