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Bluefield Solar Income Fund increases credit facility to £200 million to fund projects
By Lisa Kerner
Charlotte, N.C., Jan. 25 – Bluefield Solar Income Fund Ltd. amended its June 11, 2014, revolving credit facility with Royal Bank of Scotland plc and Investec Bank plc, increasing the funds available to £200 million from £50 million.
The company used the funding to purchase six additional solar photovoltaic plants with an energy capacity totaling 104.5 MWp for £149 million, including transaction costs, debt costs and working capital.
A portfolio of four operational solar PV assets totaling 94.5 MWp has been acquired from Primrose Solar Management Ltd. The projects are located in Hampshire, Kent and Sussex, according to a news release.
Two additional assets are located in Norfolk and Gloucestershire.
The credit facility is now drawn for a total of about £139 million, with total group borrowing of £153.3 million.
Bluefield is a Guernsey-registered investment company focusing on investment in large-scale agricultural and industrial solar assets.
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