Old Burlington Investments’ solar energy asset manager, Bluefield Partners LLP, has confirmed its intention to launch the £150 million Bluefield Solar Income Fund on the London Stock Exchange, expected to be larger than any UK solar energy fund IPO to date.
Along with its existing involvement in the EIS qualifying Old Burlington Investments Renewable Energy Fund (OBIREF), the Bluefield Solar Income Fund1firmly establishes Bluefield as one of the pre-eminent players in this rapidly expanding investment sector and is in line with its ambition to raise significant funds in both the institutional as well as retail sectors.
“We are delighted to be Bluefield’s sole wholesale fund raiser of private investment under the Enterprise Investment Scheme through OBIREF,” said Brett Williams, Managing Partner of Old Burlington Investments.”We have the opportunity now to deploy funds with HMRC advance assurance immediately and look forward to working closely with Bluefield. Most importantly, advisers can take comfort from the fact that the same institutional level asset management processes are applied to OBIREF as are applied to Bluefield’s institutional clients’ monies. That is a unique proposition in this market”.
British Gas Solar, the solar contracting arm of Centrica PLC, has signed an agreement granting Bluefield exclusivity on large scale industrial and commercial projects – to be constructed by British Gas Solar – until April 2014.
The non executive chairman of the proposed Bluefield Solar Income Fund, John Rennocks (former executive director of Powergen PLC and British Steel/Corus and current Deputy Chairman of Inmarsat) said, “The predictable, long term revenue characteristics of solar power, supported by regulated subsidy, offer an attractive way for investors to not only generate an attractive yield, but also support the deployment of more environmentally friendly energy sources – a win/win for investors and the environment.”
OBIREF exclusively offers advisers EIS qualifying solar opportunities from Bluefield’s pipeline. Target minimum returns of 131p per 100p invested – before the effects of initial tax relief (worth up to 30p off the initial investment of 100p) – or 120p after performance fees. No funds will be deployed without advance assurance from HMRC.
Our latest Solar EISCO has raised £1.6m and is now seeking a further £1.9m in order to complete funding for the current project with advance assurance.
- Bluefield Partners is led by its managing partners, James Armstrong, Mike Rand and Giovanni Terranova, who founded the business in 2009. Bluefield Partners’ managing partners have a combined track record, prior to Bluefield, of investing in, or project financing, approximately £17 billion of renewable and conventional energy projects. The managing partners have been involved in over £235 million of solar PV deals in both the UK and Europe since 2008, including over £40 million of solar PV transactions in the UK since December 2011.
- Bluefield’s non-executive team includes Jon Moulton, the current chairman of Better Capital and former managing partner and founder of Alchemy Partners; and William Doughty, the founding CEO of Semperian; Dr. Anthony Williams, the former chair of the Risk Committee for the Fixed Income, Currencies & Commodities Division, and Partner, at Goldman Sachs & Co.
1 The Old Burlington Investments Renewable Energy Fund and the Bluefield Solar Income Fund are not connected in any way.
DISCLAIMER: EIS may not be promoted to the general public and should be considered as a medium term investment. EIS investments are illiquid and investors may not get back the amount invested. Investors should read the Risk factors set out in the Information Memorandum. Old Burlington Investments is the trading name of Old Burlington Ventures LLP which is the Appointed Representative of Sturgeon Ventures LLP which is authorised and regulated by the Financial Conduct Authority.