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').

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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

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.