Bluefield Solar plans £150M share offering to acquire and repower wind portfolio

Bluefield Solar has agreed to acquire 109 small UK onshore wind turbines with a total capacity of 12.59MW for £60 million (including working capital) from Arena Capital Partners Limited. Bluefield plans to invest a further £35 million in re-powering 17 of the wind turbines, all in Northern Ireland, which could increase energy generation of the entire portfolio by 40%. Five have already received planning consent for the repowering.
The acquisition follows a decision in July 2020 to add wind to the company’s investment mandate. It will be funded with a share offering of up to £150 million, initially to existing shareholders.
The company said the acquisition would offer a very diverse geographical footprint, with 62 projects across England, 11 in Scotland, seven in Wales and 29 in Northern Ireland.
The projects within England, Scotland and Wales are all FIT accredited, whilst those in Northern Ireland have been accredited under its Renewable Obligation Scheme, with payments until 2034-2037. The remaining revenue, (less than 10% of income), is from power sales under 15-year power purchase agreements with Power NI.
The company said the regulated revenue stream would be “highly complementary to the Company’s subsidy free ambitions and the management of merchant power prices in the new build opportunities which the it is developing”.

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