Bluefield Solar Income Fund Limited First Project Acquisition (9940K)
August 06 2013 - 1:00AM
UK Regulatory
TIDMBSIF
RNS Number : 9940K
Bluefield Solar Income Fund Limited
06 August 2013
06 August 2013
BLUEFIELD SOLAR INCOME FUND LIMITED
(the "Fund" or "BSIF")
First Project Acquisition
Bluefield Solar Income Fund Limited is pleased to announce that
it has entered into binding contracts to acquire a large-scale
solar plant in Oxfordshire for total investment consideration of
GBP12 million. The agricultural site located near Abingdon will be
one of the largest in the region. The plant, expected to commence
electricity generation during October 2013, is being constructed by
Ikaros Solar ("Ikaros"), a leading Belgian solar contractor.
Following the sale of the project, under the terms of the
contract, Ikaros will warrant the performance of the plant for an
initial period and will undertake the ongoing operation and
maintenance of the plant under a separate O&M agreement.
The investment has been made without debt financing and the
expected returns on this investment are in line with those
anticipated in the Fund's investment objective as set out in its
prospectus dated 25 June 2013.
Giovanni Terranova, a partner at Bluefield Partners LLP, BSIF's
Investment Adviser, said "The transaction with Ikaros typifies the
investment characteristics sought by the Fund: large-scale solar
assets providing the opportunity for its investors to get
long-term, stable and index-linked revenues, all underpinned by
strong performance guarantees from a proven solar contractor."
Mike Carter, Managing Director of Ikaros Solar UK said "The
closing of the sale of the solar plant to Bluefield represents the
third construction and sale of a large-scale UK solar asset by
Ikaros Solar in the UK in the last four months. We are pleased that
our asset has been selected as the first acquisition by the UK
solar industry's primary listed Fund"
Enquiries:
James Armstrong
Mike Rand
Giovanni Terranova
Bluefield Partners LLP
Tel: +44 (0)20 7078 0020
Tod Davis / David Benda
Numis Securities Limited - Broker
Tel: +44 (0)20 7260 1000
Kevin Smith
Heritage International Fund Managers Limited - Company Secretary
& Administrator
Tel: +44 (0)1481 716000
Note to editors
Bluefield Solar Income Fund Limited is a newly incorporated
Guernsey-registered investment fund focusing on large scale
agricultural and industrial solar assets, which raised gross
proceeds of GBP130 million in June 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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