5 September 2024
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Completion of Phase Two of the Strategic Partnership with GLIL Infrastructure ('GLIL')
Sale of a 50% stake in 112MW operational solar assets
· Following approval under the National Security and Investment Act 2021, the Company is pleased to confirm the sale to GLIL of a 50% stake in a 112MW PV portfolio of 1.4 and 1.3 ROC assets.
· The c. £70 million investment by GLIL for the 50% stake is in line with the Company's latest NAV.
· Not less than £50 million of the sale proceeds will be used to repay the Company's RCF, reducing the balance from c. £184 million to c. £134 million. The remaining proceeds will be used to provide funding for the Company's construction pipeline, including approximately 17MW of development assets as the initial commitment under Phase Three of the Strategic Partnership.
Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, is pleased to report, following the announcement on 22 July 2024, the completion of Phase Two of its long-term strategic partnership ('Strategic Partnership') with GLIL, being the sale of a 50% stake in a 112MW portfolio of UK solar assets which had been 100% owned by Bluefield Solar.
GLIL is a partnership of UK pension funds, investing into core UK infrastructure, including Local Pensions Partnership Investments, Greater Manchester Pension Fund, Merseyside Pension Fund, West Yorkshire Pension Fund and Nest, and has a £3 billion portfolio of infrastructure assets.
Upon amalgamation with the Lightsourcebp Portfolio acquisition, in which Bluefield Solar took a 9% equity interest in tandem with GLIL under Phase One of the Strategic Partnership in December 2023, BSIF's equity stake across the combined portfolios has increased to c. 25%.
As at completion, the Company's RCF drawing stands at £184 million, with long term amortising debt being £423 million. The Company has total outstanding debt of £607 million with a leverage level of c. 44% of GAV. Following completion, the RCF balance is projected to fall to c. £134 million and the leverage level of Company is projected to fall to c. 43% of GAV.
The Company continues to progress Phase Three of the Strategic Partnership, where Bluefield Solar and GLIL intend to commit capital together to construct approximately 10% of the Company's development pipeline. An initially identified portfolio of c. 17MW of Auction Round 4 Contracts for Difference ('CfD') development assets is expected to be grid connected within the next twelve months.
The Bluefield Solar board reiterates its guidance in delivering a full year dividend of not less than 8.80pps for the period ended 30 June 2024 (increased from 8.60pps paid for the period ended 30 June 2023).
For further information:
Bluefield Solar Income Fund:
| Bluefield Partners LLP (Company Investment Adviser) | Tel: +44 (0) 20 7078 0020 |
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Deutsche Numis (Company Broker) |
Tel: +44 (0) 20 7260 1000 |
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Ocorian |
Tel: +44 (0) 1481 742 742 |
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Media enquiries: |
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Citypress (on behalf of GLIL Infrastructure) Tel: +44 (0)131 516 5551
Jamie Williamson GLIL@citypress.co.uk
Notes to Editors
About Bluefield Solar
Bluefield Solar is a London listed income fund focused primarily on acquiring and managing solar energy assets. 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. As at 5th September 2024, Bluefield Solar owns and operates a UK portfolio of 883MW, comprising 825MW of solar and 58MW of onshore wind.
Further information can be viewed at 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 £6.7 billion renewable funds and/or transactions in both the UK and Europe, including over £1.6 billion in the UK since December 2011.
Bluefield Partners LLP has led the acquisitions of, and currently advises on, over 200 UK based solar photovoltaic 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.
About GLIL Infrastructure
GLIL is a partnership of UK pension funds which invests in Britain's future - creating jobs, supporting communities and helping to power the economy. It is a proven investor, with a fund specially designed to help pension fund members tap into the stable, inflation-linked returns that infrastructure investment offers. GLIL manages £4.1 billion of committed capital, with more than £3 billion deployed into a growing portfolio of infrastructure assets spanning renewable energy, water and ports, trains, hospitals and schools. It invests on behalf of pension funds and pools including Local Pensions Partnership Investments, Greater Manchester Pension Fund, Merseyside Pension Fund, West Yorkshire Pension Fund and Nest, the government-established DC workplace pension provider. For more information on GLIL, including its history, and investment portfolio, please visit www.glil.co.uk.
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