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Bluefield Solar Income seeks fundraising go-ahead

27 October 2015 07:34

Bluefield Solar Income Fund is to seek shareholder approval to issue up 250 million shares to repay down sums under its acquisition facility and fund growth.

The company plans to issue 50 million shares under an initial placing and offer to raise £50m and up to 250 million ordinary and C shares in total under a subsequent placing programme.

The company says its investment adviser has secured exclusivity agreements which comprise a portfolio with a total capacity of 258 MWp across 25 solar PV projects widely distributed across England, Scotland and Wales.

Each project under exclusivity qualifies under the ROC scheme, though the green field projects, being sub-5MW, all have the opportunity to qualify alternatively under the FiT scheme.

The projects have been, or will be, constructed by five contractors with whom the investment adviser is familiar.

The total consideration required to complete the acquisition of all assets in the pipeline would be approximately £270 million, to be sourced from a combination of the proceeds of the initial issue and the placing programme and an extension of the acquisition facility.

The company will seek shareholder approval for the fundraising at an extraordinary general meeting on 17 November.

Story provided by StockMarketWire.com

Related Company: BSIF

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