Bluefield & GLIL close GBP 297M refinancing for 359 MW PV portfolio

UK-headquartered Bluefield Solar Income Fund Limited has completed refinancing of its 359 MW solar PV portfolio with GLIL Infrastructure in January 2025. The new fixed-rate debt of about GBP 297 million (~$375.501 million) at a 5.8% rate replaced around GBP 214 million (~$270.56 million) of inflation-linked debt. This raised the all-in cost of debt to 3.8%. The new fixed-rate debt will mature in December 2035, aligning with the subsidy period of the solar assets. The portfolio includes 69 solar PV projects, with 183 MW supported by FiT (Feed-in Tariff), 128 MW by ROCs (Renewable Obligation Certificate), and 48 MW merchant based. The transaction raised GBP 21 million (~$26.55 million), contributing to a total of GBP 89 million (~$112.54 million) in recycled capital since January 2024. Funds have been used for Revolving Credit Facility (RCF) repayment, a share buyback program, construction projects, and CapEx. Bluefield’s total debt stands at £588 million (~$743.59 million), with a leverage at approximately 44% of Gross Asset Value.