Burges Salmon advises Bluefield on acquisition of £21m solar farm

Leading UK law firm Burges Salmon has advised investment company Bluefield Solar Income Fund on its acquisition of a solar farm in Swindon for a total investment consideration of £21 million.

19 February 2014

Burges Salmon has advised investment company Bluefield Solar Income Fund on its acquisition of a solar farm in Swindon for a total investment consideration of £21 million.

The Burges Salmon team, which acted for Bluefield on the conditional contract into which it has entered to purchase the 19MW plant, provided it with a range of advice comprising banking, real estate, construction, corporate and environment & planning.

Ahead of the deal taking place, Bluefield had investment capital available of approximately £14 million, which means that the completion of the transaction is reliant upon on it sourcing a minimum of another £8 million. To ensure that the company has the opportunity to secure further investments in the future, it will endeavour to raise an extra £5 million taking it to £13 million in total.

It is anticipated that the Swindon solar plant, which is being constructed by Wirsol Solar UK, will be connected to the grid in March 2014. This will ensure that it qualifies for the 1.6 Renewable Obligation Certificate support banding. Once the deal has been fully completed, Wirsol will under a separate agreement manage the plant.

Will Woodall, a partner at Burges Salmon, said: “We were pleased to be able to act for Bluefield on this deal and put the right, multi-disciplinary, team in place for our client from the outset of the project.”

Key contact

Will Woodall

Will Woodall Partner

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