Bluefield Solar fund has made two acquisitions.
The first is an operating portfolio of 109 small onshore wind turbines, for which it paid around £63 million (including working capital and transaction fees).
The second is the grid connection and associated land of a fully consented, ready to build a 45MWp solar farm and co-located 25MWp battery project in northeast Lincolnshire. The project was acquired for around £5 million from Equans (previously Engie Renewables). The project is expected to begin construction during 2022. Yelvertoft, a 50MWp solar project developed through Bluefield’s proprietary pipeline is expected to begin construction at the same time.
John Rennocks, chair of Bluefield Solar, said: “Following strong support from our shareholders in the recent oversubscribed equity raise, we are delighted to have completed the acquisition of the 109 wind turbines outlined in the Company’s recent prospectus, as well as our first co-located solar and energy storage project. Both investments mark important steps in fulfilling Bluefield Solar Income Fund’s strategic objective of adding complementary renewable assets, up to 25% of GAV, to its high performing UK solar portfolio. The 109 wind turbines are immediately accretive to earnings and further underpin our projected results and dividends for the financial year ending in June 2021 and beyond, with exceptionally high levels of regulated revenues.
“This is our first investment in energy storage and the Board views this as an attractive source of diversification for our income, with significant future valuation uplift potential from adding solar and storage assets in development.”

Further reading
Bluefield Solar buys Wiltshire solar farm, looks to more acquisitions