UK-focused income fund Bluefield Solar has acquired the operational 70MW Bradenstoke solar farm for £89m (€99m).
The company will receive the economic benefit of all cash flows from the plant from 1 April 2020, it said.
The plant, which covers an 86-hectare site on a former RAF airbase in Wiltshire, has been operational since March 2015.
It is accredited under the Renewable Obligation Certificate (ROC) regime with a tariff of 1.4 ROCs.
Bluefield said the acquisition has been financed using its 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 £100m.
Following the transaction, the company’s total outstanding debt has increased to £370.4m and the total installed capacity of its portfolio has grown to 612MW.
The projects comprise UK solar assets with high levels of government backed revenue streams paid in sterling, Bluefield said.
Bluefield Solar chairman John Rennocks said: “Following the high quality 64MW portfolio of ROC accredited UK solar assets that we acquired in August 2020, the purchase of Bradenstoke is further evidence of our ability to source attractive assets with high levels of regulated revenues.
“This acquisition is immediately accretive to earnings and further underpins our projected results and dividends for the current financial year ending in June 2021 and beyond.
“The board and our investment adviser continue to carefully assess a strong pipeline of opportunities across both primary and secondary markets.”