4th Sep 2013 07:58
LONDON (Alliance News) - Bluefield Solar Income Fund Limited Wednesday said it had entered into a binding contract to acquire a solar plant in Norfolk from Solarcentury for GBP17 million.
The plant, which has been developed and is being constructed by Solarcentury, is expected to generate electricity by December this year.
Bluefield said the investment had been made without debt financing and the expected returns were in line with those anticipated in the fund's investment objective, as set out in its prospectus published in June.
Following the sale of the project, under the terms of the contract, Solarcentury will warrant the performance of the plant for an initial period and will undertake the ongoing operation and maintenance of the plant under a separate agreement.
"Bluefield is delighted to announce its decision to allocate funds to this large scale project," Bluefield Managing Partner Mike rand said in a statement.
"The project was selected by Bluefield due to the exceptional track record of Solarcentury as a leader in the UK solar market."
Bluefield shares were quoted Wednesday morning at 102.25 pence, down 0.25p.
By Anthony Tshibangu; [email protected]
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