Bluefield Solar Income fund acquires 3 UK solar plants

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Bluefield Solar Income fund acquires 3 UK solar plants

Bluefield Solar Income Fund Limited has entered into binding contracts to acquire three UK-based, large scale solar plants.

The three assets include:

  • 6.5 MWp plant in Somerset,
  • 12.5 MWp plant in Wiltshire, and
  • 29 MWp plant in Oxfordshire.

They are being acquired for a total consideration of £54 million (US$83.4), including transaction costs and working capital. Each is expected to qualify under the 1.4 Renewable Obligation Certificate (ROC) regime.

The acquisitions are the twenty-sixth, twenty-seventh and twenty-eighth made by the Companyand will be funded by part of the £131 million (US$202.3 million) raised pursuant to the placing programme that closed in November 2014.

BSIF expects to deliver against a target dividend of 7 pence per ordinary share in respect of the Company's current financial year, which ends on 30 June 2015, with the intention of this rising annually with RPI thereafter. On 3 November 2014 the company declared an interim dividend for the current financial period of 3.25 pence per ordinary share.

BSIF is a Guernsey-registered investment company focusing on large scale agricultural and industrial solar assets. It raised gross proceeds of £130 million in July 2013 through an initial public offering of shares on the main market of the London Stock Exchange. It raised a further £13 million in February 2014 in an oversubscribed placement. Pursuant to a placing programme in November 2014 the Company raised an additional £131 million. In June 2014 it agreed a three-year revolving credit facility with Royal Bank of Scotland, for up to £50 million.

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