Bluefield Solar completes £300 million refinancing for solar portfolio

Bluefield Solar Income Fund completed a £300 million refinancing in January 2025 for its 359MW solar photovoltaic portfolio, in partnership with GLIL Infrastructure.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25£/month*

*billed annually at 99£/year for the first year then 149,00£/year ​

Unlimited access • Archives included • Professional invoice

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2£/month*
then 14.90£ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Bluefield Solar Income Fund Limited (LON: BSIF) completed a £300 million refinancing for its 359-megawatt (MW) solar photovoltaic (PV) portfolio, jointly owned with GLIL Infrastructure. This transaction replaces approximately £214 million of existing inflation-linked debt with £297 million of fixed-rate debt at an all-in rate of 5.8%. Consequently, the all-in cost of the company’s debt rises slightly to around 3.8%, up from 3.4% in September 2024. The new debt matures in December 2035, in line with the subsidy period of the assets.

Portfolio composition and ownership structure

The portfolio consists of 69 solar PV projects, 183 MW of which are supported by Feed-in Tariff (FiT) subsidies, 128 MW by Renewable Obligation Certificates (ROCs), and 48 MW on a merchant basis. Bluefield Solar holds just over 25% of the portfolio, with GLIL Infrastructure owning the balance.

Use of funds and strategic initiatives

This transaction raises approximately £21 million for Bluefield Solar. Taken together with the successful sale of 112 MW of solar capacity in September 2024 as part of the strategic partnership with GLIL, it brings the total recycled capital returned to the company to around £89 million since the partnership began in January 2024. To date, £50.5 million of the proceeds from the 112 MW sale has been used to repay part of the company’s Revolving Credit Facility (RCF), £10.6 million has supported the company’s share buyback programme, £6.2 million has been invested in the construction of Mauxhall and the development pipeline, and £1.5 million has been allocated to capital expenditure (CapEx) works on the company’s operating portfolio.

Financial outlook and future development

Following the refinancing, the company’s total outstanding debt stands at £588 million, of which the RCF balance is £133.5 million. The company’s leverage remains at approximately 44% of Gross Asset Value, based on the company’s most recent unaudited Net Asset Value (NAV) as of September 2024.

The company’s Interim Results will be released on Thursday, February 27, 2025.

John Scott, Chairman of Bluefield Solar, said: “We have worked closely with GLIL and our lenders to complete this refinancing at an attractive price, enabling further capital to be returned to the Company to support future RCF repayments and allowing the continued funding of the Company’s highly attractive development pipeline.”

Aura Power has finalised financing for its fourth UK solar plant in twelve months, backed by Rabobank, bringing its under-construction capacity to 242 MWp across the country.
The Tützpatz solar project, developed by Vattenfall and powered by GCL System Integration, combines energy production and agricultural use across 93 hectares without public funding.
Koshidaka Group signed a 10-year power purchase agreement with Farmland and Eneres to supply its Tokyo-area facilities with electricity from a 1.6MWAC solar plant located in Annaka.
The PairPHNXX system, designed for rapid deployment in areas without grid access, targets agricultural, military, and industrial markets with a turnkey modular technology.
Ascent Solar Technologies has delivered samples of its flexible photovoltaic technology to two companies for testing in extreme environments, at sea and in space.
Geronimo Power has started construction of the Bee Hollow solar project, valued at $54mn, in St. Clair County, delivering jobs, tax revenue and a partnership with the IMEA municipal agency.
The British government has approved Tillbridge Solar Farm, a 500-MW solar power plant with 2,310 MWh of energy storage, developed by Tribus Clean Energy and Recurrent Energy.
wpd solar France has launched construction of a 140.6MWc photovoltaic park in Marcy, in the Nièvre department, integrating agricultural co-activity across 632 hectares in partnership with five local farms.
Independent energy producer CVE has inaugurated a 12 MWc solar farm on municipal land in Volx, generating 19 GWh annually and an estimated €5mn in economic returns over 30 years.
GreenYellow strengthens its presence in the French overseas territories with the acquisition of 18 rooftop photovoltaic installations in Réunion, totalling 3.1 MWc in capacity, as part of a strategy to consolidate its decentralised energy assets.
The rapid rise of agri-voltaic projects in France raises concerns over agricultural impact, land speculation and the economic viability of a still-emerging model.
Norwegian developer Empower New Energy expands in North Africa with a strategic partnership involving ten industrial solar sites for self-consumption in Tunisia.
Chinese manufacturer JA Solar has started initial deliveries of its 650W n-type DeepBlue 5.0 module from its automated production site in Yangzhou.
Melvan is issuing local bonds to co-finance two photovoltaic projects in Avignon and Sault, aiming to supplement a total budget of EUR5.5mn ($5.82mn).
The 50 MW Kong solar power plant marks a new step in Côte d’Ivoire’s national grid expansion, with CFA37bn ($60.5mn) in funding and commissioning set for early 2027.
EDP will accelerate two major solar projects in Australia after securing government-backed contracts under the Capacity Investment Scheme.
Westbrooke Real et son partenaire CVE South Africa ont racheté un portefeuille solaire couvrant 91 stations Shell en Afrique du Sud, marquant un transfert d’actifs majeur dans le secteur énergétique local.
The commissioning of the 195 MW Springbok plant introduces the continent’s first utility-scale multi-buyer model, reinforcing the growth of power wheeling in South Africa.
The consortium led by Engie and Masdar has been selected to develop a 1.5 GW photovoltaic plant in Abu Dhabi, aimed at expanding the emirate’s solar capacity under its long-term energy strategy.
T1 Energy invests in private solar cell manufacturer Talon PV to support industrial expansion of the U.S. solar sector and address rising grid demand.

All the latest energy news, all the time

Annual subscription

8.25£/month*

*billed annually at 99£/year for the first year then 149,00£/year ​

Unlimited access - Archives included - Pro invoice

Monthly subscription

Unlimited access • Archives included

5.2£/month*
then 14.90£ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.