Bluefield Solar Income Fund Limited Five Acquisitions (1262R)
December 07 2016 - 1:00AM
UK Regulatory
TIDMBSIF
RNS Number : 1262R
Bluefield Solar Income Fund Limited
07 December 2016
7 December 2016
Bluefield Solar Income Fund Limited
(the "Company")
Five Acquisitions
The Company's Board is pleased to announce that it has entered
into binding sale and purchase agreements to acquire five new build
sub-5 megawatt peak ("MWp") ground-mounted solar photovoltaic
("PV") plants. The projects are being acquired for a total
consideration of GBP22.7 million, including transaction costs and
working capital. Each plant is expected to become operational
before 31 March 2017 and to qualify under the 1.2 Renewable
Obligation Certificate ("ROC") regime.
Three of the projects, located in Essex, Leicestershire and
South Wales, are being constructed by Parabel UK Limited (the "BD
Fund Projects"), who were the contractors for the Company's Ashlawn
and North Beer projects.
The two remaining projects are located in Staffordshire and
Northamptonshire and are being constructed by Solar Century Holding
Limited ("Solar Century"). The successful acquisition of the
projects will bring the total of the Company's projects constructed
by Solar Century to seventeen, with a total capacity of c.166
MWp.
The acquisitions have been fully funded through the placing of
new Ordinary Shares announced 20 October 2016, which raised gross
proceeds of approximately GBP60.6 million.
The three BD Fund Projects were developed by the Bluefield
Energy Solar Development Fund (the "BD Fund") and offered to the
Company pursuant to a pipeline agreement between Bluefield Partners
LLP (the "Investment Adviser"), Thompson Taraz Collectives Limited
(the independent investment adviser to the BD Fund) and BE
Renewables Limited (the "Pipeline Agreement") as described in the
Company's prospectus, dated 26 October 2015. Under the Pipeline
Agreement the Investment Adviser has granted a right of first
refusal to the Company in respect of any projects developed by the
BD Fund that are within the Company's investment policy, subject to
certain criteria.
Comment
John Rennocks, the Company's Chairman, stated, "Following the
placing announced in October, which exceeded our target raise of
GBP50 million, we are capitalising on the forthcoming closure of
the RO scheme set for March 2017 by executing the Company's primary
investment strategy of investing in construction projects. The
Company is committed to maintaining its strong pricing and return
disciplines by preferring growth in primary markets rather than in
the secondary markets, where returns are lower as increasing
competition squeezes prices in a finite pool of assets."
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
The Company is a Guernsey-registered investment company focusing
on large scale agricultural and industrial solar assets. It had an
initial public offering of shares on the main market of the London
Stock Exchange in July 2013. The Company currently has over 369
million shares in issue.
The Company 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. The
Company intends to pay 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 GBP1.25 billion of solar
PV funds and/or transactions in both the UK and Europe since 2008,
including over GBP500m in the UK since December 2011.
Bluefield has led the acquisitions of over 70 UK based solar PV
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 Services Limited, based
in Bristol, is the asset manager for the Company's portfolio.
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
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