Bluefield Solar Income Fund makes GBP 22.7m of UK solar acquisitions

Bluefield Solar Income Fund Ltd (LON:BSIF) has signed deals to acquire five new build sub-5-MWp solar power plants for a total of GBP 22.7 million (USD 28.9m/EUR 26.9m), including transaction costs and working capital.

The facilities are expected to start operations before March 31, 2017 and to qualify under the 1.2 Renewable Obligation Certificate (ROC) regime, the Guernsey-registered investor in UK solar assets said today.

Two of the projects are located in Staffordshire and Northamptonshire, England and are being built by Solar Century Holding Ltd. The other three, in Essex, Leicestershire and South Wales, are being constructed by Parabel UK Ltd. These three projects were developed by the Bluefield Energy Solar Development Fund. Bluefield Solar Income Fund is buying them pursuant to a pipeline agreement involving its investment adviser, Bluefield Partners LLP.

The company is paying for the acquisitions from its recent share placing that raised GBP 60.6 million gross.

"Following the placing announced in October, which exceeded our target raise of £50 million, we are capitalising on the forthcoming closure of the RO scheme set for March 2017 by executing the Company's primary investment strategy of investing in construction projects," said chairman John Rennocks. He added the company prefers the primary markets rather than the secondary markets, where returns are lower due to increasing competition for a finite pool of assets.

(GBP 1.0 = USD 1.271/EUR 1.185)

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