GLIL expands renewables portfolio with £200m UK solar investment

GLIL Infrastructure is investing £200m (€230.7m) to buy 58 operational UK solar energy projects as part of a newly created partnership with London-listed UK income fund Bluefield Solar.

GLIL, the fund backed by a number of UK local government pension schemes, has formed the partnership with Bluefield Solar to initially acquire the 247MW solar portfolio from solar energy projects Lightsource bp. 

The deal will see Bluefield Solar investing £20m alongside GLIL’s £200m contribution to the acquisition.

The projects, developed by Lightsource bp from 2011, are predominantly located across southern and central England.

As part of the newly created partnership, GLIL said it will also provisionally acquire a 50% interest in a separate portfolio of more than 100MW of operational UK solar energy assets currently owned by Bluefield Solar.

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

Julia Carter, deputy portfolio manager at 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.”

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