GLIL Infrastructure is investing additional capital in UK solar energy assets via its partnership with Bluefield Solar Income Fund.

UK local government pension schemes-backed GLIL and London-listed Bluefield Solar are investing a further £141m into solar-energy assets in the second phase of their partnership created in December last year.

GLIL said it is acquiring half of a 112MW portfolio from Bluefield Solar. The portfolio includes nine functioning solar sites located in southern and central England.

The phase two deal involves GLIL funding the construction of 17MW of new assets that are expected to be grid-connected within the next 12 months.

The third phase of the partnership involves a provisional commitment to finance a selection of upcoming solar projects from Bluefield’s development pipeline.

Julia Carter, deputy portfolio manager at GLIL Infrastructure, said: “This acquisition represents the continuation of our strong strategic relationship with the team at Bluefield Solar, as well as our commitment on behalf of our members to helping drive the energy transition.

“Not only do these assets make a welcome addition to our growing green-energy portfolio, but they maintain our strong track record of backing core UK infrastructure projects.”

John Scott, chairman of Bluefield Solar, said: “We are delighted to announce a landmark transaction for the sector in the completion of the second phase of Bluefield Solar’s strategic partnership with GLIL, providing a significant source of capital for BSIF while validating Bluefield Solar’s net asset value through this endorsement from an institutional investor of the highest calibre.”

Scott said the cash proceeds of £70m will be used prudently to reduce Bluefield Solar’s leverage while also enabling Bluefield Solar to commit further capital to its development pipeline. 

“The new projects in development provide an exciting opportunity for significant value accretion for shareholders while also expanding the UK’s solar resources to help achieve our national climate goals,” Scott said.

To read the latest IPE Real Assets magazine click here.