Bluefield Solar unveils GBP 38.5m in solar acquisitions

Dec 30, 2013 - UK-based Bluefield Solar Income Fund Ltd (LON:BSIF) said today it had agreed to acquire four more solar power plants at home for some GBP 38.5 million (USD 63.4m/EUR 46m).

The targeted assets include three large-scale solar plants and an extension to a park in Oxfordshire that Bluefield already owns. The vendors are UK firm Solarcentury, Prosolia UK and Belgian solar company Ikaros Solar. Capacity details on the plants were not disclosed.

Bluefield, which in July raised GBP 130 million in an initial public offering (IPO), pointed out that it had already committed around GBP 94 million of the raised amount in deals for seven solar power facilities with a total capacity of 81 MWp. All of the plants will get Renewable Obligation Certificates (ROCs). The company also said it was in advanced talks on further acquisitions so it expects to have spent in full the IPO proceeds some time next year.

Under its business model, Bluefield avoids the development risk by having the sellers take full responsibility for the construction and delivery of the solar plants. The firm becomes the owner once the assets have been hooked to the grid and put on stream. It noted that three of the 81 MWp of projects it has invested in are either operational or guaranteed by the vendor to be revenue producing at the start of 2014.

(GBP 1 = USD 1.648/EUR 1.199)

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