18 August 2025
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Signing of Phase Three of Strategic Partnership
Sale of 250MW solar and BESS assets to GLIL JV
Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, is pleased to announce the sale of a c. 250MW portfolio of solar and BESS assets (the 'Phase Three Portfolio') to Lyceum Solar, a joint venture that is 25% owned by BSIF and 75% owned by GLIL Infrastructure LLP ('GLIL').
The 75% stake purchased by GLIL in the Phase 3 portfolio equates to c. £38 million, c. £28 million of which is paid up front following completion and c. £10 million of which is deferred and contingent upon project milestones being met, expected over the following twelve months. The valuation of the transaction is in line with the Company's March 2025 NAV.
The proceeds from the sale will be used to repay a portion of the Company's RCF and to continue to fund the Company's development portfolio. The Phase Three Portfolio comprises of:
· Mauxhall Farm, a co-located solar (44.5MW) and battery project (25MW). The solar component has been operational since August 2024, and the battery storage project is currently under construction.
· A development portfolio comprising four ready to build solar assets, combined capacity 180MW. Three of the four projects in the development portfolio have secured a Contract for Difference ('CfD') under either AR5 or AR6.
Following completion of the sale, the Company's operational net capacity will reduce from 883MW to 850MW. 745MW of the Company's operational capacity is 100% owned by BSIF whilst 105MW represents BSIF's 25% stake in Lyceum Solar's operational portfolio.
GLIL is a partnership of UK pension funds, investing into core UK infrastructure, including Local Pensions Partnership Investments, Greater Manchester Pension Fund, Merseyside Pension Fund, West Yorkshire Pension Fund and Nest, and has a £3.2 billion portfolio of infrastructure assets.
John Scott, Chair of Bluefield Solar, said: " We are delighted to announce the completion of the third phase of the Company's strategic partnership with GLIL, a partnership which commenced in December 2023. In just 20 months Bluefield Solar and GLIL have built one of the premier solar and battery portfolios in the UK, with a capacity of 626MW. For Bluefield Solar, this partnership reflects a commitment to disciplined growth, inflation-linked returns, and capital deployment into assets that align with national priorities for decarbonisation, industrial productivity, and energy security, while delivering value for shareholders from the portfolio."
Jonathan Ord, Head of Investment at GLIL , added: " This continues our strong track record of backing core UK infrastructure projects that create a positive economic impact and deliver inflation-linked returns for our members. We look forward to the next step of our strategic partnership with Bluefield Solar as we apply our combined operational experience to unlock further value in the Lyceum portfolio."
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| For further information:
Bluefield Partners LLP (Company Investment Adviser)
Bluefield Solar Board To be contacted via Ocorian
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Tel: +44 (0) 20 7078 0020
Tel: +44 (0) 1481 742 742
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| Deutsche Numis (Company Broker) |
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| Ocorian (Company Secretary & Administrator) |
Tel: +44 (0) 1481 742 742 |
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| Media enquiries: Citypress (on behalf of GLIL Infrastructure) Jamie Williamson |
Tel: +44 (0) 20 7466 5000 Tel: +44 (0)131 516 5551 |
Notes to Editors
About Bluefield Solar
Bluefield Solar is a London listed income fund focused primarily on acquiring and managing solar energy assets. Not less than 75% of the Company's gross assets will be invested into UK solar assets. The Company can also invest up to 25% of its gross assets into other technologies, such as wind and storage. Bluefield Solar owns and operates a UK portfolio of 883MW, comprising 825MW of solar and 58MW of onshore wind.
Further information can be viewed at www.bluefieldsif.com
About Bluefield Partners
Bluefield Partners LLP was established in 2009 and is an investment adviser to companies and funds investing in renewable energy infrastructure. It has a proven record in the selection, acquisition and supervision of large-scale energy assets in the UK and Europe. The team has been involved in over £6.3 billion renewable funds and/or transactions in both the UK and Europe, including over £1.9 billion in the UK since December 2011.
Bluefield Partners LLP has led the acquisitions of, and currently advises on, over 100 UK based solar photovoltaic assets that are agriculturally, commercially or industrially situated. Based in its London office, it is supported by a dedicated and experienced team of investment, legal and portfolio executives. Bluefield Partners LLP was appointed Investment Adviser to Bluefield Solar in June 2013.
About GLIL Infrastructure
GLIL is a partnership of UK pension funds which invests in Britain's future - creating jobs, supporting communities and helping to power the economy. It is a proven investor, with a fund specially designed to help pension fund members tap into the stable, inflation-linked returns that infrastructure investment offers. GLIL manages £4.1 billion of committed capital, with more than £3.2 billion (as of 31 December 2024) deployed into a growing portfolio of infrastructure assets spanning renewable energy, utilities, ports, logistics, trains, hospitals and schools. It invests on behalf of pension funds and pools including Local Pensions Partnership Investments, Greater Manchester Pension Fund, Merseyside Pension Fund, West Yorkshire Pension Fund and Nest, the government-established DC workplace pension provider. For more information on GLIL, including its history, investment committee and investment portfolio, please visit www.glil.co.uk .
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