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Bluefield Solar acquires British solar plant

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Energy Global,

Bluefield Solar, a UK-focused income fund that invests primarily in solar assets, has announced that the company has acquired Bradenstoke Solar Park Limited, an operational 70 MWp ground-mounted solar photovoltaic (PV) plant.

On 8 January 2021, Bluefield Solar completed the acquisition of the plant for a total cash consideration of £89 million. The company will receive the economic benefit of all cash flows from the plant from 1 April 2020.

The plant, which covers a 213 acre site and is located on a former RAF airbase in Wiltshire, UK, has been operational since March 2015 and is accredited under the Renewable Obligation Certificate (ROC) regime with a tariff of 1.4 ROCs.

The acquisition has been financed using the company's revolving credit facility which, as well as being extended to September 2022 (with an option to extend to September 2023), has also been increased, through an accordion mechanism, to £100 million. The margin on the facility remains at London Inter-Bank Offered Rate +2%.

Following the transaction, the company's total outstanding debt has increased to £370.4 million and the total installed capacity of its portfolio has grown to 612 MWp, to date all of which comprises UK solar assets with high levels of government backed revenue streams paid in sterling.

Using the company's 30 September 2020 unaudited net asset value of £424.3 million as a reference and including the its over-subscribed equity raise of £45 million in November 2020, the leverage level of the Bluefield Solar is approximately 44% of Gross Asset Value.


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