30th Dec 2013 08:38
LONDON (Alliance News) - Bluefield Solar Income Fund Limited said Monday it has entered into binding contracts for the acquisition of three UK-based solar plants, and the extension of its Oxfordshire plant in a GBP38.5 million deal.
The acquisition of the three plants and the extension of the Oxfordshire site, already constructed by Ikaros Solar, increases the company's total commitments to date to GBP94 million, over 75% of the net initial public offering proceeds in the six months since the Company was listed on the London Stock Exchange.
The already-announced acquisitions amount to GBP55.5 million, boosted to GBP94 million with the following.
Solarcentury in Hampshire, England, GBP7 million; Prosolia UK in Glamorgan, Wales, GBP12 million; Ikaros Solar in Norfolk, England, GBP12 million; and Ikaros Solar in Oxfordshire, England, GBP7.5 million for the extension to existing plant.
Following the sale of the projects, the contractors 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, said the firm.
Based on its existing committed projects and the terms agreed on this portfolio, Bluefield said it remains on course to deliver against its target dividend of 4 pence per ordinary share in relation to the first financial year ending 30 June 2014, and 7 pence per ordinary share in respect of the company's second financial year, with the intention of this rising annually with RPI thereafter.
The firm has invested in seven UK-based solar plants with a combined capacity of 81 MegaWatts Peak. All investments are either grid-connected or expected to be operational and grid-connected by March 2014, said the company. 72MWp are expected to benefit from 1.6 Renewable Obligation Certificates, with the balance invested into a 2 ROC project grid connected in March 2013, said Bluefield.
Shares in Bluefield were 100.125 pence per share Monday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Bluefield Solar