Asset management fund Bluefield Solar Income Fund (BSIF) has bolstered its portfolio with two sub-5MW projects after confirming a third interim dividend for the year.
BSIF has entered into binding contracts to acquire a 4.79MW plant in Cornwall and a 4.98MW farm in Norfolk for a total consideration of £11.22 million which will be funded using the company’s revolving credit facility with the Royal Bank of Scotland.
Both projects qualify under either the Renewable Obligation Certificate or Feed-in Tariff schemes and BSIF confirmed that neither will be impacted by recently announced changes to renewable energy subsidies.
“The board is happy to announce a further interim dividend and is pleased with the continued excellent performance of the portfolio. These two new acquisitions will build on the company’s sector leading portfolio,” John Rennocks, chairman of the company, said.
Finlay Colville, head of market intelligence at Solar Intelligence, said the announcement was “important” due to it being one of the first from an asset holder regarding sub-5MW sites that qualify for 1.3ROCs.
“Until now, most of the announcements for site acquisitions have been for larger 1.4ROC sites completed in Q1’15 or sites that qualify under the 2014 grace-compliance for 1.3ROC build-out.
“Bluefield is ranked in the top five of companies with the largest portfolios of solar farms in the UK, and is likely to be seeking to add to its existing portfolio with both 2014 grace-compliant options and further 5MW sites over the next few quarters,” Colville said.
BSIF also confirmed that it will pay a third interim dividend of 1.5 pence per ordinary share for the financial year ended 30 June 2015, taking the total dividend for the financial year to 5.75 pence – a 43% increase on the 4 pence divided paid during the financial year ended 30 June 2014.