Bluefield Solar Income Fund Limited Fourth Project Acquisition (8111Q)
18 October 2013 - 5:00PM
UK Regulatory
TIDMBSIF
RNS Number : 8111Q
Bluefield Solar Income Fund Limited
18 October 2013
18 October 2013
BLUEFIELD SOLAR INCOME FUND LIMITED
Fourth Project Acquisition
Bluefield Solar Income Fund Limited (the "Fund") is pleased to
announce that it has entered into binding contracts to acquire its
fourth UK large-scale solar plant. The plant, located in
Oxfordshire, will be acquired for a total investment consideration
of GBP17 million, taking the Fund's total commitments to date to
GBP55.3m. In total, the Fund has invested into solar plants with a
capacity of 48 MegaWatt Peak ("MWp"). 41MWp are expected to benefit
from 1.6 Renewable Obligation Certificates ("ROC"s), at an
investment value of GBP1.12m per MWp, with the balance invested
into a 2 ROC project.
The agricultural site will be one of the largest in the region.
The plant is expected to commence electricity generation in quarter
1 2014 and qualify under the 1.6 ROC support banding. It has been
developed, and is being constructed, by Solarcentury, one of the
leading specialist UK solar contractors. It is the second major
acquisition made by the Fund from Solarcentury.
Following the sale of the project, under the terms of the
contract Solarcentury will warrant the performance of the plant for
an initial period and will undertake the ongoing operation and
maintenance of the plant under a separate agreement.
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 maximise the return by active management
strategies across the invested portfolio. The Fund is insulated
from development risk by the contractors taking full responsibility
for the construction and delivery of the plants. The Fund takes
over assets once grid-connected and operational, and three of the
four plants invested to date are either operational or guaranteed
by the contractor to be grid-connected by December 2013.
Bluefield has agreed terms on a further three large scale sites
that will take the Fund to over 75% committed. Combined with the
four acquisitions already announced by the Fund, the new assets are
expected to take the Fund's total commitments to c. GBP100m, with a
total energy capacity of c. 83 MWp.
The Fund expects to make further announcements shortly.
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 Europe since 2008, including over GBP170m in the UK since
December 2011.
Bluefield was appointed Investment Adviser to the Fund 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
END
ACQBRBDGXXBBGXR
Bluefield Solar Income (LSE:BSIF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bluefield Solar Income (LSE:BSIF)
Historical Stock Chart
From Jul 2023 to Jul 2024