21 January 2014
BLUEFIELD SOLAR INCOME FUND LIMITED
IPO proceeds close to fully committed after eighth acquisition
Bluefield Solar Income Fund Limited (the "Company") is pleased to announce that it has entered into binding contracts to acquire its eighth large-scale solar plant.
In total, the Company has invested into UK based solar plants with a combined capacity of 92 MegaWatts Peak ("MWp"). The Company has now committed c.85% of the IPO proceeds in the six months since the Company was listed on the London Stock Exchange. The Company raised £130 million in July 2013.
Solarcentury will build the Kent based plant and will then warrant its performance for an initial period. It will undertake the ongoing operation and maintenance of the plant under a separate agreement.
The Company can confirm that, based on the existing committed projects and the terms agreed on this portfolio, it remains on course 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.
Bluefield Partners LLP ("Bluefield"), the Company's Investment Adviser, will seek to outperform that return by active management strategies across the invested portfolio. The Company is insulated from development risk by the contractors taking full responsibility for the construction and delivery of the plants.
The Company expects to make further announcements shortly.
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 (the "Company" or "BSIF")
BSIF is a Guernsey-registered investment company focusing on large scale agricultural and industrial solar assets. The Company raised gross proceeds of £130 million in July 2013 through an initial public offering ("IPO") of shares on the main market of the London Stock Exchange.
The Company 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 GBP350m of solar photovoltaic ("PV") funds and/or transactions in both the UK and Europe since 2008, including over GBP170m 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.
