Bluefield Solar Income Fund Limited Agreements to take Fund to over 75% committed (8431P)
October 07 2013 - 1:00AM
UK Regulatory
TIDMBSIF
RNS Number : 8431P
Bluefield Solar Income Fund Limited
07 October 2013
7 October 2013
BLUEFIELD SOLAR INCOME FUND LIMITED
Agreements to take Fund to over 75% committed
Following a board meeting on 4 October 2013, Bluefield Solar
Income Fund Limited ("BSIF" or the "Fund"), the leading UK large
scale solar energy fund, is pleased to announce that Bluefield
Partners LLP ("Bluefield"), its investment adviser, has agreed
terms for the acquisition of a further five large-scale solar
plants. Following completion of these acquisitions, the Fund will
be over 75% committed.
Combined with the two acquisitions already announced by the
Fund, the new assets are expected to take the Fund's total
commitments to c. GBP96m, with a total energy capacity of c. 83
MegaWatt Peak ("MWp"). The Fund's total portfolio represents an
average acquisition cost of GBP1.16m per MWp. The investments will
be made without debt financing.
The plants are located across East Anglia, south and south west
of England and, as with the two previous acquisitions, all have
planning consent and completed grid offers. One of the assets is a
large-scale operational asset that was grid connected prior to
April 2013, qualifying under the 2 Renewable Obligation
Certificates ("ROC") banding. Further notifications regarding each
acquisition will be made shortly.
The Fund can confirm that, based on the existing committed
projects and the terms agreed on this portfolio, it remains on
course to deliver against its target dividend of 4 pence per
ordinary share in relation to the first financial year ending 30
June 2014, and 7 pence per ordinary share in respect of the
Company's second financial year, with the intention of this rising
annually with RPI thereafter.
Bluefield is in advanced negotiations on a further GBP175m of
potential 1.6 ROC qualifying assets (c.150MWp) which BSIF
anticipates funding through further equity issuance.
John Rennocks, Chairman of BSIF said:
..."The Company looks set to be deployed ahead of target into
high quality assets delivered by a select group of established
contractors. The board is pleased with progress made so far"
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
Nick Bastin, Liam Clark, Giles Abbott
Capital MSL, Financial Communications
Tel: +44 20 7307 5330
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.
Website: www.bluefieldsif.com
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.
Website: www.bluefieldllp.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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