Bluefield Announces First Acquisition
Bluefield Solar Income Fund Limited has announced that it has entered into binding contracts to acquire a large-scale solar plant in Oxfordshire for total investment consideration of £12 million. The agricultural site located near Abingdon will be one of the largest in the region. The plant, expected to commence electricity generation during October 2013, is being constructed by Ikaros Solar, a leading Belgian solar contractor.
Following the sale of the project, under the terms of the contract, Ikaros will warrant the performance of the plant for an initial period and will undertake the ongoing operation and maintenance of the plant under a separate O&M agreement.
The investment has been made without debt financing and the expected returns on this investment are in line with those anticipated in the Fund's investment objective as set out in its prospectus dated 25 June 2013.
Giovanni Terranova, a partner at Bluefield Partners LLP, BSIF's Investment Adviser, said: "The transaction with Ikaros typifies the investment characteristics sought by the Fund: large-scale solar assets providing the opportunity for its investors to get long-term, stable and index-linked revenues, all underpinned by strong performance guarantees from a proven solar contractor."
Mike Carter, Managing Director of Ikaros Solar UK said: "The closing of the sale of the solar plant to Bluefield represents the third construction and sale of a large-scale UK solar asset by Ikaros Solar in the UK in the last four months. We are pleased that our asset has been selected as the first acquisition by the UK solar industry's primary listed Fund."
