Image: Bluefield.

Bluefield Solar Income Fund (BSIF) has successfully raised £45 million through a share placing it said was significantly oversubscribed.

The company placed a total of 36,500,000 new ordinary shares at a price of 124p each, in the over-subscribed placing round.

BSIF announced the share placing on Monday, in light of the company and its group seeing its total outstanding debt increase to £328.2 million, including £44.1m drawn on a revolving credit facility following its recent acquisition of a 64.2MWp UK-based portfolio of 15 plants.

In order to support further acquisitions without debt increase therefore, it decided to offer up the shares, which account for approximately 9.99% of the issued ordinary share capital of the company prior to the placing.

John Rennocks, chairman of the BSIF said they were delighted with the success of the “significantly oversubscribed placing, the first fundraise undertaken by Bluefield Solar since we broadened the investment mandate earlier this year.

“It places the Company in a strong position to continue with its growth plans in 2021 and we thank our shareholders for their support.”

Admission of the shares is expected to take up on 24 November, and will bring the total number of ordinary shares issued by the company up to 406,999,622.