REG - Bluefield Solar Inc. - RCF Increase and Extension

Bluefield Solar Income FundAnnouncement

22/06/2023 07:00

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RNS Number : 4901D  Bluefield Solar Income Fund Limited  22 June 2023

22 June 2023

 

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

 

Revolving Credit Facility Increase and Extension

 

Bluefield Solar (LON: BSIF), the UK income fund focused on acquiring and
managing UK-based renewable energy and storage assets to provide growing
dividends for its shareholders whilst furthering the decarbonisation of the
energy system, is pleased to announce the agreement of a £110.0 million
increase to its existing committed £100.0 million revolving credit facility
('RCF'), bringing the total committed amount to £210.0 million. The facility
also has an uncommitted accordion feature allowing it to be increased in size
by up to a further £30.0 million.

 

The term of the facility has been extended to May 2025 and the facility's
margin remains unchanged at 1.9%.

 

As part of the increase, the Company has sought to further diversify the
lender group through the introduction of Lloyds Bank Plc, alongside the
existing lenders RBS International and Santander UK.

 

The increase in the RCF provides the Company with additional liquidity to
support further investments in high-quality infrastructure assets from
Bluefield Solar's near-term investment pipeline. The RCF is currently £153.0
million drawn, with the Company's total outstanding debt now standing at
approximately £584.8 million.

 

Using the Company's 31 March 2023 unaudited net asset value ('NAV') of £850.2
million as a reference, the leverage level of the Company stands at circa 41%
of Gross Asset Value ('GAV').

 

- Ends -

 

 

 For further information:

 Bluefield Partners LLP (Company Investment Adviser)    Tel: +44 (0) 20 7078 0020

James Armstrong / Neil Wood / Giovanni Terranova      www.bluefieldllp.com (http://www.bluefieldllp.com/)

 Numis Securities Limited (Company Broker)              Tel: +44 (0) 20 7260 1000

Tod Davis / David Benda / Vicki Paine                 www.numis.com (http://www.numis.com/)

 Ocorian                                                Tel: +44 (0) 1481 742 742
 (Company Secretary & Administrator)                    www.ocorian.com (http://www.ocorian.com/)

Patrick Ogier

 Media enquiries:                                       Tel: +44 (0) 20 7466 5000

Buchanan (PR Adviser)                                 www.buchanan.uk.com (http://www.buchanan.uk.com/)

Henry Harrison-Topham / Henry Wilson
BSIF@buchanan.uk.com

 

 

For further information:

 

About Bluefield Solar

 

Bluefield Solar is a London listed income fund focused on acquiring and
managing renewable energy and storage projects in the UK, to provide long
term, growing dividends for its shareholders whilst furthering the
decarbonisation of the energy system.  Not less than 75% of the Company's
gross assets will be invested into UK solar assets.  The Company can also
invest up to 25% of its gross assets into other technologies, such as wind and
storage.  The majority of the Company's revenue streams are regulated and
non-correlated to short term UK energy market fluctuations.  Bluefield Solar
owns and operates a 812MWp UK portfolio, comprised of 754MWp of solar and
58MWp of onshore wind.

 

Further information can be viewed at www.bluefieldsif.com
(http://www.bluefieldsif.com/)

 

About Bluefield Partners

 

Bluefield Partners LLP was established in 2009 and is an investment adviser to
companies and funds investing in renewable energy infrastructure.  It has a
proven record in the selection, acquisition and supervision of large-scale
energy assets in the UK and Europe.  The team has been involved in over £4
billion renewable funds and/or transactions in both the UK and Europe,
including over £1 billion in the UK since December 2011.

 

Bluefield Partners LLP has led the acquisitions of, and currently advises on,
over 100 UK based solar PV assets that are agriculturally, commercially or
industrially situated.  Based in its London office, it is supported by a
dedicated and experienced team of investment, legal and portfolio
executives.  Bluefield Partners LLP was appointed Investment Adviser to
Bluefield Solar in June 2013.

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