Bluefield Solar Income Fund acquires a 4.1 MW ground-mounted solar photovoltaic plant

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Bluefield Solar Income Fund acquires a 4.1 MW ground-mounted solar photovoltaic plant

The Board of the Bluefield Solar Income Fund Limited (BSIF) has entered into a binding sale and purchase agreement (SPA) to acquire a 4.1megawatt peak ground-mounted solar photovoltaic plant in UK

The company has acquired Bluefield Harrier Limited for £14.4 million (US$209 million), which through its wholly-owned subsidiary New Energy Business Solar Limited (NEBS) owns the Plant.

The Plant, which is connected into a car manufacturing plant located in Burnaston, Derby, was commissioned in July 2011 and benefits from a fully RPI-linked 25 year Feed-in Tariff (FiT).  The Plant provides electricity to Toyota Motor Manufacturing (UK) Limited pursuant to the terms of its lease and derives the entirety of its revenue under the FiT accreditation. 

The acquisition has been fully funded through the amended and restated facility agreement with The Royal Bank of Scotland (RBS) and Investec Bank.

The company's investment adviser, Bluefield Partners LLP, is also the investment adviser to the selling shareholders of Harrier and certain members of the Investment Adviser hold Ordinary and B Shares in Harrier.

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