Bluefield Solar Income Fund (LSE:BSIF) has completed Phase Two of its strategic partnership with GLIL Infrastructure.
The deal saw the sale of a 50% stake in a portfolio of operational solar assets to GLIL, which is a partnership of British pension funds focused on UK infrastructure investment.
The sale, valued at approximately £70 million, was approval under the National Security and Investment Act 2021.
Now, the company intends to allocate at least £50 million of the proceeds to reduce its Revolving Credit Facility (RCF) from £184 million to £134 million.
The rest will support Bluefield Solar's solar farm construction pipeline.
Previously, in the Phase One deal, Bluefield and GLIL acquired joint interests in the Lightsourcebp portfolio in December.
In the anticipated third phase of the partnership, Bluefield and GLIL intend to commit capital together to construct approximately 10% of the company's development pipeline.
It envisages some 17MW of capacity coming ‘grid-ready’ within the next twelve months.
Bluefield, meanwhile, repeated its dividend guidance – which sees the company pay out not less than 8.80p per share for the period ended 30 June 2024 (up from 8.60p a year ago).
The company currently manages a portfolio of 883 MW, primarily comprising solar and wind assets.