REG - Bluefield Solar Inc. - Signing of Phase Three of Strategic Partnership

Bluefield Solar Income FundAnnouncement

18/08/2025 07:00

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RNS Number : 6190V  Bluefield Solar Income Fund Limited  18 August 2025

18 August 2025

 

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

 

Signing of Phase Three of Strategic Partnership

Sale of 250MW solar and BESS assets to GLIL JV

 

Bluefield Solar (LON: BSIF), the London listed UK income fund focused
primarily on acquiring and managing solar energy assets, is pleased to
announce the sale of a c. 250MW portfolio of solar and BESS assets (the 'Phase
Three Portfolio') to Lyceum Solar, a joint venture that is 25% owned by BSIF
and 75% owned by GLIL Infrastructure LLP ('GLIL').

 

The 75% stake purchased by GLIL in the Phase 3 portfolio equates to c. £38
million, c. £28 million of which is paid up front following completion and c.
£10 million of which is deferred and contingent upon project milestones being
met, expected over the following twelve months. The valuation of the
transaction is in line with the Company's March 2025 NAV.

 

The proceeds from the sale will be used to repay a portion of the Company's
RCF and to continue to fund the Company's development portfolio. The Phase
Three Portfolio comprises of:

 

·    Mauxhall Farm, a co-located solar (44.5MW) and battery project
(25MW). The solar component has been operational since August 2024, and the
battery storage project is currently under construction.

·    A development portfolio comprising four ready to build solar assets,
combined capacity 180MW. Three of the four projects in the development
portfolio have secured a Contract for Difference ('CfD') under either AR5 or
AR6.

 

Following completion of the sale, the Company's operational net capacity will
reduce from 883MW to 850MW. 745MW of the Company's operational capacity is
100% owned by BSIF whilst 105MW represents BSIF's 25% stake in Lyceum Solar's
operational portfolio.

 

GLIL is a partnership of UK pension funds, investing into core UK
infrastructure, including Local Pensions Partnership Investments, Greater
Manchester Pension Fund, Merseyside Pension Fund, West Yorkshire Pension Fund
and Nest, and has a £3.2 billion portfolio of infrastructure assets.

 

John Scott, Chair of Bluefield Solar, said: "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. 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."

 

Jonathan Ord, Head of Investment at GLIL, added: "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.  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."

 

- Ends -

 

 For further information:

 Bluefield Partners LLP (Company Investment Adviser)   Tel: +44 (0) 20 7078 0020
 James Armstrong / Neil Wood / Giovanni Terranova      www.bluefieldllp.com (http://www.bluefieldllp.com/)

 Bluefield Solar Board                                              Tel: +44 (0) 1481 742 742

                                                           bluefieldteam@ocorian.com (mailto:bluefieldteam@ocorian.com)
 To be contacted via Ocorian

 Deutsche Numis (Company Broker)                       Tel: +44 (0) 20 7260 1000

Tod Davis / Hugh Jonathan / Matt Goss                www.d (http://www.dbnumis.com) b (http://www.dbnumis.com) numis.com
                                                       (http://www.dbnumis.com)

 Ocorian (Company Secretary & Administrator)           Tel: +44 (0) 1481 742 742

Chezi Hanford                                        www.ocorian.com (http://www.ocorian.com/)

 Media enquiries:                                      Tel: +44 (0) 20 7466 5000

Burson Buchanan (PR Adviser)                         www.b (http://www.bursonbuchanan.com) urson (http://www.bursonbuchanan.com)

Henry Harrison-Topham / Henry Wilson                 buchanan.com (http://www.bursonbuchanan.com)

                                                     BSIF@buchanan.uk.com (mailto:BSIF@buchanan.uk.com)
 Citypress (on behalf of GLIL Infrastructure)

                                                     Tel: +44 (0)131 516 5551
 Jamie Williamson                                      jamie.williamson@citypress.co.uk (mailto:jamie.williamson@citypress.co.uk)

Notes to Editors

About Bluefield Solar

Bluefield Solar is a London listed income fund focused primarily on acquiring
and managing solar energy assets.  Not less than 75% of the Company's gross
assets will be invested into UK solar assets.  The Company can also invest up
to 25% of its gross assets into other technologies, such as wind and storage.
Bluefield Solar owns and operates a UK portfolio of 883MW, comprising 825MW of
solar and 58MW of onshore wind.

 

Further information can be viewed at www.bluefieldsif.com
(http://www.bluefieldsif.com/)

 

About Bluefield Partners

Bluefield Partners LLP was established in 2009 and is an investment adviser to
companies and funds investing in renewable energy infrastructure.  It has a
proven record in the selection, acquisition and supervision of large-scale
energy assets in the UK and Europe.  The team has been involved in over £6.3
billion renewable funds and/or transactions in both the UK and Europe,
including over £1.9 billion in the UK since December 2011.

 

Bluefield Partners LLP has led the acquisitions of, and currently advises on,
over 100 UK based solar photovoltaic assets that are agriculturally,
commercially or industrially situated.  Based in its London office, it is
supported by a dedicated and experienced team of investment, legal and
portfolio executives.  Bluefield Partners LLP was appointed Investment
Adviser to Bluefield Solar in June 2013.

 

About GLIL Infrastructure

GLIL is a partnership of UK pension funds which invests in Britain's future -
creating jobs, supporting communities and helping to power the economy. It is
a proven investor, with a fund specially designed to help pension fund members
tap into the stable, inflation-linked returns that infrastructure investment
offers. GLIL manages £4.1 billion of committed capital, with more than £3.2
billion (as of 31 December 2024) deployed into a growing portfolio of
infrastructure assets spanning renewable energy, utilities, ports, logistics,
trains, hospitals and schools. It invests on behalf of pension funds and pools
including Local Pensions Partnership Investments, Greater Manchester Pension
Fund, Merseyside Pension Fund, West Yorkshire Pension Fund and Nest, the
government-established DC workplace pension provider. For more information on
GLIL, including its history, investment committee and investment portfolio,
please visit www.glil.co.uk (http://www.glil.co.uk) .

 

 

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