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The Bluefield Solar Income Fund opened its share placing worth over £150 million on Monday, to help fund the group’s acquisition of over 130MW of installed solar capacity.
The fund is contractually committed to the acquisition of three solar assets, including the Hoback, Redlands and Capelands projects totalling 32MW, with exclusive arrangements to acquire a further five assets with a combined energy capacity of 105MW, including the West Raynham, Elms, Roves, Ashlawn and the Hardingham extension projects.
“Collectively, if all of these assets were to be acquired the aggregate consideration would be £150 million including fees and working capital,” the fund said in a statement.
Bluefield said the issue price per new share will be 102.50 pence for the 105 million new shares on offer, which represents a premium of 1.6 per cent to the net asset value in order to cover the costs of the issue.
The company confirmed that it continues to target a dividend of 7 pence per share in respect of the current financial year, with annual rises expected.
The issue is expected to close at 12:00 noon on 13 November 2014, but could close earlier or later at the absolute discretion of the company, Bluefield Solar added.
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