Bluefield Solar Income Fund Limited announced on 18 June 2014 that it has entered into binding contracts to acquire its tenth UK based, large-scale solar plant, the 17.5 MW PV solar plant in Hertfordshire.
The asset is being acquired for a total consideration of £19 million (US$32.3 million) including transaction costs, debt costs and working capital.
Solarcentury, a solar supplier with offices in the UK, Italy and The Netherlands, will build the plant and will then warrant its performance for an initial period. It will undertake the ongoing operation and maintenance of the plant under a separate agreement. The project is expected to qualify to receive Renewable Obligation Certificates.
This tenth acquisition sees the company using, for the first time, part of the Royal Bank of Scotland plc's revolving credit facility, announced on 13 June, 2014. The three-year Facility, for up to £50 million, including a working capital element, will provide the company with a flexible source of funding to make additional acquisitions of solar energy assets in the UK.
Since its Initial Public Offering (IPO) in July 2013, the company has invested into ten solar plants with a combined energy capacity of 128 MWp. The proceeds of the £130 million IPO were fully committed with the company's ninth investment in February, 2014, an investment that required a further placement of £13 million in order to complete the acquisition.