Bluefield Solar enters strategic partnership with UK pension funds

Bluefield Solar Income Fund Ltd announced a strategic partnership with GLIL Infrastructure, with both parties investing over GBP 200 million (USD 254 million) total into a UK 247 MW portfolio.

The Guernsey-headquartered Bluefield Solar income fund, specializing in renewable energy assets within the UK, is set to allocate GBP 20 million (USD 25.4 million) for the acquisition of a 247-MW solar portfolio in the UK from Lightsource bp. Concurrently, GLIL, a consortium of UK pension funds dedicated to core UK infrastructure investments, is poised to contribute GBP 200 million (USD 254 million). As part of this arrangement, Bluefield Solar will use GBP 10 million (USD 12.7 million) to repay a portion of its revolving credit facility, resulting in a decreased RCF balance of GBP 167 million (USD 212 million) for its holding companies. Both entities, Bluefield Solar and GLIL, have formalized a memorandum of understanding to establish a long-term strategic partnership, solidifying their commitment to joint investments in UK-centric solar assets. This collaboration includes a provisional agreement for GLIL to acquire a 50% stake in a Bluefield-owned portfolio that exceeds 100 MW.