Bluefield Solar Income Fund Limited Project Acquisition (2667Q)
11 October 2013 - 5:00PM
UK Regulatory
TIDMBSIF
RNS Number : 2667Q
Bluefield Solar Income Fund Limited
11 October 2013
11 October 2013
BLUEFIELD SOLAR INCOME FUND LIMITED
Project Acquisition
Bluefield Solar Income Fund Limited (the "Fund" or "BSIF") is
pleased to announce that it has acquired a large-scale solar plant
in near Launceston in Cornwall. The plant, constructed and operated
by German solar contractor Parabel AG, was grid connected at the
end of March 2013 under the 2 Renewable Obligation Certificate
("ROC") regime. The total investment cost for the acquisition of
the 6.87 MegaWatt Peak ("MWp") plant was GBP9.35 million. The
acquisition has been made without debt financing.
The Fund can confirm that, based on the existing committed
projects and the terms agreed on this portfolio, it remains on
course to deliver against its target dividend of 4 pence per
ordinary share in relation to the first financial year ending 30
June 2014, and 7 pence per ordinary share in respect of the
Company's second financial year, with the intention of this rising
annually with RPI thereafter. Bluefield Partners LLP ("Bluefield"),
the Fund's Investment Adviser, will seek to outperform that return
by active management strategies across the invested portfolio.
Since listing on July 12, 2013, the Fund has made three
investments to acquire large scale operational assets. The earlier
projects were acquired from leading contractors, Solarcentury and
Ikaros Solar. The two assets, to be qualified for 1.6 ROCs, are
based in Norfolk and Oxfordshire, and will have a combined capacity
of 26 MWp for a total investment consideration of GBP29m. Both
plants are in an advanced stage of construction and are guaranteed
by the contractors to be grid connected within 2013.
Bluefield has agreed terms on a further four large scale sites
that will take the Fund to over 75% committed. Combined with the
three acquisitions already announced by the Fund, the new assets
are expected to take the Fund's total commitments to nearly
GBP100m, with a total energy capacity of some 83 MWp. The Fund's
total portfolio represents an average acquisition cost of GBP1.16m
per MWp, including the most recent operational 2 ROC project
acquisition.
The Fund expects to make further announcements in the coming
days.
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 (the "Fund" or
"BSIF")
BSIF is a newly incorporated Guernsey-registered investment fund
focusing on large scale agricultural and industrial solar assets.
The Fund raised gross proceeds of GBP130 million in July 2013
through an initial public offering ("IPO") of shares on the main
market of the London Stock Exchange.
The Fund seeks to provide shareholders with an attractive
return, principally in the form of semi-annual 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 as a specialist investor into
solar energy. Bluefield's team has a proven track record in the
selection, acquisition and management of large scale energy and
infrastructure assets in the UK and Europe.
The managing partners have been involved in over GBP350m of
solar photovoltaic ("PV") funds and/or transactions in both the UK
and Continental Europe since 2008, including over GBP170m in the UK
since December 2011.
Bluefield was appointed Investment Adviser to the Fund in June
2013.
About Parabel AG
Parabel AG was established in 1992 is a highly experienced
European based solar contractor. Headquartered out of Berlin,
Germany, Parabel AG completed c.100MWp of solar installations in
2012 across European markets.
This information is provided by RNS
The company news service from the London Stock Exchange
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