From: Mercom India
Bluefield Solar (BSIF), the London-listed U.K. income fund focused primarily on acquiring and managing solar energy assets, has reached financial close on a debt raise of up to £120 million (~$163 million) term loan commitments to fund the construction of four solar projects in its development pipeline.
The term loan facility comprises equal commitments from Santander and NatWest. Bluefield Solar said it expects to draw the facility over time during the construction phases of the projects.
The portfolio includes 249 MW of ready-to-build solar photovoltaic projects in North East England. Bluefield Solar said the projects were co-developed with Bluefield Renewables Development and fully acquired by the company in late 2025.
The company said the 249 MW portfolio accounts for about 34% of its ready-to-build solar photovoltaic pipeline. Bluefield Solar said the projects have targeted grid connection dates from 2027 to 2028.
Michael Gibbons, Chair of Bluefield Solar, said, “We are pleased to have worked with Santander and NatWest to secure significant debt funding on attractive terms to allow the company to build out its development pipeline and contribute further towards the UK’s energy transition ambitions. The transaction received significant interest from lenders, which highlights the attractiveness of the solar sector.”
All four projects have received Gate 2 Phase 1 offers, according to the company. The projects are backed by Contracts for Difference. Two projects secured contracts in Allocation Round 5, one in Allocation Round 6, and one in Allocation Round 7.
In 2025, BSIF announced the sale of a portfolio of solar and storage projects totaling 250 MW to Lyceum Solar, a joint venture with 25% ownership by BSIF and 75% by GLIL Infrastructure. The company also completed a £300 million (~$380 million) refinancing as part of its portfolio management for 359 MW of solar projects. The company co-owns these assets with GLIL Infrastructure, a U.K.-based investor. Bluefield Solar holds just over a 25% stake, while GLIL owns the remaining share.
According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, announced large-scale solar project funding increased by 61% in Q1 2026 compared with the funding raised in the same period in 2025.
