John Rennocks, chair, Bluefield Solar

Bluefield Solar Income Fund Limited has issued new ordinary shares.

The company received support from both new and existing investors, with commitments for 115,384,615 new ordinary shares being received. This raised gross proceeds of around £150 million.

The new ordinary shares represent approximately 23 percent of the issued ordinary share capital of the company before the issue.

The offer for subscription was in demand, which exceeded the cap prescribed by law for the purposes of the prospectus exemption. This means it was necessary to reduce applications for the offer for subscription.

The proceeds raised will be used to pay the company’s revolving credit facility, which as of this month was fully drawn.

John Rennocks, chairman of Bluefield Solar, said: “We are delighted with the strong demand seen for this Placing and Offer for Subscription. In recognition of the positive outlook for the investment strategy, we are pleased that the company’s issue resulted in strong demand both from existing and new institutional investors as well as the robust retail investor demand.

“Given the increasing focus on meeting national targets for renewable infrastructure generation and having recently completed the company’s largest portfolio acquisition to date, I believe the current outlook presents the most compelling environment for the company’s strategy since inception.”

Bluefield Solar is a London listed income fund focused on acquiring and managing renewable energy and storage projects predominantly in the UK. It aims to provide stable, long-term dividends for its shareholders while furthering the decarbonisation of the energy system.