ABP presents plan to turn Port of Barrow into renewables hub
Sep 18, 2024 14:41 CESTLondon-listed Bluefield Solar Income Fund Ltd (LON:BSIF) said today it has completed the sale of a 50% stake in a 112-MW portfolio of UK solar assets to GLIL Infrastructure, a partnership of UK pension funds.
Completion followed approval under the National Security and Investment Act 2021. The portfolio consists of 1.4 and 1.3 ROC (renewable obligation certificate) assets that had been 100% owned by Bluefield Solar.
The deal marks phase two of the parties’ long-term strategic partnership. Phase one was the joint acquisition of a Lightsource bp portfolio in December 2023.
GLIL invested GBP 70 million (USD 91.8m/EUR 83.1m) in the 50% stake, with most of the proceeds to be used by Bluefield Solar to reduce drawing on its revolving credit facility, and the remainder to provide funding for its construction pipeline.
Under phase three of the partnership, Bluefield Solar and GLIL plan to invest together in building about 10% of the fund’s development pipeline, starting with around 17 MW of Auction Round 4 contracts for difference (CfD) projects, which are expected to be grid connected within the next 12 months.
(GBP 1 = USD 1.312/EUR 1.187)
ABP presents plan to turn Port of Barrow into renewables hub
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