The Bluefield Solar Income Fund is close to fully committed after entering into binding contracts to acquire its eighth UK-based solar farm.
The new acquisition means that 85% of the funds raised from its £130 million IPO are now committed, six months on from its listing on the London Stock Exchange.
Solarcentury will oversee the construction of the new Kent-based solar farm and warrant its performance for an initial period. Under a separate agreement, the London-based solar developer will also undertake the ongoing operation and maintenance of the solar farm.
Bluefield Solar Income Fund believes that the new acquisition leaves 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 addition of the Kent solar farm takes Bluefield’s solar portfolio to 92MW of total capacity, with the company expecting to make further announcements shortly.