Acquisition

RNS Number : 6315X
Bluefield Solar Income Fund Limited
21 November 2014
 



21 November 2014

 

BLUEFIELD SOLAR INCOME FUND LIMITED

 

Twenty Fifth Acquisition

 

Bluefield Solar Income Fund Limited (the "Company") is pleased to announce that it has entered into a binding contract for the construction of a UK based solar energy plant. The 5.2 MegaWatts Peak ("MWp") ground based solar photovoltaic ("PV") is an extension to the Hardingham Project, an operational solar PV asset based in Norfolk with a 14.8 MWp capacity, which already forms part of the Company's portfolio of operating assets.  It is expected to qualify under the 1.4 Renewable Obligation Certificate ("ROC") regime. The extension is being funded for a consideration of £5.75m, including working capital and expenses.

 

The acquisition is the twenty fifth made by the Company and will be funded by part of the £123 million raised pursuant to the placing programme that closed on 13 November 2014.

 

Solarcentury will build the extension and will then warrant its performance for an initial period. It will undertake the ongoing operation and maintenance of the plant under a separate agreement.

 

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.

 

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 £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 £123 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 £350m 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.

 

About Solarcentury

 

Solarcentury is one of the most respected solar companies in the world. Founded in 1998, it has been around since the early days of the solar industry and has been part of the evolution that has made PV the attractive investment it is today. Solarcentury has put solar on a greater variety of sites than any other company in the industry, and has won multiple awards for product innovation.

Solarcentury works directly with its clients to design and install commercial, industrial and utility scale solar. It also supplies its products and services to installers and distributors. All of its customers benefit from its experience in terms of engineering quality, superior yields and sheer breadth of deployment.

Solarcentury is a big believer in helping solar PV change the world for the better and it contributes 5% of its net profits every year to the charity it founded, SolarAid, which aims to eradicate kerosene lamps from Africa by 2020.

Solarcentury has offices in the UK, Italy, The Netherlands and a growing presence in Africa and Latin America.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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