Bluefield Solar Income Fund’s renewable energy portfolio has reached 402MW with the agreement to buy a 4.1MW peak solar plant in Burnaston near Derby.
Under the terms of the deal, Bluefield Solar also acquired Bluefield Harrier for £14.4m – including working capital and transaction costs – which through its wholly-owned subsidiary New Energy Business Solar owns the plant.
The plant, which is connected into a Toyota car manufacturing plant, was commissioned in July 2011 and has a 25-year feed-in tariff.
The acquisition was funded through an amended and restated facility agreement with The Royal Bank of Scotland and Investec Bank.
The facility is now drawn for a total of approximately £180.3m, with total group borrowing of £194.5m, Bluefield Solar said.
It added also that 258MWp of solar energy was successfully connected prior to 31 March, qualifying for 1.3 Renewable Obligation Certificates.
Bluefield Solar chairman John Rennocks said: “With our portfolio now exceeding 400MWp, and with the proportion of total fixed revenues being approximately 99% of total revenues until the end of the current financial year in June 2016, and then in excess of 65% until the end of June 2017, our shareholders are benefiting from the company adopting a highly defensive power price strategy whilst also delivering a sector leading dividend.”
Image: Morgue File
