Bluefield Solar buys UK portfolio from Fengate Asset Management

UK renewables income fund Bluefield Solar has bought a 46.4 megawatt solar portfolio from North America’s Fengate Asset Management.

Bluefield said the enterprise value of the portfolio is £56m, including the economic benefit of all cashflows from May 2022. The portfolio contains £27.3m of long-term amortising debt provided by Australian private equity outfit Macquarie.

The portfolio consists of two ground mounted solar photovoltaic plants, the 39.3 MWp Raventhorpe plant located in Scunthorpe, Lincolnshire and the 7.1 MWp Roanhead facility in Barrow-in-Furness, Cumbria.

Both sites are accredited under the Renewable Obligation Certificate regime with a tariff of 1.4 ROCs. In the period 2022 to 2035, the proportion of contracted and regulated revenues from the portfolio is projected to be approximately 60%.

Following the acquisition, the company's total outstanding debt has increased to £537m including revolving credit facility drawings of £120m and the total installed capacity of its portfolio has grown to 813 MWp.

Bluefield’s leverage has increased to 40% from 37% of gross asset value.

Reporting by Frank Prenesti for Sharecast.com