Bluefield solar fund over 75% committed after six months

Six months after the company was listed on the stock exchange, Bluefield Solar Income Fund has reached total commitments of £94 million in solar assets, representing more than 75% of the available fund.

The solar fund recently announced that it has entered into binding contracts to acquire three further solar farms in the UK. The three new solar farms represent a total equity consideration of £38.5 million for the fund – taking  Bluefield Solar Income Fund’s solar portfolio to seven UK solar farms, totalling 81MW of capacity.

In addition, the company has also agreed an extension to its previous plant in Oxfordshire which was constructed by Ikaros Solar.    

All of the new investments are expected to be connected to the grid by March 2014, with 72MW of the portfolio operating under the 1.6ROC regime.

Bluefield Solar Income Fund believes that the new acquisitions leave it well-placed to deliver its target dividend of 4p per ordinary share in the first financial year (ending 30 June 2014), and 7p per ordinary share in the company’s second financial year, rising with RPI thereafter.

The newly-acquired solar assets are listed below: