Bluefield Solar, an income fund focused on acquiring and managing U.K.–based renewable-energy and storage assets, has acquired a 46.4-megawatt-peak operational solar portfolio from Fengate Asset Management.
The enterprise value of the portfolio is £56 million ($67 million), which contains £27.3 million ($33 million) of long-term amortizing debt provided by Macquarie.
The portfolio consists of two ground-mounted solar photovoltaic (PV) plants, a 39.3-megawatt plant located in Scunthorpe, Lincolnshire, and a 7.1-megawatt facility located in Barrow-in-Furness, Cumbria.
“We are delighted to have acquired this high-quality portfolio of operating assets from Fengate Asset Management,” said John Scott, chairman of Bluefield Solar. “The portfolio includes a high proportion of contracted and regulated revenues, and so represents a natural complement to the company's significant development pipeline of new build solar and storage projects.”
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