Bluefield Solar Income Fund’s Acquisition of UK-Based Solar and Wind Portfolio

In UK Burges Salmon, advised on the matter.

Burges Salmon advised Bluefield with a team including Jonathan Eves (Picture – Corporate M&A), Victoria Allsopp (Finance).

Bluefield Solar Income Fund (BSIF) acquired a 93.2MWp UK-based solar and wind portfolio and its entry into a new £200m revolving credit facility, bringing its total portfolio of assets to 766MWp.

The new solar and wind portfolio is BSIF’s largest acquisition to date, consisting of fifteen solar photovoltaic plants with a total installed capacity of 64.9MWp and four wind farms with a total installed capacity of 28.3MWp. It represents the third acquisition of operational assets BSIF has made in the last 12 months. The acquisition is financed by a new £200m revolving credit facility provided by RBSi and Santander UK which has refinanced existing arrangements and supports the groups ambitious growth plans.

BSIF is a fast expanding UK focused investment company, primarily investing in the acquisition and long term management of low carbon assets. It has an enviable position in the renewable energy market with an eye firmly on growth – BSIF chair John Rennocks, said the company continues to assess “a strong pipeline of opportunities across both primary and secondary markets” – as the world’s energy markets move away from fossil fuels towards a low carbon and sustainable future.

The Burges Salmon team working on the deal was led by partners Jonathan Eves (Picture – Corporate) and Victoria Allsopp (Banking & Finance), along with associates Bethan Penrhyn-Jones and Luke Addison, senior associates Peter Dunn and Chris Herford and solicitors Benjamin Edwards and Harrison Folland, all from the firm’s Energy team. The firm also provided support across the full spectrum of expertise including Projects, Real Estate, Planning, Construction and Engineering, and Corporate Tax teams.

Involved fees earner: Luke Addison – Burges Salmon; Victoria Allsopp – Burges Salmon; Jonathan Eves – Burges Salmon; Christopher Herford – Burges Salmon; Bethan Penrhyn-Jones – Burges Salmon;

Law Firms: Burges Salmon;

Clients: Bluefield;

Author: Giulia Di Palma