Bluefield Solar has completed the sale of a 50% stake in a 112MW UK solar portfolio.
The deal’s closing marks the completion of phase two of Bluefield’s long-term strategic team-up with GLIL, an alliance of UK pension funds, investing in core UK infrastructure, including Local Pensions Partnership Investments, Greater Manchester Pension Fund, Merseyside Pension Fund, West Yorkshire Pension Fund and Nest.
GLIL has a £3bn portfolio of infrastructure assets.
Upon amalgamation with the Lightsource BP portfolio acquisition, in which Bluefield Solar took a 9% equity interest in tandem with GLIL under phase one of the strategic partnership in December 2023, the asset owner’s equity stake across the combined portfolios has increased to 25%.
As at completion, Bluefield’s revolving credit facility (RCF) drawing stands at £184m, with long term amortising debt being £423m.
Bluefield continues to progress phase three of the strategic partnership, where Bluefield Solar and GLIL intend to commit capital together to construct approximately 10% of Bluefield’s development pipeline.
An initially identified portfolio of 17MW of Auction Round 4 Contracts for Difference development assets is expected to be grid connected within the next 12 months.