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Bluefield Solar Income increases and extends credit facilities

22nd Jun 2023 09:01

(Alliance News) - Bluefield Solar Income Fund Ltd on Thursday said it increased its credit facilities to help fund its investment pipeline.

The Guernsey-based income fund focused on UK-based renewable energy assets said it increased its existing GBP110.0 million revolving credit facility up to GBP210.0 million. The facility's uncommitted accordion feature will allow it to be sized up by a further GBP30 million.

The facility is currently GBP153.0 million, with the firm's debt totalling GBP584.8 million.

Considering the company's net asset value of GBP850.2 million at March 31, the firm now has a leverage level of around 41% of gross asset value.

It has also extended the term of the facility through to May 2025.

"The increase in the RCF provides the company with additional liquidity to support further investments in high-quality infrastructure assets from Bluefield Solar's near-term investment pipeline," Bluefield said.

Shares in Bluefield were up 0.7% at 122.20 pence each in London on Thursday morning.

By Elizabeth Winter, Alliance News senior markets reporter

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