London Stock Exchange welcomes Bluefield Solar Income Fund to the Main Market
Friday 12th July 2013
London Stock Exchange today welcomed Bluefield Solar Income Fund Limited to open its UK Markets, marking the admission of its shares for unconditional trading.
Bluefield Solar Income Fund Limited is a newly incorporated investment fund focusing on large scale agricultural and industrial solar assets, the first of its kind in the UK. It raised gross proceeds of £130 million in its initial public offering (“IPO”) of shares on the Main Market of London Stock Exchange. The Fund expects to invest the net proceeds within 12 months in UK-based assets that are expected to generate stable renewable energy over a 25 year asset life.
To celebrate the occasion, London Stock Exchange invited members of the Bluefield team including; James Armstrong, Mike Rand, Giovanni Terranova, managing partners of Bluefield Partners LLP, the investment adviser to the Fund and John Rennocks, the Fund’s Chairman and former executive director of Powergen PLC and British Steel/Corus.
James Armstrong commented: “We view this first successful IPO of a solar fund in the UK as a pivotal moment in the growth of large scale UK solar. The Fund has been backed by a broad range of large institutional investors, which is a clear reflection that solar energy assets are rightly being recognised as a great way to earn long term, stable income’.