Bluefield Solar eyes GBP-150m London IPO - report

Jun 26, 2013 - Asset manager Bluefield Partners intends to list its UK-focused Bluefield Solar Income Fund Ltd in London on July 12, targeting up to GBP 150 million (USD 232m/EUR 177m) in proceeds, Reuters said Tuesday.

The amount raised in the initial public offering (IPO) will be used for the acquisition of solar parks within a one-year period, the report said.

Bluefield Solar Income Fund, which will be structured as a Guernsey incorporated closed-ended investment company with an indefinite life, will only provide funding to solar projects, without building them, as it looks to cut its operational risk. Its assets are expected to reach between GBP 300 million and GBP 400 million during the next two-three years, James Armstrong, managing partner at Bluefield, was cited as saying.

According to Armstrong, the company has turned its sights on the UK solar market as it offers a wide range of growing opportunities, with potential for installing 20 GW of capacity by 2020. Data of the European Photovoltaic Industry Association (EPIA) shows that the cumulative solar power systems in the UK have jumped more than twofold to 1.83 GW in 2012. In Germany installations have reached 32.4 GW, while in Italy they stand at 16.4 GW, offering less growth options as the local governments cut subsidies for the sector.

(GBP 1.0 = USD 1.542/EUR 1.180)

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