Bluefield Solar Income Fund Limited (BSIF), the UK listed solar energy fund, has announced that it has agreed terms for the acquisition of a further five large-scale solar plants.

Combined with the two acquisitions already announced by the Fund (a large-scale solar plant in Oxfordshire for a total investment consideration of £12 million and a large-scale solar plant in Norfolk for £17 million), the new assets are expected to take the Fund's total commitments to c. £96 million, with a total energy capacity of c. 83 MegaWatt Peak (MWp). The Fund's total portfolio represents an average acquisition cost of £1.16m per MWp. The investments will be made without debt financing.

The plants are located across East Anglia, south and south west of England and, as with the two previous acquisitions, all have planning consent and completed grid offers. One of the assets is a large-scale operational asset that was grid connected prior to April 2013, qualifying under the 2 Renewable Obligation Certificates (ROC) banding.

The fund confirmed that 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.

Following completion of these acquisitions, the Fund will be over 75% committed.

Bluefield is in advanced negotiations on a further £175 million of potential 1.6 ROC qualifying assets (c.150MWp) which BSIF anticipates funding through further equity issuance.

The £130 million Bluefield Solar Income Fund started trading in July 2012 at the London Stock Exchange following an initial public offering (IPO) which raised comfortably more than the £75 million minimum target.