Income fund snaps up two solar power facilities
Bluefield Solar, an income fund focused on acquiring and managing UK-based renewable energy and storage assets, has acquired a 46.4 megawatt peak (MWp) operational solar portfolio from Fengate Asset Management.
The enterprise value of the portfolio is £56m, including the economic benefit of all cashflows from May 2022. The portfolio contains £27.3m of long-term amortising debt provided by Macquarie.
The portfolio comprises two ground mounted solar photovoltaic plants – a 39.3 MWp plant called Raventhorpe in Scunthorpe and a 7.1 MWp facility called Roanhead in Barrow-in-Furness.
Following the acquisition, the company’s total outstanding debt has increased to £537m (including revolving credit facility drawings of £120m) and the total installed capacity of its portfolio has grown to 813 MWp.
John Scott, chairman of Bluefield Solar, said: “We are pleased to have acquired this high-quality portfolio of operating assets from Fengate Asset Management.
“The portfolio includes a high proportion of contracted and regulated revenues, and so represents a natural complement to the company’s significant development pipeline of new build solar and storage projects.”
