GLIL Infrastructure signs strategic partnership with Bluefield Solar to acquire Lightsource bp portfolio

GLIL Infrastructure LLP (GLIL), the UK-based infrastructure fund, has formed a strategic partnership with Bluefield Solar (LON: BSIF), the London-listed UK income fund, as part of a commitment to invest in UK-focussed solar energy assets.

There are three distinct phases of the strategic partnership:

Phase one
The provisional agreement sees GLIL and Bluefield Solar create a new asset partnership and acquire a portfolio (the Lightsource bp portfolio) of 58 operational UK projects from Lightsource bp, a global leader in the development and management of solar energy projects.

The 247MW projects, developed by Lightsource bp from 2011, are predominantly located across southern and central England and include 184MW backed by Feed in Tariff (FIT) subsidies, 15MW by Renewable Obligation Certificates (ROCs) and two subsidy-free projects with a total capacity of 48MW.

The deal will see GLIL invest £200 million, and Bluefield Solar invest £20 million. The transaction requires approval under the Planning Act for Nationally Significant Infrastructure Projects and is expected to close in early 2024.

Phase two
As part of the second phase of the partnership, GLIL will provisionally acquire a 50 per cent stake in a separate portfolio of more than 100MW of operational UK solar energy assets currently owned by Bluefield Solar. The deal is expected to complete in the first half of 2024.

Phase three
GLIL and Bluefield Solar have provisionally agreed to commit to funding a selection of the Bluefield Solar’s development pipeline, which are expected to be grid-connected over the next two to three years.

Julia Carter, Deputy Portfolio Manager, GLIL Infrastructure, said: “This acquisition represents a strong strategic relationship with Bluefield and Lightsource bp that enables GLIL to access a substantial portfolio of operational solar energy assets as well as a maturing development pipeline. All our members are committed to driving the energy transition towards a sustainable net zero economy and these assets make a welcome addition to our growing clean energy portfolio.”

Baiju Devani, Investment Director at Bluefield Partners, Bluefield Solar’s investment adviser, said: “We are pleased to mark the commencement of our strategic partnership with GLIL by investing together in this large, diversified and operational portfolio. GLIL is the ideal partner for a company like Bluefield Solar, sharing our multi-decade view of asset management.”