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 49.9 MegaWatts Peak (“MWp”) (the “Project”). The acquisition is being funded for a consideration of £56.5 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 £131 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 £50 million revolving credit facility to a value of c. £20 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.
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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 £130 million in July 2013 through an initial public offering of shares on the main market of the London Stock Exchange. It raised a further £13 million in February 2014 in an oversubscribed placement. Pursuant to a placing programme in November 2014 the Company raised an additional £131 million. In June 2014 it agreed a three-year revolving credit facility with Royal Bank of Scotland, for up to £50 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 £600m of solar photovoltaic (“PV”) funds and/or transactions in both the UK and Europe since 2008, including over £380m 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.
