Bluefield Solar Income Fund Limited Acquisition (7819I)
March 30 2015 - 1:02AM
UK Regulatory
TIDMBSIF
RNS Number : 7819I
Bluefield Solar Income Fund Limited
30 March 2015
BLUEFIELD SOLAR INCOME FUND LIMITED
Twenty-Ninth Acquisition
Bluefield Solar Income Fund Limited (the "Company") is pleased
to announce that it has entered into binding agreements for the
acquisition of a major UK-based solar energy plant. The ground
based solar photovoltaic ("PV") asset based in Norfolk has a
capacity of 49.9MegaWatts Peak ("MWp") (the "Project"). The
acquisition is being funded for a consideration of GBP56.5 million,
including a bridging facility, working capital and expenses.
The acquisition is the twenty-ninth made by the Company and
successfully completes the deployment of the GBP131 million placing
programme that closed on 13 November 2014. Due to the size of the
acquisition, the Project is also being part funded by the Company's
Royal Bank of Scotland plc GBP50 million revolving credit facility
to a value of c. GBP20 million. The Company's portfolio now has a
combined energy capacity in excess of 250 MWp.
The Project was built by Maessa Telecomunicaciones, Ingenieria,
Instalaciones y Servicios, S.A. ("Maetel") and is being acquired
from the largest Chinese module manufacture Trina Solar Luxembourg
(EU) Systems SARL ("Trina").
The Company can confirm that it continues to target a dividend
of 7 pence per ordinary share in respect of the Company's current
financial year, which ends on 30 June 2015, with the intention of
this rising annually with RPI thereafter. On 3 November 2014 the
Company declared an interim dividend for the current financial
period of 3.25 pence per ordinary share.
The Investment Adviser will be organising a Bluefield Solar
Income Fund Limited 'Revenue Workshop' in April in order to analyse
revenues and costs of a typical UK solar farm. Details will be
provided nearer the time.
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
Tom Karim
CNC
Tel: +44(0)20 3219 8820 / +44(0)7923 293 399
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. Pursuant to a placing programme in
November 2014 the Company raised an additional GBP131 million. In
June 2014 it agreed a three-year revolving credit facility with
Royal Bank of Scotland, for up to GBP50 million.
BSIF seeks to provide shareholders with an attractive return,
principally in the form of 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. To date, dividends
have been paid semi-annually, but the Company has announced that in
2015 it intends to move to quarterly distributions.
About Bluefield Partners LLP (Bluefield)
Bluefield was established in 2009 and is an investment adviser
to companies and funds investing in solar energy infrastructure. It
has a proven record in the selection, acquisition and supervision
of large scale energy and infrastructure assets in the UK and
Europe. The team has been involved in over GBP600m of solar
photovoltaic ("PV") funds and/or transactions in both the UK and
Europe since 2008, including over GBP380m in the UK since December
2011.
Bluefield has led the acquisitions, and currently advises on
over 50 UK based solar assets that are agriculturally, commercially
or industrially situated. Based in its London office, Bluefield's
partners are supported by a dedicated and highly experienced team
of investment, legal and portfolio executives.
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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