The owner of one of the UK’s largest solar power plant portfolios has expanded further with the help of Bristol-headquartered law firm Burges Salmon’s energy sector practice.
A cross-firm team advised long-standing client Bluefield Solar on the acquisition and financing of 15 ground-mounted operational solar photovoltaic (PV) plants with a total installed capacity of 64.2 megawatt peak (MWp). 
Bluefield Solar is a Guernsey-based income fund that invests primarily in UK solar assets. Its latest acquisition includes eight sites in the South West, two in West Wales and a further five spread across central and eastern England.
The acquisition, for an initial cash consideration of £106.6m including working capital, has been financed by a new £110m, three-year re-drawable term loan facility with NatWest structured on a portfolio basis alongside the acquisition.
The deal brings the total installed capacity of Bluefield Solar’s portfolio to 543 MWp.
The Burges Salmon team, led by partners Jonathan Eves (corporate) and Graham Soar (banking) with support from director Victoria Allsopp (banking) advised the company across all aspects of the acquisition and financing – fielding experts across M&A, banking, real estate, energy regulation, tax and construction. 
Jonathan Eves, pictured, said: “It has been a real pleasure working alongside the Bluefield team on its strategic acquisition of 15 operational solar plants. Having started and concluded during the UK lockdown period this transaction demonstrates the continued resilience and strength of this asset class.”
Bluefield Partners managing partner James Armstrong added: “This is an excellent acquisition for Bluefield Solar. It not only combines the addition of a portfolio of high Renewable Obligation Certificate (ROC)-banded assets with bespoke low-cost financing, but also enables Bluefield Solar to move its level of gearing in line with the board’s target.
“This acquisition will be immediately incremental to earnings and further underpins the company’s projected results and dividends for the current financial year ending in June 2021 and beyond. We continue to carefully assess a strong pipeline of opportunities across both primary and secondary markets.”
The final consideration paid for the portfolio may be increased by up to £2.1m, contingent on securing asset life extensions.
