Bluefield Solar sells 250MW portfolio to its GLIL joint venture

(Sharecast News) - Bluefield Solar Income Fund said Monday it has completed the sale of a 250 megawatt portfolio of solar and battery storage assets to its joint venture with GLIL Infrastructure, marking the third phase of their strategic partnership. The FTSE 250 firm said the portfolio, known as the Phase Three Portfolio, had been transferred to Lyceum Solar, which is 25% owned by Bluefield and 75% by GLIL.

It said the transaction valued GLIL's stake at about £38m, of which £28m was paid upfront and a further £10m woud be deferred and contingent on project milestones over the next 12 months.

Bluefield said the valuation was in line with its March net asset value.

"We are delighted to announce the completion of the third phase of the company's strategic partnership with GLIL, a partnership which commenced in December 2023," said John Scott, chair of Bluefield Solar.

"In just 20 months Bluefield Solar and GLIL have built one of the premier solar and battery portfolios in the UK, with a capacity of 626MW.

"For Bluefield Solar, this partnership reflects a commitment to disciplined growth, inflation-linked returns, and capital deployment into assets that align with national priorities for decarbonisation, industrial productivity, and energy security, while delivering value for shareholders from the portfolio."The proceeds would be used to repay part of the company's revolving credit facility and to fund its development pipeline.

It said the portfolio included Mauxhall Farm, a 44.5MW solar farm with a 25MW battery project under construction, and four ready-to-build solar projects with a combined capacity of 180MW.

Three of the development projects had secured contracts for difference under allocation rounds five or six.

Following completion, Bluefield's operational net capacity will fall from 883MW to 850MW, with 745MW directly owned and 105MW representing its minority stake in Lyceum Solar's assets.

"This continues our strong track record of backing core UK infrastructure projects that create a positive economic impact and deliver inflation-linked returns for our members," commented Jonathan Ord, head of investment at GLIL.

"We look forward to the next step of our strategic partnership with Bluefield Solar as we apply our combined operational experience to unlock further value in the Lyceum portfolio."

At 1101 BST, shares in Bluefield Solar Income Fund were up 0.16% at 96.75p.

Reporting by Josh White for Sharecast.com.