14th Oct 2014 08:24
LONDON (Alliance News) - Bluefield Solar Income Fund Ltd Tuesday said it has entered into a deal to buy three assets in addition to those it has already agreed to buy and said it will issue 150 million shares in order to cover the cost of its acquisitions.
Bluefield said the acquisition of the three new assets, which have a total combined energy capacity of 65 megawatts peak, are in addition to the three the group has already contractually committed to buy under its acquisition facility provided by Royal Bank of Scotland Group PLC.
Bluefield said the combined, six-strong portfolio, with a total energy capacity of 94 MWp, will be bought for a total of GBP106 million. It said all are expected to qualify under the 1.4 Renewable Obligation Scheme support banding.
In addition, Bluefield said its investment adviser is in advanced talks to buy a further 39 MWp in capacity for a total of GBP44 million.
The fund said it intends to issue 150 million shares under its placing programme to raise GBP150 million to finance the acquisitions, giving a price of roughly GBP1 per share. The placing is due to be launched on November 3.
It said the new shares will be issued at a premium to its net asset value at least sufficient to cover the costs of the placing.
Bluefield shares were untraded on Tuesday, quoted at 103 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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