Bluefield Solar has acquired Bradenstoke Solar Park Limited, an operational 70MWp ground-mounted solar farm. The company, a UK-focused income fund that invests primarily in solar assets, acquired the plant for £89.0 million. Bluefield will receive the economic benefit of all cash flows from the plant from 1 April 2020. It has brought the company’s UK solar portfolio to 612MWp
Bradenstoke covers a 213 acre site on a former RAF airbase in Wiltshire, has been operational since March 2015 and is accredited under the Renewable Obligation Certificate (‘ROC’) regime with a tariff of 1.4 ROCs.
The acquisition has been financed using the Company’s revolving credit facility which, as well as being extended to September 2022 (with an option to extend to September 2023), has also been increased, through an accordion mechanism, to £100.0 million. The margin on the facility remains at LIBOR + 2.00%. Following the transaction, the Company’s total outstanding debt has increased to £370.4 million
John Rennocks, chair of Bluefield Solar, said: “Following the high quality 64 MWp portfolio of ROC accredited UK solar assets that we acquired in August 2020, the purchase of Bradenstoke is further evidence of our ability to source attractive assets with high levels of regulated revenues.
“…The Board and our Investment Adviser continue to carefully assess a strong pipeline of opportunities across both primary and secondary markets.”