Bluefield Solar Income Fund Limited Re-Financing, Increase & Extension of NatWest Loan (9521X)
May 02 2023 - 2:00AM
UK Regulatory
TIDMBSIF
RNS Number : 9521X
Bluefield Solar Income Fund Limited
02 May 2023
2 May 2023
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Re-financing, increase and extension of GBP110 million NatWest
term loan to GBP130 million
Bluefield Solar (LON: BSIF), the UK income fund focused on
acquiring and managing UK-based renewable energy and storage assets
to provide growing dividends for its shareholders whilst furthering
the decarbonisation of the energy system, is pleased to announce
the successful re-financing of its GBP110 million three-year term
loan with NatWest.
The original loan, 75% hedged with a swap at circa 0.35% over a
notional 18-year period, had a maturity of September 2023 and has
been increased to GBP130 million and extended in maturity to
December 2039.
Hedging has been put in place for the tenor of the loan on
GBP110 million, at an effective all-in cost of circa 2.7% (being
margin and swap rate).
The financing is secured against the UK-based portfolio of 15
operational solar photovoltaic ('PV') plants with a total installed
capacity of 64 megawatt peak ('MWp'), acquired in August 2020 using
the original GBP110 million term loan, as well as 16 operational PV
plants totalling 75 MWp acquired by the Company prior to 2020. The
total portfolio of 139 MWp benefits from attractive subsidies; 29
of the projects are accredited under the Renewable Obligation
Certificate ('ROC') regime with tariffs ranging from 1.2 - 2.0
ROCs, while 2 of the projects are accredited under the
feed-in-tariff ('FiT') scheme.
The additional debt of GBP20 million is being used to provide
financing for the construction of Yelvertoft, the Company's 48MWp
CfD-backed solar PV project in Northamptonshire. Once construction
is complete, expected Q4 2023, the Company will review whether to
enter hedging arrangements on this tranche.
Following the transaction, the Company's total outstanding debt
has increased to GBP585 million, including GBP153 million drawn
under its Revolving Credit Facility.
Using the Company's 31 December 2022 unaudited net asset value
('NAV') of GBP870.7 million as a reference, the leverage level of
the Company will rise from circa 38% to circa 41% of Gross Asset
Value ('GAV').
An updated unaudited NAV, as of 31 March 2023, is expected to be
published shortly.
John Scott, Chair of Bluefield Solar, said: "We are delighted to
have completed the re-financing of this three-year term loan at an
all-in cost materially below current debt rates. Furthermore, it is
particularly pleasing that the GBP20 million increase in the
facility is supporting the construction of the Company's first
CfD-backed solar PV plant. This re-financing further underpins the
Board's confidence in delivering our target FY 2022/23 dividend of
not less than 8.40pps (FY 2021/22: 8.20pps)."
- Ends -
For further information:
Bluefield Partners LLP (Company Investment Adviser) Tel: +44 (0) 20 7078 0020
James Armstrong / Neil Wood / Giovanni Terranova www.bluefieldllp.com
Numis Securities Limited (Company Broker) Tel: +44 (0) 20 7260 1000
Tod Davis / David Benda www.numis.com
Ocorian Tel: +44 (0) 1481 742 742
(Company Secretary & Administrator) www.ocorian.com
Patrick Ogier
Media enquiries:
Buchanan (PR Adviser) Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham / Henry Wilson / Abigail Gilchrist www.buchanan.uk.com
BSIF@buchanan.uk.com
Notes to Editors
About Bluefield Solar
Bluefield Solar is a sterling income fund focused on acquiring
and managing renewable energy and storage projects in the UK, to
provide long term, growing dividends for its shareholders whilst
furthering the decarbonisation of the energy system. Not less than
75% of the Company's gross assets will be invested into UK solar
assets. The Company can also invest up to 25% of its gross assets
into other technologies, such as wind and storage. The majority of
the Company's revenue streams are regulated and non-correlated to
short term UK energy market fluctuations. Bluefield Solar owns and
operates one of the UK's largest, diversified portfolios of solar
assets with a combined installed power capacity in excess of 812
MWp.
Bluefield Solar is listed on the Main Market of the London Stock
Exchange and is a member of the FTSE 250, classified within the
Closed End Investments subsector.
Further information can be viewed at www.bluefieldsif.com
About Bluefield Partners
Bluefield Partners LLP was established in 2009 and is an
investment adviser to companies and funds investing in renewable
energy infrastructure. It has a proven record in the selection,
acquisition and supervision of large-scale energy assets in the UK
and Europe. The team has been involved in over GBP4 billion
renewable funds and/or transactions in both the UK and Europe,
including over GBP1 billion in the UK since December 2011.
Bluefield Partners LLP has led the acquisitions of, and
currently advises on, over 100 UK based solar PV assets that are
agriculturally, commercially or industrially situated. Based in its
London office, it is supported by a dedicated and experienced team
of investment, legal and portfolio executives. Bluefield Partners
LLP was appointed Investment Adviser to Bluefield Solar in June
2013.
- Ends -
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