Bluefield Solar Income Fund is to acquire Trina Solar’s 49.9MW solar farm at West Raynham Airfield, Norfolk for a total consideration of £56.5 million.
West Raynham will become Bluefield’s 29th acquisition and completes the company’s deployment of a £131 million placing programme that closed on 13 November last year, boosting its portfolio capacity to in excess of 250MWp.
Bluefield is to fund in the acquisition in part using a revolving credit facility issued by the Royal Bank of Scotland.
Bluefield will become the third owner of the site in less than a year after it initially changed hands just seven months ago.
The site, which was given provisional approval in December 2013, was originally developed by Good Energy but sold to Trina Solar in August last year for up to £6.8m amid fears that it would miss out on subsidy levels if construction was delayed.