Bluefield Solar raises GBP 123m gross from share sale

Nov 14, 2014 - UK-based Bluefield Solar Income Fund Ltd (LON:BSIF) said on Friday it has raised about GBP 123 million (USD 192.6m/EUR 154.7m) in gross proceeds from its previously announced capital hike.

The company previously pointed out it would use the proceeds from the transaction to finance capacity acquisitions and repay borrowings. “The placement gives the company the platform to execute its previously described pipeline and consolidate its position as the leading solar asset focused company in terms of size, portfolio and returns," chairman John Rennocks said today.

Bluefield has placed 120 million new ordinary shares at a price of GBP GBP 1.025 apiece. The stock is expected to be issued on November 19, 2014, and will not be entitled to the GBP 0.0325 dividend per share the firm is to distribute for the first half of its fiscal 2014/15. Following admission, Bluefield will have some 270.92 million ordinary shares in issue.

In July 2013, the company raised GBP 130 million in its initial public offering (IPO) in London. Since then Bluefield has invested into 12 wholly-owned solar plants totalling 143 MWp and has struck acquisition deals for tens of megawatts of solar capacity.

(GBP 1 = USD 1.566/EUR 1.258)

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