Bluefield Solar raises GBP 150m to replenish revolving credit facility

Author: Images Money. License: Creative Commons, Attribution 2.0 Generic.

June 1 (Renewables Now) - Bluefield Solar Income Fund Ltd (LON:BSIF) today said it has raised about GBP 150 million (USD 189m/EUR 176m) in gross proceeds through its placing and offer for subscription, announced in May.

The London-listed income fund will use the capital to pay down its revolving credit facility, which was fully drawn following the company's largest portfolio acquisition so far, a 93.2-MWp portfolio of operational solar and wind assets in the UK, which was announced together with the issue in May.

The issue, representing some 23% of the company’s ordinary share capital prior to the transaction, saw strong demand from both new and existing investors, the fund said.

"Given the increasing focus on meeting national targets for renewable infrastructure generation and having recently completed the Company's largest portfolio acquisition to date, I believe the current outlook presents the most compelling environment for the company's strategy since inception and we look forward to updating shareholders further on a new pipeline of potential acquisition opportunities," said Bluefield Solar chairman John Rennocks.

The company, which is focused on renewable energy and storage projects mainly in the UK, had extended the timetable for the issue to allow investors to consider press speculation of a possible windfall tax on electricity generators.

(GBP 1 = USD 1.258/EUR 1.175)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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