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Bluefield Solar buys solar portfolio worth GBP56 million

23rd Dec 2022 08:21

(Alliance News) - Bluefield Solar Income Fund Ltd on Friday said it acquired a 46.4 megawatt peak solar portfolio of two large ground-mounted solar assets.

The renewables investor said the value of the portfolio is around GBP56.0 million, including its cashflows from May this year.

The two assets are a 39.3 megawatt peak solar photovoltaic plant in Scunthorpe, Lincolnshire, and a 7.1 megawatt peak facility in Barrow-in-Furness, Cumbria.

Bluefield Solar said following the acquisition, the company's total outstanding debt has increased to GBP537 million, and the total installed capacity of its portfolio has grown to 813 megawatt peak. The leverage level of the company has increased from 37% to about 40% of gross asset value.

Bluefield Solar Chair John Scott said: "We are delighted to have acquired this high-quality portfolio of operating assets from Fengate Asset Management. The portfolio includes a high proportion of contracted and regulated revenues, and so represents a natural complement to the company's significant development pipeline of new build solar and storage projects."

Bluefield Solar shares were up 0.2% at 136.26 pence each on Friday morning in London.

By Xindi Wei, Alliance News reporter

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Copyright 2022 Alliance News Ltd. All Rights Reserved.

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