Bluefield Solar Income Fund Limited Five Plants become Operational (9178D)
April 03 2014 - 1:00AM
UK Regulatory
TIDMBSIF
RNS Number : 9178D
Bluefield Solar Income Fund Limited
03 April 2014
3 April 2014
BLUEFIELD SOLAR INCOME FUND LIMITED
Five Plants become Operational
Bluefield Solar Income Fund Limited (the "Company") is pleased
to announce that a further five plants targeted to be
grid-connected by March 31, 2014 have successfully become
operational by that date. The plants met the deadline to qualify
under the 1.6 Renewable Obligation Certificate (ROC) regime and
have been acquired for an average of GBP1.12 million per MegaWatt
Peak (MWp). Including transaction costs and working capital, the
price is GBP1.14 million per MWp. They have a combined energy
capacity of some 69 MWp and bring the total connected capacity of
the Company to 91 MWp.
The five plants are Goosewillow (17 MWp) and Hill Farm (15 MWp)
in Oxfordshire, Hall Farm (11.5 MWp) in Norfolk, Saxley (6 MWp) in
Hampshire and Pentylands (19 MWp) in Wiltshire. Hardingham (15 MWp)
in Norfolk and North Beer (7 MWp) in Cornwall were grid-connected
during 2013. North Beer has been operational and accruing revenues
since March 2013.
Of the two remaining plants in the portfolio, the grid
connection of Betingau (10.5 MWp) in Glamorgan, also due to become
operational at the end of March, is expected to be announced
shortly following sign off procedures. The final plant, Sheppey
(10.5 MWp) in Kent, is on target for its contractually guaranteed
connection date in April, 2014. All projects benefit from
contractual protections guaranteeing revenue from a fixed date
irrespective of their successful connection, and price adjustments
to ensure returns are equalized irrespective of the final ROC
regime accreditation.
The proceeds of the Initial Public Offering (IPO) raised in
July, 2013 were fully committed with the Company's final investment
in February. This investment required a further placement of GBP13m
in order to complete the funding. The placement was oversubscribed.
The Company can confirm that it expects 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.
John Rennocks, Chairman of the Company commented: "The
announcement today is testament to the selection of the contractors
made by Bluefield, our adviser, and to the quality of the
contractors' work. The Company has fully deployed the IPO proceeds
and delivered a portfolio of high quality operational plants at an
average price per MWp that is considerably more attractive than its
direct peer group. The board has confidence that the sector leading
returns targeted of 7 pence, rising with RPI, will be achieved due
to the attractive acquisition prices combined with the cautious
nature of the underlying assumptions such as a zero real energy
price inflation and low levels of leverage".
The Company expects to make further announcements shortly
regarding Betingau and Sheppey and the provision of a debt
facility.
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 (BSIF)
BSIF is a Guernsey-registered investment company focusing on
large scale agricultural and industrial solar assets. It raised
gross proceeds of GBP130 million in July 2013 through an initial
public offering of shares on the main market of the London Stock
Exchange. It raised a further GBP13 million in February, 2014 in an
oversubscribed placement.
BSIF 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 GBP350m of
solar photovoltaic funds and/or transactions in both the UK and
Europe since 2008, including over GBP185 million in the UK since
December 2011. Bluefield has led the acquisitions, and currently
advises on, over 50 UK based solar assets.
Bluefield was appointed Investment Adviser to the Company in
June 2013.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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