WIRSOL Energy Ltd. announces the sale of 42MW of two solar parks in the UK
WIRSOL Energy Ltd (“WIRSOL”), the company founded by and subsidiary of WIRCON GmbH which focuses on both on-shore wind markets and solar markets, today announces that it has concluded the sale of two solar parks to Bluefield Solar Income Fund Ltd (“BSIF”), the two solar parks total 42MW. The first project, Roves Farm, Wiltshire is a 13MW solar park and has been successfully connected to the grid with G59 issued and qualification under 1.4ROC’s. The second project, Elms Farm, Oxfordshire is a 29W solar park which is in the final phases of construction and scheduled for connection to the grid to qualify under 1.4ROC’s.
“We are pleased with the progress of the construction of both sites and to be working with Bluefield as the ultimate end investor with whom the management of WIRSOL have a long and trusted relationship. It is particularly rewarding to have already connected the Roves Farm project which is a significant milestone. Furthermore, we are in a good position for the connection of the Elms Farm project having already deployed the vast majority of hardware with the DNO sub-station installed and ready for connection” said Mark Hogan, Managing Director of WIRSOL Energy Ltd. “Aside from the projects currently under construction, we have further projects under development in-house and we are actively seeking the acquisition of additional shovel ready projects in the UK. Coupled with our investment in sister company Bluesky Solar Energy Ltd. who focus on residential and commercial rooftops we have a very busy schedule ahead of us within the UK solar market throughout 2015 and beyond.”
Peter Vest, managing Director of WIRCON added, “We are particularly pleased to be so well advanced in the build and connection of these two projects. The UK will remain a focus within the WIRCON group as we seek to grow our international business. Furthermore, our alliance with Bluefield on these two parks has proven to be a wise choice, the two teams share common views regarding long term investment and the build quality required for sustainable and reliable long term income streams which we will actively support through the operation and maintenance of the parks”.
Mike Rand, a partner at Bluefield Partners, the Investment Advisor to BSIF commented, “The conclusion of these two solarpark acquisitions form a key part of the portfolio BSIF announced previously and is expecting to conclude under the 1.4 ROC regime. Following the positive experience with these two recent projects WIRSOL and Bluefield are actively discussing extending their relationship to work on further projects together, building upon the now established partnership between the two teams.”
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Bluefield Solar Income Fund Limited (BSIF)
BSIF is a Guernsey-registered investment company focusing on large scale agricultural and industrial solar assets. It raised gross proceeds of £130 million in July 2013 through an initial public offering of shares on the main market of the London Stock Exchange. It raised a further £13 million in Februaryy 2014 in an oversubscribed placement. Pursuant to a placing programme in November 2014 the Company raised an additional £131 million. In June 2014 it agreed a three-year revolving credit facility with Royal Bank of Scotland, for up to £50 million.
BSIF seeks to provide shareholders with an attractive return, principally in the form of income distributions, by investing in a diversified portfolio of solar energy assets, each located within the UK, with a focus on utility scale assets and portfolios on greenfield, industrial and/or commercial sites. To date, dividends have been paid semi-annually, but the Company has announced that in 2015 it intends to move to quarterly distributions.