UK renewables fund Bluefield Solar has closed the acquisitions of a ready-to-build 45MW solar and 25MW co-located battery project.
Bluefield has acquired these fully consented solar and storage project for approximately £5m from EQUANS (re-branded from ENGIE Renewables).
The co-located project is based in north-east Lincolnshire and is expected to begin construction during 2022.
Yelvertoft, a 50MWp solar project developed through Bluefield’s proprietary pipeline and announced in the company’s 31 December 2020 interim statements, is expected to begin construction at the same time.
The company has also purchased of an operating portfolio of 109 small scale onshore wind turbines, as outlined in its recent prospectus, for approximately £63m.
Bluefield Solar chairman John Rennocks said: “Following strong support from our shareholders in the recent oversubscribed equity raise, we are delighted to have completed the acquisition of the 109 wind turbines outlined in the company’s recent prospectus, as well as our first co-located solar and energy storage project.
“Both investments mark important steps in fulfilling Bluefield Solar Income Fund’s strategic objective of adding complementary renewable assets, up to 25% of GAV, to its high performing UK solar portfolio.
“The 109 wind turbines are immediately accretive to earnings and further underpin our projected results and dividends for the financial year ending in June 2021 and beyond, with exceptionally high levels of regulated revenues.
“This is our first investment in energy storage and the board views this as an attractive source of diversification for our income, with significant future valuation uplift potential from adding solar and storage assets in development.”