Healthy pipeline triggers Bluefield £150m raise

Bluefield Solar Income Fund is targeting eight projects generating a combined 137MW.

London-listed Bluefield Solar Income Fund is offering 150 million new shares priced at 102 pence each, as it seeks to raise money to fund new acquisitions.

The issue is open for ten days and is expected to close at midday on 13 November. Numis Securities has been hired as bookrunner.

In a statement, Bluefield said it had agreed to acquire three solar farms generating 32 megawatts (MW). The fund has started the acquisition using a 3-year revolving credit facility from Royal Bank of Scotland of up to £50 million ($80 million; €64 million), secured in June this year.

Bluefield also said it has exclusivity deals in place to buy another five assets with a combined generating capacity of 105MW. The total cost of the eight projects, all located in England, comes to £150 million.

Bluefield Solar held an initial public offering in July last year, raising £130 million.

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