Bluefield Solar reaches 81MW in UK

Bluefield Solar Income Fund, the British PV aggregator, has fallen short of previous guidance which suggested it would have committed all of the proceeds from its July initial public offering by the end of 2013.

Bluefield today confirmed that it has invested into seven UK-based PV plants totalling 81MW of capacity to date – including three previously unannounced projects and an extension to an existing array.

That means that Bluefield has committed £94m ($155m) – or 75% – of the £130m it raised on the London Stock Exchange this past summer, short of its 100% ambition.

In an interim management statement issued last month, Bluefield said that it expected “the proceeds of the IPO to be fully committed in December 2013”, a feat that would leave it “substantially ahead of expectations”.

Bluefield now says it will not reach 100% until “early in 2014”, with no further explanation given.

Bluefield’s latest projects, announced today, see it deepening its relationships with the developers Solarcentury and Ikaros Solar, while also forging a new one with the UK subsidiary of Spain-based developer Prosolia.

While some of Bluefield’s capacity is already on line, much of it is due for commissioning in early 2014 – with most of it due to receive 1.6 Renewable Obligation Certificates (ROCs) per MWh generated. 

Bluefield confirmed that it remains on track to deliver a dividend of £0.04 per share in its first financial year, ending in June 2014, and an inflation-linked £0.07 per share in the years after. 

Bluefield shares currently trade at £1.00, down from £1.04 in September.