Bluefield Solar Income Fund has acquired a 46.4 megawatt peak (MWp) capacity portfolio of solar farms from Fengate Asset Management for £56 million. Bluefield is an income fund which is focused on the acquisition and management of UK renewable energy and storage assets.

The portfolio is comprised of a 39.3 MWp plant in Scunthorpe (Raventhorpe) and a 7.1 MWp plant in Barrow-in-Furness (Roanhead). The facilities are both ground mounted solar photovoltaic (PV) plants. The portfolio’s £56 million enterprise value includes its cashflows from May 2022.

The portfolio includes £27.3 million in long-term amortising debt provided by Macquarie. Post-acquisition, Bluefield Solar’s total outstanding debt has risen to £537 million, including £120 million drawn from revolving credit facilities, while its total installed capacity across its portfolio has increased to 813 MWp.

The newly-acquired sites are both accredited with a tariff of 1.4 ROCs under the Renewable Obligation Certificate (ROC) regime. The portfolio is forecast to generate approximately 60 per cent proportion of contracted and regulated revenues during the period from 2022 to 2035.

Bluefield Solar chairman John Scott said: “We are pleased to have acquired this high-quality portfolio of operating assets from Fengate Asset Management.”

“The portfolio includes a high proportion of contracted and regulated revenues, and so represents a natural complement to the company’s significant development pipeline of new build solar and storage projects.”