Bluefield Solar, a U.K.-based income fund specializing in acquiring and managing solar energy assets, has 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.
The refinancing was completed in January 2025 with a group of lenders to replace £214 million (~$270.34 million) of existing inflation-linked debt on the solar portfolio with £297 million (~$375.2 million) of fixed-rate debt at an all-in rate of 5.8%. The new debt matures in December 2035, in line with the subsidy period of the assets.
The portfolio comprises 69 solar projects, of which 183 MW is backed by feed-in tariff subsidies, 128 MW by Renewable Obligation Certificates, and 48 MW on a merchant basis.
John Scott, Chairman of Bluefield Solar, said, “We have worked closely with GLIL and our lenders to complete this refinancing at an attractive price, enabling further capital to be returned to the Company to support future RCF repayments and allowing the continued funding of the Company’s highly attractive development pipeline.”
After refinancing, Bluefield’s total outstanding debt is £588 million (~$742.82 million), of which the revolving credit facility balance stands at £133.5 million (~$168.65 million).
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding in 2024 increased 21% year-over-year.
Earlier this month, Ecoener, a renewable energy project developer, announced it secured a $43.1 million loan to finance the development of the 60 MW Payita 1 solar project in the Dominican Republic.
