Burges Salmon advises Bluefield Solar Income Fund on acquisition of UK-based solar and wind portfolio

Firm advises the low carbon assets-focused investment company on new portfolio of renewable energy generation assets

12 May 2022

Burges Salmon has advised long-standing client Bluefield Solar Income Fund (BSIF) on the acquisition of a 93.2MWp UK-based solar and wind portfolio and its entry into a new £200m revolving credit facility, bringing its total portfolio of assets to 766MWp.

The new solar and wind portfolio is BSIF’s largest acquisition to date, consisting of fifteen solar photovoltaic plants with a total installed capacity of 64.9MWp and four wind farms with a total installed capacity of 28.3MWp. It represents the third acquisition of operational assets BSIF has made in the last 12 months. The acquisition is financed by a new £200m revolving credit facility provided by RBSi and Santander UK which has refinanced existing arrangements and supports the groups ambitious growth plans.

BSIF is a fast expanding UK focused investment company, primarily investing in the acquisition and long term management of low carbon assets. It has an enviable position in the renewable energy market with an eye firmly on growth – BSIF chair John Rennocks, said the company continues to assess “a strong pipeline of opportunities across both primary and secondary markets” – as the world’s energy markets move away from fossil fuels towards a low carbon and sustainable future.

The Burges Salmon team working on the deal was led by partners Jonathan Eves (Corporate) and Victoria Allsopp (Banking & Finance), along with associates Bethan Penrhyn-Jones and Luke Addison, senior associates Peter Dunn and Chris Herford and solicitors Benjamin Edwards and Harrison Folland, all from the firm’s Energy team. The firm also provided support across the full spectrum of expertise including Projects, Real Estate, Planning, Construction and Engineering, and Corporate Tax teams.

Baiju Devani, UK Investment Director at Bluefield Partners LLP, Investment Adviser to Bluefield Solar, says: “This is a hugely exciting acquisition for Bluefield Solar Income Fund, adding a substantial number of highly regulated solar assets as well as operational wind assets to the company’s portfolio. It was brilliant to have the Burges Salmon team working with us again on both the acquisition and the expansion of the RCF – their advice, dedication and expertise throughout the process was instrumental in helping us get to a successful close.”

Jonathan Eves comments: “This strategic acquisition is BSIF’s largest operational portfolio expansion to date, marking a fantastic opportunity for the company and enabling it to further its growth targets. This is a landmark renewable energy sector transaction for our long-standing client and we look forward to continuing to partner with BSIF as it achieves its growth aspirations.”

Key contact

Jonathan Eves

Jonathan Eves Partner

  • Corporate
  • Energy and Utilities
  • Mergers and Acquisitions

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