Bluefield Solar raises £150m as it eyes potential acquisition opportunities

Bluefield Solar has raised £150 million to pay down its fully drawn Revolving Credit Facility (RCF) following its acquisition of a 93MW portfolio earlier this month.

This 93MW portfolio includes 15 solar assets with a total capacity of 64.9MWp and four wind assets with a capacity of 28.3MWp, with its acquisition initially financed by the RCF, which was provided equally by RBSi and Santander UK.

The new funding to pay down this RCF has been raised through the issue of 115,384,615 new ordinary shares, with Bluefield stating there was strong demand from both new and existing investors which exceeded the cap.

“Given the increasing focus on meeting national targets for renewable infrastructure generation and having recently completed the company's largest portfolio acquisition to date, I believe the current outlook presents the most compelling environment for the company's strategy since inception and we look forward to updating shareholders further on a new pipeline of potential acquisition opportunities,” John Rennocks, chairman of Bluefield Solar, said.

Admission of the new ordinary shares to the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange is expected to become effective, and dealings in the new ordinary shares are expected to commence, on 7 June 2022.

It comes at a time when several companies operating in the UK solar and battery storage sector are actively raising funds, with Gresham House Energy Storage Fund and Gore Street Energy Storage Fund both also raising £150 million recently.