News / Bluefield Fund announces first solar acquisition

Bluefield Fund announces first solar acquisition

🕔 August 19, 2013
US$3 billion final close for Macquarie Super Core Infrastucture Fund Series 1

Bluefield Solar Income Fund Limited announced it has entered into binding contracts to acquire a large-scale solar plant in Oxfordshire for a 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.

The investment has been made with equity 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 (initial rate of return of 7-9% net of fees).

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.

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."

The £130 million Bluefield Solar Income Fund started trading on Jul12 on the London Stock Exchange following an initial public offering (IPO) which raised comfortably more than the £75 million minimum target.

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