Bluefield Solar Income Fund Raises $189 Million Through Share Placement

Bluefield Solar Income Fund, an income fund focused on acquiring and managing renewable energy and storage assets predominantly in the UK, has raised £150 million (~$189 million) through the issue of 115,384,615 new ordinary shares.

The company obtained substantial support from both new and existing investors. New ordinary shares represent approximately 23% of the issued ordinary share capital of the company before  the issue. The proceeds raised will be used to pay down the company’s revolving credit facility.

The new ordinary shares issued pursuant to the issue will not rank for the second interim dividend of 2.03 pence per ordinary share which was declared on May 04, 2022, and which will be payable on or around June 13, 2022, to shareholders on the register as of May 13, 2022.

A total of 115,384,615 new ordinary shares will be issued at a price of 130 pence per share, of which 110,117,715 shares will be issued under the placing, and 5,266,900 shares will be issued pursuant to the offer of subscription. After completing the share issue, the company’s issued share capital will comprise 611,452,217 ordinary shares.

“Given the increasing focus on meeting national targets for renewable infrastructure generation and having recently completed the Company’s largest portfolio acquisition to date, I believe the current outlook presents the most compelling environment for the Company’s strategy since inception, and we look forward to updating shareholders further on a new pipeline of potential acquisition opportunities,” said John Rennocks, Chairman of Bluefield Solar.

According to Mercom’s Q1 2022 Solar Funding and M&A Report, public market financing in the solar sector totaled $2.5 billion in four deals in Q1 2022, a 115% increase compared to $1.2 billion raised in four deals in Q4 2021. In a YoY comparison, funding was slightly lower by 9% when $2.8 billion was raised in eight deals in Q1 2021.