Belvedere buys Blue Energy solar sites
BLUE Energy has completed its exit from the UK solar market with the sale of 87 sites to a Liverpool firm.
Belvedere Energy Investment, owned by William Currie, has acquired Blue Energy PV Number 1 which has solar sites at 85 residential properties and two at commercial premises including Heathrow Airport.
Alderley Edge-based Blue Energy covered the cost of equipment and installation and took the government’s feed in tariff, while the companies involved received the free power.
Last year Blue Energy sold its Westmill solar farm in Wiltshire. It now plans to focus on the development of wind assets and earlier in the month it agreed a £250m deal to buy wind farm developer RidgeWind from HgCapital.
Chief executive Christopher Dean said the change was not associated with the government’s decision to cut the feed in tariff rate which was used to encourage investment in the sector. The cut does not affect the PV Number 1 portfolio as historic arrangements are protected.
He said: “It’s more to do with our strategy for the business. We’re more focused on wind farms now and therefore a small portfolio of solar assets was something we wanted to sell on.”
Barclays in Liverpool supported the £1.5m Belvedere deal with a £1.1m loan and has agreed further finance of £1.9m to fund future acquisitions.
Belvedere chief executive Richard Mathias said: “The funding received from Barclays is an endorsement of our strategy and will enable further site development and potential acquisitions, in order to grow our portfolio.”
Paul Devenport, relationship director for Barclays Corporate Banking in Liverpool, said: “Our industry focus and thorough understanding of the renewable energy sector has enabled us to structure a finance solution that fits well with Belvedere’s acquisition strategy. We’re delighted to support a fast growing, profitable company and the funding from Barclays will allow them to maximise their potential in 2013.”
Blue Energy was co-founded by Mark Healey, whose family owns the Stadium Group which developed the Meadowhall shopping centre in Sheffield with Paul Sykes.
