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Bluefield Solar Income to acquire plant

19 April 2016 07:47

Bluefield Solar Income Fund Limited has agreed to acquire a 4.1 megawatt peak ground-mounted solar photovoltaic plant and announces the successful connection prior to 31 March of the construction assets previously acquired.

The Company has acquired Bluefield Harrier Limited for £14.4 million (including working capital and transaction costs), which through its wholly-owned subsidiary New Energy Business Solar Limited owns the Plant. The acquisition brings the total energy capacity of the Company's portfolio to 402 MWp.

The plant, which is connected into a car manufacturing plant located in Burnaston, Derby, was commissioned in July 2011 and benefits from a fully RPI-linked 25 year Feed-in Tariff. The Plant provides electricity to Toyota Motor Manufacturing (UK) Limited pursuant to the terms of its lease and derives the entirety of its revenue under the FiT accreditation.

The acquisition has been fully funded through the amended and restated facility agreement with The Royal Bank of Scotland plc and Investec Bank plc, dated 22 January 2016, , which is now drawn for a total of approximately £180.3 million, with total group borrowing of £194.5 million.

The Company is further pleased to announce that each of the eight construction projects acquired as part of the prospective pipeline 258 MWp referred to in the Company's prospectus published on 26 October 2015 was successfully connected prior to 31 March 2016, qualifying under the Renewable Obligation regime for 1.3 Renewable Obligation Certificates ("ROCs").

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Related Company: BSIF

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