Bluefield Solar gets ready to buy 133 MWp of UK assets

Oct 14, 2014 - UK-based solar sector investor Bluefield Solar Income Fund Ltd (LON:BSIF) is working on acquiring 133 MWp of local projects for a total of GBP 150 million (USD 239.5m/EUR 189m).

The Guernsey-registered fund said in a statement on Tuesday it had entered into exclusive arrangements to purchase three assets totalling 62 MWp. These projects will be acquired in addition to the 32 MWp of capacity BSIF has already contractually committed under its revolving credit line with the Royal Bank of Scotland Group Plc (LON:RBS). The fund will pay GBP 106 million for all six schemes, which are seen to qualify for 1.4 Renewable Obligation Certificates (ROCs) per MWh of generated electricity. It did not give details about the projects.

Furthermore, BSIF’s investment advisor Bluefield Partners LLP is holding advanced talks to buy an additional 39-MWp pipeline for about GBP 44 million.

For the purpose of securing enough funds to cover the total purchase price, BSIF intends to raise some GBP 150 million gross through the issue of up to 150 million new ordinary shares at a price based on the net asset value as at September 30, 2014. The placing will be initiated on November 3 and will remain open for 10 days.

BSIF noted it will use a portion of the proceeds to prepay amounts outstanding under the RBS acquisition facility.

(GBP 1.0 = USD 1.596/EUR 1.261)

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