5 September
2024
Bluefield
Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Completion of Phase Two of
the Strategic Partnership with GLIL Infrastructure
('GLIL')
Sale of a 50% stake in 112MW
operational solar assets
·
Following approval under the National Security and
Investment Act 2021, the Company is pleased to confirm the sale to
GLIL of a 50% stake in a 112MW PV portfolio of 1.4 and 1.3 ROC
assets.
·
The c. £70 million investment by GLIL for the 50%
stake is in line with the Company's latest NAV.
·
Not less than £50 million of the sale proceeds
will be used to repay the Company's RCF, reducing the balance from
c. £184 million to c. £134 million. The remaining proceeds will be
used to provide funding for the Company's construction pipeline,
including approximately 17MW of development assets as the initial
commitment under Phase Three of the Strategic
Partnership.
Bluefield Solar (LON: BSIF), the
London listed UK income fund focused primarily on acquiring and
managing solar energy assets, is pleased to report,
following the announcement on 22 July 2024, the completion of Phase
Two of its long-term strategic partnership ('Strategic Partnership') with GLIL, being the sale
of a 50% stake in a 112MW portfolio of UK solar assets which had
been 100% owned by Bluefield Solar.
GLIL is a partnership of UK pension
funds, investing into core UK infrastructure, including Local
Pensions Partnership Investments, Greater Manchester Pension Fund,
Merseyside Pension Fund, West Yorkshire Pension Fund and Nest, and
has a £3 billion portfolio of infrastructure assets.
Upon amalgamation with the
Lightsourcebp 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, BSIF's
equity stake across the combined portfolios has increased to c.
25%.
As at completion, the Company's RCF
drawing stands at £184 million, with long term amortising debt
being £423 million. The Company has total outstanding debt of £607
million with a leverage level of c. 44% of GAV. Following
completion, the RCF balance is projected to fall to c. £134 million
and the leverage level of Company is projected to fall to c. 43% of
GAV.
The Company continues to progress
Phase Three of the
Strategic Partnership, where Bluefield Solar and GLIL intend to
commit capital together to construct approximately 10% of the
Company's development pipeline. An initially identified
portfolio of c. 17MW of Auction Round 4 Contracts for Difference
('CfD') development assets
is expected to be grid connected within the next twelve
months.
The Bluefield Solar board reiterates
its guidance in delivering a full year
dividend of not less than 8.80pps for the period ended 30 June 2024
(increased from 8.60pps paid for the period ended 30 June
2023).
For further information:
Bluefield Solar Income Fund:
Bluefield Partners LLP
(Company Investment Adviser)
James Armstrong / Neil Wood / Giovanni
Terranova
|
Tel: +44
(0) 20 7078 0020
www.bluefieldllp.com
|
|
|
Deutsche Numis (Company Broker)
Tod Davis / David Benda / Matt Goss
|
Tel: +44
(0) 20 7260 1000
www.dbnumis.com
|
|
|
Ocorian
(Company Secretary &
Administrator) Chezi Hanford
|
Tel: +44
(0) 1481 742 742
www.ocorian.com
|
|
|
Media enquiries:
Burson
Buchanan (PR
Adviser)
Henry Harrison-Topham / Henry
Wilson
|
Tel: +44 (0) 20 7466 5000 www.bursonbuchanan.com
BSIF@buchanan.uk.com
|
Citypress (on behalf of GLIL
Infrastructure)
Tel: +44 (0)131 516 5551
Jamie
Williamson
GLIL@citypress.co.uk
Notes to Editors
About Bluefield Solar
Bluefield Solar is a London listed
income fund focused primarily on acquiring and managing solar
energy assets. 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 other technologies,
such as wind and storage. As at 5th September 2024,
Bluefield Solar owns and operates a UK portfolio of 883MW,
comprising 825MW of solar and 58MW of onshore wind.
Further information can be viewed
at www.bluefieldsif.com
About Bluefield Partners
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 £6.7 billion renewable funds and/or
transactions in both the UK and Europe, including over £1.6 billion
in the UK since December 2011.
Bluefield Partners LLP has led the
acquisitions of, and currently advises on, over 200 UK based solar
photovoltaic 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.
About GLIL Infrastructure
GLIL is a partnership of UK pension
funds which invests in Britain's future - creating jobs, supporting
communities and helping to power the economy. It is a proven
investor, with a fund specially designed to help pension fund
members tap into the stable, inflation-linked returns that
infrastructure investment offers. GLIL manages £4.1 billion of
committed capital, with more than £3 billion deployed into a
growing portfolio of infrastructure assets spanning renewable
energy, water and ports, trains, hospitals and schools. It invests
on behalf of pension funds and pools including Local Pensions
Partnership Investments, Greater Manchester Pension Fund,
Merseyside Pension Fund, West Yorkshire Pension Fund and Nest, the
government-established DC workplace pension provider. For more
information on GLIL, including its history, and investment
portfolio, please visit
www.glil.co.uk.