Bluefield Solar buys 70-MWp PV plant on former RAF airbase

Solar cells. Author: Steve Rainwater. License: Creative Commons: Attribution-ShareAlike 2.0 Generic

January 11 (Renewables Now) - Bluefield Solar Income Fund Ltd (LON:BSIF) said today it has bought the holding company for a 70-MWp solar photovoltaic (PV) plant on a former Royal Air Force (RAF) airbase in Wiltshire, England.

Specifically, the UK income fund has acquired Bradenstoke Solar Park Ltd for a total cash consideration of GBP 89 million (USD 120m/EUR 98.5m), paying for the purchase through a newly-extended revolving credit facility that was increased to GBP 100 million. The company noted that its total outstanding debt now amounts to GBP 370.4 million, while its total installed capacity has grown to 612 MWp.

Bluefield Solar Income Fund will get the economic benefit of all cash flows from the plant from April 1, 2020.

"This acquisition is immediately accretive to earnings and further underpins our projected results and dividends for the current financial year ending in June 2021 and beyond.” said John Rennocks, Chairman of Bluefield Solar.

Operational since March 2015, the acquired solar park is accredited under the Renewable Obligation Certificate (ROC) regime with a tariff of 1.4 ROCs.

(GBP 1.0 = USD 1.350/EUR 1.107)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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