News Column

Bluefield Solar Income Fund Acquires Devon, Somerset Solar Plants

July 28, 2014

Samuel Agini

LONDON (Alliance News) - Bluefield Solar Income Fund Ltd Monday said it has entered binding contracts to buy two large-scale solar plants to be constructed in south west England, marking its eleventh and twelfth acquisitions in the past twelve months.

The assets are an 8.5 MegaWatts Peak plant in Devon and a 6 MWp plant in Somerset. They are being acquired for GBP15.0 million, including transaction costs, debt costs and working capital.

The contracts have been signed with Juwi AG, the German renewable energy contractor. Its UK subsidiary, Juwi Renewable Energies, will build the plant. It also will operate and maintain the plant under a separate agreement.

The two new acquisitions, along with the Herfordshire plant acquisition unveiled in June, are using part of a GBP50.0 million revolving credit facility provided by the Royal Bank of Scotland Group PLC.

The company also said it expects to deliver against its 4 pence per share target dividend for its first financial year ended June 30, and 7 pence in the following year, following which the company intends to increase its dividend in line with the rate of Retail Prices Index (RPI) inflation.

Bluefield Solar Income shares were Monday quoted up 0.6% at 104.12 pence.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Alliance News

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters