United Kingdom – Bluefield Solar has acquired a 47.5 megawatt peak (MWp) operational solar and wind portfolio from Good Energy Group.
The portfolio was purchased for an initial equity consideration of £16.4 million, with the potential for a total equity consideration of up to £24.5 million if a series of due diligence milestones are met in the next 4-6 weeks. Gravis provided £39.1 million in long-term portfolio debt for the acquisition.
From July 1, 2021, Bluefield Solar will receive the economic benefit of all cashflows from the portfolio acquired with funds from the Company’s Revolving Credit Facility (RCF).
Six ground-mounted solar photovoltaic (‘PV’) plants with a total installed capacity of 30.1 MWp and two wind farms with a total installed capacity of 17.4 MWp are included in the portfolio. All of the solar sites and one of the wind assets are in the south west of England, while the second wind site is in the north.
Five of the solar projects have been approved under the feed-in-tariff (‘FIT’) scheme, while one has been approved under the Renewable Obligation Certificate (ROC) scheme, with a tariff of 1.4 ROCs. Both wind farms have received ROC accreditation, with 1 ROC and 0.9 ROCs, respectively. The proportion of regulated revenues from this portfolio is expected to be around 65 percent from 2021 to 2034.
The Company’s total outstanding debt has increased to £399.9 million as a result of the acquisition, and its portfolio’s total installed capacity has increased to 673MWp. The Company’s leverage has increased from 37 percent to around 41 percent of its Gross Asset Value (GAV).