Directors at Bluefield Solar Income Fund (BSIF) have provisionally approved a UK solar asset portfolio totalling 68MW as the asset management group prepares for one last rush under the Renewable Obligation scheme.
BSIF intends to spend approximately £67 million on the pre-construction assets subject to due diligence and final documentation, all of which are expected to qualify under the 1.2 ROC banding prior to its closure on 31 March 2017.
The company also confirmed that its investment adviser is continuing to receive a “significant volume” of pre-construction opportunities under the 1.2 ROC banding period, all of which BSIF said it would consider “subject to availability of funding”.
As a result, and following on from the £217 million refinancing package BSIF concluded late last month, Bluefield has announced it is to launch a new placing programme in an attempt to raise gross proceeds of around £50 million.
The placing is expected to close by 19 October 2016 with all new shares issued at the discretion of both Bluefield and Numis Securities.
John Rennocks, chairman at BSIF, said the company was intending to make the most of this “last opportunity to acquire assets with these attractive yield characteristics”.