Bluefield raises £123m, misses upper target

The solar investment firm has raised less than its £150m target, but still has sufficient funds to make the acquisitions proposed earlier this month.

UK-based Bluefield Solar Income Fund has raised £123 million (€154 million; $192 million) through a recent share placing, slightly below its upper target of £150 million.

Fifty institutional investors participated in the share placement, in which 120 million shares were sold at 102.5p each. One of the main investors in the share issue was UK asset manager Newton Investment Management, which announced earlier this week its intention to buy 34 million of the shares issued. That would increase its stake in Bluefield Solar to 15 percent.

Despite the lower amount raised, Bluefield said the funds will still allow it to make the three solar acquisitions proposed earlier this month. Previously, Bluefield said it had agreed to acquire three solar farms generating 32 megawatts. The fund has started the purchases using a 3-year revolving credit facility from Royal Bank of Scotland of up to £50 million, secured in June this year.

This article was first published on Clean Energy Investor, Infrastructure Investor's sister publication dedicated to low-carbon investing.