REG - Bluefield Solar Inco - Eleventh and Twelfth Acquisitions <Origin Href="QuoteRef">BSIF.L</Origin> <Origin Href="QuoteRef">TNI.L</Origin>

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06/09/2014 20:41

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RNS Number : 4437N
Bluefield Solar Income Fund Limited
28 July 2014 
 
28 July 2014 
 
BLUEFIELD SOLAR INCOME FUND LIMITED 
 
Two further acquisitions 
 
Bluefield Solar Income Fund Limited (the "Company") is pleased to announce
that it has entered into binding contracts to acquire two large-scale solar
plants to be constructed in south west England. The acquisitions are the
eleventh and twelfth made by the Company in the past twelve months. The two
assets comprise an 8.5 MegaWatts Peak ("MWp") plant in Devon and a 6 MWp plant
in Somerset. They are being acquired for a total consideration of £15 million
including transaction costs, debt costs and working capital. They are expected
to qualify under the 1.4 Renewable Obligation Certificate ("ROC") regime. 
 
The contracts have been signed with Juwi AG, the German renewable energy
contractor. Its UK subsidiary, Juwi Renewable Energies, will build the plant.
It will also undertake the ongoing operation and maintenance of the plant
under a separate agreement. The Company has agreed strong contractual
protections during the construction phase and post commissioning. 
 
Since its Initial Public Offering ("IPO") in July 2013, the Company has
invested into twelve, wholly owned, solar plants with a combined energy
capacity of c. 143 MWp. These two new acquisitions, along with the acquisition
of the Hertfordshire based plant announced on 18 June, 2014, are using part of
the £50 million revolving credit facility provided by the Royal Bank of
Scotland. The remaining nine assets in the portfolio were acquired using the
IPO proceeds and subsequent placement; they are now grid connected and
operational. As expected, Betingau in Glamorgan was grid connected under the
1.6 ROC banding and Sheppey, in Kent, under the 1.4 ROC banding. 
 
The average price paid for the portfolio 
 
 ROC banding  No. of Plants  Combined Capacity (MWp)  Average Net Price1( per MWp)  Average Gross Price2(per MWp)  Total Committed  
 2            1              7                        £1.34m                        £1.36m                         £9.5m            
 1.6          7              93.5                     £1.12m                        £1.14m                         £106.5m          
 1.4          4              42.5                     £1.04m                        £1.08m                         £46m             
 TOTAL        12             143                      £1.10m                        £1.13m                         £162m            
 
 
1Net of transaction costs, working capital and debt costs 
 
2Inclusive of transaction costs, working capital and debt costs, where
applicable 
 
The Company can confirm that it expects to deliver against its target dividend
of 4 pence per ordinary share in relation to the first financial year ending
30 June 2014, and 7 pence per ordinary share in respect of the Company's
second financial year, with the intention of this rising annually with RPI
thereafter. 
 
The Company expects to announce its first full year results in September,
2014. 
 
Enquiries: 
 
James Armstrong / Mike Rand / Giovanni Terranova 
 
Bluefield Partners LLP - Company Investment Adviser 
 
Tel: +44 (0)20 7078 0020 
 
Tod Davis / David Benda 
 
Numis Securities Limited - Company Broker 
 
Tel: +44 (0)20 7260 1000 
 
Kevin Smith 
 
Heritage International Fund Managers Limited - Company Secretary &
Administrator 
 
Tel: +44 (0)1481716000 
 
Note to editors 
 
About Bluefield Solar Income Fund Limited (BSIF) 
 
BSIF is a Guernsey-registered investment company focusing on large scale
agricultural and industrial solar assets. It raised gross proceeds of £130
million in July 2013 through an initial public offering of shares on the main
market of the London Stock Exchange. It raised a further £13 million in
February, 2014 in an oversubscribed placement. In June, 2014, it agreed a
three-year revolving credit facility with Royal Bank of Scotland plc, for up
to £50 million. 
 
BSIF seeks to provide shareholders with an attractive return, principally in
the form of semi-annual income distributions, by investing in a diversified
portfolio of solar energy assets, each located within the UK, with a focus on
utility scale assets and portfolios on greenfield, industrial and/or
commercial sites. 
 
About Bluefield Partners LLP (Bluefield) 
 
Bluefield was established in 2009 as a specialist investor into solar energy.
Bluefield's team has a proven track record in the selection, acquisition and
management of large scale energy and infrastructure assets in the UK and
Europe. 
 
The managing partners have been involved in over £400m solar energy
transactions in both the UK and Europe since 2008, including over £235 million
in the UK since December 2011. Bluefield has led the acquisitions, and
currently advises on, over 50 UK based solar assets. 
 
Bluefield was appointed Investment Adviser to the Company in June 2013. 
 
About Juwi Group (Juwi) 
 
Juwi is one of the world's leading enterprises in the renewable energy sector.
Since 1996 Juwi has been designing, building, financing and operating plants
that harness renewable energy. 
 
This information is provided by RNS
The company news service from the London Stock Exchange