Bluefield Solar Income Fund acquires West Raynham solar energy plant
Bluefield Solar Income Fund Limited (the "Company") is pleased to announce that they have completed the acquisition of the previously announced West Raynham solar energy plant. The Company signed binding agreements to acquire the plant on 27 March 2015. The ground based solar photovoltaic ("PV") asset based in Norfolk, UK, has a capacity of 49.9 MegaWatts Peak ("MWp") (the "Project") and is currently the UK's largest solar PV plant. The Company's portfolio has a combined energy capacity in excess of 250 MWp.
The Project was built by Maessa Telecomunicaciones, Ingenieria, Instalaciones y Servicios, S.A. ("Maetel") and was acquired from the Chinese module manufacturer Trina Solar Luxembourg (EU) Systems SARL ("Trina") following the successful passing of performance testing among other closing conditions. The Project is accredited for 1.4 ROCs and has been operational since the end of March, 2015. The Company will benefit from full revenues from the commissioning date.
About Bluefield Solar Income Fund Limited (BSIF)
BSIF is a Guernsey-registered investment company focusing on large scale agricultural and commercial and industrial solar energy assets. It had an initial public offering of shares on the main market of the London Stock Exchange in July 2013. It has, currently, over 278 million shares in issue and a market cap in excess of £300 million. In June 2014 it agreed a three-year revolving credit facility with Royal Bank of Scotland, for up to £50 million.
BSIF seeks to provide shareholders with an attractive return, principally in the form of income distributions, by investing in a diversified portfolio of solar energy assets, each located within the UK, with a focus on utility scale assets and portfolios on greenfield, industrial and/or commercial sites. The Company pays quarterly distributions.
About Bluefield Partners LLP (Bluefield)
Bluefield was established in 2009 and is an investment adviser to companies and funds investing in solar energy infrastructure. It has a proven record in the selection, acquisition and supervision of large scale energy and infrastructure assets in the UK and Europe. The team has been involved in over £1.4 billion of solar photovoltaic ("PV") funds and/or transactions in both the UK and Europe since 2008, including over £380m in the UK since December 2011.
Bluefield has led the acquisitions, and currently advises on over 50 UK based solar assets that are agriculturally, commercially or industrially situated. Based in its London office, Bluefield's partners are supported by a dedicated and highly experienced team of investment, legal and portfolio executives.
Bluefield was appointed Investment Adviser to the Company in June 2013.