Bluefield Solar Income Fund (BSIF) has announced the acquisition of a solar farm project in Norfolk from developer Solarcentury.
The site near Hardingham represents a total investment of £17 million by BSIF and is expected to start producing electricity by December 2013.
Commenting on the fund’s second major acquisition, Mike Rand a managing partner at Bluefield Partners LLP said: “The project was selected by Bluefield due to the exceptional track record of Solarcentury as a leader in the UK solar market. The project represents a first step in a growing partnership with the contractor”.
Rand also hinted that the deal could represent the first in an expanded partnership with Solarcentury. Under the terms of the sale, Solarcentury will be retained under an operation and maintenance contract.
Frans van den Heuvel, CEO of Solarcentury commented: “We are delighted with the relationship with BSIF, which has taken a pre-eminent position in the UK solar market by being the first institutionally backed solar focused fund. We hope this will be first of a number of large scale acquisitions of Solarcentury built plants by BSIF”.
Earlier this year, BSIF started trading on the London Stock Exchange and outperformed all predictions in its initial public offering (IPO) where it raised £130 million – significantly more than the minimum target of £75 million.
