Bluefield Solar Income Fund, a recently floated investment firm that buys and manages solar energy assets in the UK, has entered into a conditional contract to acquire its ninth solar plant for a total investment consideration of £21 million (US$35 million).
The plant has a 19MW peak capacity and is located to the north of Swindon.
It is expected that the plant will become fully operational and supply energy to the national grid by March 2014 and will be eligible for support from the Renewable Obligation Certificate (ROC) support scheme.
The plant is being constructed by Wirsol Solar UK, an experienced UK contractor recently acquired by the owner of international German contractor Conergy and the developer will continue with the ongoing operation and maintenance at the site.
This latest acquisition in Swindon has enabled Bluefield to open up over 13 million shares on the stock market in order to raise further capital to be invested in solar plants and projects across the UK. Of the nine acquisitions announced by the company, seven are either operational or are targeted to be grid connected by March 2014. These plants have been acquired at an average cost of £1.14 million per MWp
Bluefield is one of the largest solar asset managers in the UK and before the deal, had approximately £14 million (US$23.4 million) of funds available for further investment. In order to have the opportunity to access additional investment opportunities in the pipeline, Bluefield Solar Fund is looking to raise an additional £5 million (US$8.3 million) for solar investments.