31 Jan 2023
Bluefield Solar acquires £56m portfolio of UK solar assets
Renewable energy specialists at PKF Francis Clark advised FTSE 250 business Bluefield Solar on its acquisition of a 46.4 megawatt peak (MWp) operational solar portfolio in a £56 million deal.
Bluefield Solar is an income fund focused on acquiring and managing renewable energy and storage projects in the UK. It owns and operates one of the UK’s largest, diversified portfolios of solar assets, with a combined installed power capacity of over 800 MWp.
This deal reaffirms the strong investor interest we continue to see in renewable energy assets and projects.
Its new solar assets were acquired from North American investment firm Fengate Asset Management. They comprise two ground-mounted solar photovoltaic plants; the 39.3 MWp Raventhorpe plant in Scunthorpe, Lincolnshire, and the 7.1 MWp Roanhead plant in Barrow-in-Furness, Cumbria.
Rob Gear and Adam Kefford at PKF Francis Clark carried out finance and tax due diligence for Bluefield Solar.
Rob Gear, corporate finance director, said: “Against the backdrop of recent uncertainty caused by the introduction of the Electricity Generator Levy, this deal reaffirms the strong investor interest we continue to see in renewable energy assets and projects.”
Adam Kefford, corporate tax partner, added: “Our due diligence work included assessing the impact of tax changes and the transition to a post-subsidy regime on the future profitability of the portfolio. It was fantastic to advise on another significant transaction in the solar energy sector and to build on our existing relationship with Bluefield Solar.”
Baiju Devani, UK investment director at Bluefield Partners LLP, investment adviser to Bluefield Solar, said: “It was fantastic to work with the PKF team in what was a detailed finance and tax due diligence exercise. We look forward to working with the team on future projects.”
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