Bluefield Solar Income Fund has acquired a portfolio of 12 operational solar assets.

All 12 projects were connected between July 2011 and September 2012 and are all supported by the feed-in tariff (FiT). The largest solar project is Durrant’s Farm, built by REC Systems. The 4.997MW solar farm was connected before August 2011 so qualified for a FiT rate of 30.9p/kWh.

All the other solar assets were built by British Gas New Heating – the solar contracting arm of Centrica. Ten of the 12 projects are located on Thames Water assets with a total capacity of just under 1MW.  

The acquisitions represent a total consideration of around £8.9 million. Bluefield Solar Income Fund notes that the new acquisitions help diversify the portfolio – which had previously consisted entirely of ROC projects. Bluefield is also planning a Placing Programme in order to raise additional capital in October.