Bluefield Solar Income Fund Limited Second Project Acquisition (1642N)
September 04 2013 - 1:00AM
UK Regulatory
TIDMBSIF
RNS Number : 1642N
Bluefield Solar Income Fund Limited
04 September 2013
4 September 2013
BLUEFIELD SOLAR INCOME FUND LIMITED
(the "Fund" or "BSIF")
Second 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 Norfolk for total investment consideration of GBP17
million. The agricultural site located near Hardingham will be one
of the largest in the region. The plant, expected to commence
electricity generation during December 2013, has been developed,
and is being constructed, by Solarcentury, one of the leading
specialist UK solar contractors.
Following the sale of the project, under the terms of the
contract, Solarcentury 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 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.
Mike Rand, a managing partner at Bluefield Partners LLP, BSIF's
Investment Adviser, said "Bluefield is delighted to announce its
decision to allocate funds to this large scale project. The project
was selected by Bluefield due to the exceptional track record of
Solarcentury as a leader in the UK solar market. The project
represents a first step in a growing partnership with the
contractor"
Frans van den Heuvel, CEO of Solarcentury
commented..."Solarcentury has been one of the leading solar
contractors in the UK for a number of years. We are delighted,
therefore, with the relationship with BSIF, which has taken a
pre-eminent position in the UK solar market by being the first
institutionally backed solarfocused fund. We hope this will be
first of a number of large scale acquisitions of Solarcentury built
plants by BSIF".
Enquiries:
James Armstrong / Mike Rand / Giovanni Terranova
Bluefield Partners LLP - Company Investment Adviser
Tel: +44 (0)20 7078 0020
Tod Davis / David Benda
Numis Securities Limited - Company Broker
Tel: +44 (0)20 7260 1000
Kevin Smith
Heritage International Fund Managers Limited - Company Secretary
& Administrator
Tel: +44 (0)1481716000
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.
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.
About Solarcentury
Solarcentury is one of the most respected solar companies in the
world. Founded in 1998, it has been around since the early days of
the solar industry and has been part of the evolution that has made
PV the attractive investment it is today. Solarcentury has put
solar on a greater variety of sites than any other company in the
industry, and has won multiple awards for product innovation.
Solarcentury works directly with its clients to design and
install commercial, industrial and utility scale solar. It also
supplies its products and services to installers and distributors.
All of its customers benefit from its experience in terms of
engineering quality, superior yields and sheer breadth of
deployment.
Solarcentury is a big believer in helping solar PV change the
world for the better and it contributes 5% of its net profits every
year to the charity it founded, SolarAid, which aims to eradicate
kerosene lamps from Africa by 2020.
Solarcentury has offices in the UK, Italy, The Netherlands and a
growing presence in Africa and Latin America.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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