Three Further Acquisitions

RNS Number : 8929J

Bluefield Solar Income Fund Limited

23 December 2015

 



23 December 2015

BLUEFIELD SOLAR INCOME FUND LIMITED

Three Further Acquisitions

Bluefield Solar Income Fund Limited (the "Company") is pleased to announce that it has acquired three sub-5 MegaWatts Peak ("MWp") solar plants. The three assets include a 4.7 MWp plant in Lincolnshire and two 4.99 MWp plants in Norfolk. The plants are part of the prospective pipeline of 258 MWp referred to in the Company's prospectus published on 26 October 2015 and are being acquired for a total consideration of £16.5 million, including transaction costs and working capital.  Each plant is expected to become operational before 31 March 2016 and to qualify under the 1.3 Renewable Obligation Certificate regime. 

Solarcentury will act as the EPC contractor for the plants, warranting their performance for an initial period. Solarcentury will also undertake the ongoing operation and maintenance of the plants under separate agreements.

Completion of the purchases brings the number of acquisitions made by the Company to 62, with funding provided through the Royal Bank of Scotland revolving credit facility.

The Company can confirm that it intends to meet or exceed its target dividend of 7.07 pence per ordinary share in respect of the current financial year, which ends on 30 June 2016, with the intention of this rising annually with RPI thereafter. The total dividends in the previous financial year were 7.25 pence per share.  On 26 October 2015, the Company declared its first interim dividend for the current financial period of 3.25 pence per ordinary share, which was paid on 15 December 2015.

John Rennocks, Chairman of the Company, stated, "These acquisitions are the first part of the prospective pipeline the Company is pursuing which, despite the recent regulatory changes, demonstrates the continuing potential of the UK solar market."

Enquiries:

James Armstrong / Mike Rand / Giovanni Terranova

Bluefield Partners LLP - Company Investment Adviser

Tel: [phone]

Tod Davis / David Benda

Numis Securities Limited - Company Broker

Tel: [phone]

Kevin Smith

Heritage International Fund Managers Limited - Company Secretary & Administrator

Tel: [phone]

Tom Karim

CNC

Tel: [phone]

Note to editors

About Bluefield Solar Income Fund Limited (BSIF)

BSIF is a Guernsey-registered investment company focusing on large scale agricultural, commercial and industrial solar energy assets. It had an initial public offering of shares on the main market of the London Stock Exchange in July 2013. It has, currently, over 309 million shares in issue and a market cap in excess of £300 million.

BSIF seeks to provide shareholders with an attractive return, principally in the form of quarterly 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 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 £1.4 billion of solar 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 BSIF in June 2013.

 

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