Bluefield Solar Income Fund acquired 10 solar assets across the UK during its first 12 months, as revealed by the company’s full year results published today.
Since the fund listed on the London Stock Exchange in July 2013 and 30 June 2014, the company acquired 10 solar projects representing a total commitment of £147 million. The 10 projects represent an estimated total capacity of 128MW.
Nine of the acquired assets are already operational, representing 111MW of capacity for a consideration of £125 million. The final asset is currently under construction and is expected to be connected to the grid before the end of the year – before the government’s proposed closure of the renewable obligation to projects over 5MW in March 2015.
The company believes that it has delivered a diversified portfolio by using five different contractors.
Since 30 June, Bluefield has acquired two more assets representing 15MW of new capacity for a commitment of £15 million.
Bluefield funded all of the acquisitions from the IPO and an oversubscribed placing. Looking ahead, the fund will use a £50 million revolving credit facility with RBS to fund future acquisitions.