Bluefield Solar has finalised the sale of a 50% stake in its 112MW solar energy portfolio to GLIL, a UK pension fund alliance. This marks the completion of the second phase of their partnership.
The deal, valued at around £70m, will allow Bluefield Solar to reduce its revolving credit facility (RCF) from £184m to £134m. The proceeds from the sale will be used to advance the company’s construction pipeline, including 17MW of new development projects.
GLIL, which manages a £3 billion portfolio of infrastructure assets, represents several UK pension funds, including Local Pensions Partnership Investments and Greater Manchester Pension Fund.
Following this transaction, Bluefield Solar’s equity share in the combined solar portfolios, which now also includes assets from the Lightsource bp acquisition completed in December 2023, has grown to approximately 25%.
This positions the company to continue expanding its renewable energy capacity and investment potential in the growing solar market.
