Monday, June 27 2022 Sign In   |    Register
 

News Quick Search


 

News


Front Page
Power News
Today's News
Yesterday's News
Week of Jun 20
Week of Jun 13
Week of Jun 06
Week of May 30
Week of May 23
By Topic
By News Partner
Gas News
News Customization
Feedback

 

Pro Plus(+)


Add on products to your professional subscription.
  • Energy Archive News
  •  



    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Bluefield Solar Income Fund Acquires Solar and Wind Projects in UK for USD138.6 Million


    May 13, 2022 - Marketline - Deals

     

      Deal In Brief

      Bluefield Solar Income Fund Ltd (Bluefield), an investment fund focused on acquiring and managing UK-based renewable energy and storage assets, has acquired solar and wind projects portfolio in UK, for an equity consideration of GBP112.4 million. The combined installed capacity of the projects is 93.2 MW. The transaction implies a deal value of USD1.49 million per MW

      The portfolio is consisting of fifteen solar photovoltaic plants with a total installed capacity of 64.9 MW and four wind farms with a total installed capacity of 28.3 MW. The portfolio assets are located across England, Wales, Northern Ireland and Scotland. Of the solar projects, five are accredited under the feed-in-tariff (FIT) regime and ten of the projects are accredited under the Renewable Obligation Certificate (ROC) regime with tariffs of 1.2-1.6 ROCs. All of the wind farms are accredited under the ROC regime, with tariffs of 0.9-1.0 ROCs. In the period 2021-2035, the proportion of fixed and regulated revenues from this portfolio is projected to be approximately 57%. As at the locked box date of the sale and purchase agreement (being 31 December 2020), the portfolio had net third party long term debt of GBP74.8 million

      The acquisition has been initially financed using the Bluefield's new and enlarged GBP100 million revolving credit facility (RCF), provided equally by RBSi and Santander UK, which as well as being extended to May 2024, also contains a new accordion tranche of up to a further GBP100 million. The margin on the facility has also been lowered from 2.0% to 1.9%. Following this acquisition, the Company is now fully drawn on this facility and total outstanding debt stands at approximately GBP591.9 million representing 48.8% of Gross Asset Value (GAV)

      Bluefield Partners LLP and Numis Securities Limited advised Bluefield on the transaction.

      Deal Value (US$ Million) 138.6
      Deal Type Acquisition
      Sub-Category Asset Purchase
      Deal Status Completed: 2022-05-11

      Deal Participants

      Acquirer (Company) Bluefield Solar Income Fund Ltd

      Deal Rationale

      % Acquisition 100%

      (Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Marketline shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.)

    TOP

    Other Articles - International


    TOP

       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.