Bluefield Solar has finalised the sale of a 50% share in its 112MW solar portfolio to GLIL, an alliance of UK pension funds, marking the completion of phase two of their partnership.
The deal is valued at approximately £70 million.
The sale will reduce Bluefield Solar’s revolving credit facility (RCF) from around £184 million to £134 million.
The remaining funds will be used to support the company’s construction pipeline, including 17MW of new development assets.
GLIL, which has a £3 billion portfolio of infrastructure assets, includes several UK pension funds such as Local Pensions Partnership Investments and Greater Manchester Pension Fund.
Bluefield Solar’s equity stake in the combined portfolios, including the Lightsource bp acquisition from December 2023, has risen to about 25%.
