Bluefield snaps up 64.2 MWp of solar assets in England, Wales

Bluefield Solar Income Fund Ltd (LON:BSIF) said today it has closed the acquisition of a 64.2-MWp portfolio of operational solar parks in the UK.

The specific portfolio consists of 15 photovoltaic (PV) plants in England and Wales, the bulk of which are accredited under the UK’s Renewables Obligation Certificate (ROC) regime, getting between 1.4 ROCs and 2 ROCs per MWh. Two projects are operating under the country’s Feed-in-Tariff (FiT) scheme. Between 2021 and 2033, when the first subsidies are set to expire, the proportion of regulated revenues from the assets is expected to be around 66%, Bluefield Solar estimates.

The fund, which mainly invests in UK solar assets, purchased the portfolio for an initial amount of GBP 106.6 million (USD 140m/EUR 118m) in cash, including working capital. The final consideration of the deal may rise by up to GBP 2.1 million, contingent on securing asset life extensions. The acquisition price was paid from debt financing.

Deloitte served as sell side advisor on the deal.

Bluefiled Solar said it will receive the economic benefit of all cash flows from the portfolio from January 1, 2020. Following the latest purchase, its total installed capacity has increased to 543 MWp.

(GBP 1.0 = USD 1.311/EUR 1.108)

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