Bluefield Solar diversifies with three new assets

Bluefield Solar Income Fund has agreed to buy three new assets covering 28 solar plants for £5.95m.

It has agreed to buy three feed-in tariff supported projects which have been operating for three years.

While feed-in tariffs are being abolished by the government, the plants acquired qualify for the subsidy for the next 25 years, the AIM listed company said in an update.

The diversification would benefit the fund which currently had 97% of its assets in the Renewable Obligation Certificate Regime, which was also cut by the government.

The trio of assets will be funded through Bluefield’s revolving credit facility, and would take the number of its acquisitions to 59.

The Solar EIS acquisition has a capacity of 463kWp, and is a rooftop installation, while the Perengrine Portfolio has nine plants on various water treatment plants and has a total installed capacity of 430kWp.

The Kite portfolio has 19 plants with a total installed capacity of 824kWP, including one 50kWp rooftop plant.

The rooftop installations would be the first in Bluefield’s history, the company said.