Bluefield Solar Income Fund Limited Completion of First Wind and Battery Storage (6708I)
2021年8月16日 - 3:00PM
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TIDMBSIF
RNS Number : 6708I
Bluefield Solar Income Fund Limited
16 August 2021
16 August 2021
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Acquisition of Wind Portfolio and Ready to Build Co-located
Solar and Battery Project
Completion of First Wind and Battery Storage Investments
Bluefield Solar (LON: BSIF), the UK income fund focused on
acquiring and managing UK-based renewable energy and storage
projects to provide growing dividends for its shareholders whilst
furthering the decarbonisation of the energy system , is pleased to
announce the successful completion of two acquisitions.
The Acquisitions
The first acquisition is the purchase of an operating portfolio
of 109 small scale onshore wind turbines, as outlined in the
Company's recent prospectus, for approximately GBP63 million
(including working capital and transaction fees) and is immediately
earnings accretive.
The second acquisition represents the grid connection and
associated land of a fully consented, ready to build a 45MWp solar
asset and co-located 25MWp battery project for approximately GBP5
million from EQUANS (re-branded from ENGIE Renewables). This
co-located project is based in northeast Lincolnshire and is
expected to begin construction during 2022. Yelvertoft, a 50MWp
solar project developed through the Company's proprietary pipeline
and announced in the Company's 31 December 2020 Interim Statements,
is expected to begin construction at the same time.
Financial Update
Prior to the recent fundraise of GBP103 million (net of costs)
the Company had drawn GBP90 million of its GBP100 million short
term revolving credit facility ('RCF'). The fundraise proceeds were
used to pay down the RCF entirely, leaving GBP13 million available
to the Company in cash resources in addition to the then undrawn
GBP100 million RCF. These acquisitions, plus development
expenditure incurred to date of approximately GBP3 million, mean
the Company has now redrawn approximately GBP60 million of its RCF.
As a result, total outstanding debt is approximately GBP340
million.
Using the Company's 31 March 2021 unaudited net asset value
('NAV') of GBP460.5 million as a reference and including these
acquisitions as well as the Company's equity raise in July 2021 of
GBP103 million (net of costs), the leverage of the Company is
approximately 38% of Gross Asset Value ('GAV').
John Rennocks, Chairman of Bluefield Solar, 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. The Board and our Investment Adviser
continue to carefully assess a strong pipeline of attractive
opportunities across both primary and secondary markets."
For further information:
Bluefield Partners LLP (Company Investment Tel: +44 (0) 20
Adviser) 7078 0020
James Armstrong /Neil Wood/Giovanni www.bluefieldllp.com
Terranova
Numis Securities Limited (Company Tel: +44 (0) 20
Broker) 7260 1000
Tod Davis / David Benda www.numis.com
Ocorian Tel: +44 (0) 1481
(Company Secretary & Administrator) 742 742
Patrick Ogier www.ocorian.com
Media enquiries:
Buchanan (PR Adviser) Tel: +44 (0) 20
Henry Harrison-Topham / Victoria Hayns 7466 5000
/ Henry Wilson www.buchanan.uk.com
BSIF@buchanan.uk.com
About Bluefield Solar
Bluefield Solar is a UK income fund focused on acquiring and
managing UK-based renewable energy and storage projects to generate
long term dividend growth for its shareholders whilst furthering
the decarbonisation of the energy system. Not less than 75% of the
Company's gross assets will be invested into UK solar assets. The
Company can also invest up to 25% of its gross assets into wind,
hydro and storage technologies. The majority of the Company's
group's revenue streams are regulated and non-correlated to the UK
energy market. Bluefield Solar owns and operates one of the UK's
largest, diversified portfolios of solar assets with a combined
installed power capacity in excess of 613 MWp.
Further information can be viewed at www.bluefieldsif.com
LEI Code 2138004ATNLYEQKY4B30
About Bluefield Partners LLP
Bluefield Partners LLP was established in 2009 and is an
investment adviser to companies and funds investing in renewable
energy infrastructure. It has a proven record in the selection,
acquisition and supervision of large-scale energy assets in the UK
and Europe. The team has been involved in over GBP4 billion
renewable funds and/or transactions in both the UK and Europe,
including over GBP1 billion in the UK since December 2011.
Bluefield Partners LLP has led the acquisitions of, and
currently advises on, over 100 UK based solar PV assets that are
agriculturally, commercially or industrially situated. Based in its
London office, it is supported by a dedicated and experienced team
of investment, legal and portfolio executives. Bluefield Partners
LLP was appointed Investment Adviser to Bluefield Solar in June
2013.
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