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Bluefield Advised On £217m Solar Portfolio Refinancing By Burges Salmon
Burges Salmon, the independent UK law firm, has advised investment company Bluefield Solar Income Fund on the £217 million refinancing of a portfolio of solar parks onto a long-term whole-business style debt platform.
Bluefield SIF Investments Limited entered into a £187 million long-term debt facility provided by Aviva and a £30 million short-term revolving credit facility provided by The Royal Bank of Scotland plc. The facilities fully refinance the short-term £200 million amended and restated facility agreement with RBS and Investec Bank plc entered into in January 2016.
The Burges Salmon team, led by Banking partner Graham Soar and combining Banking, Real Estate and Tax lawyers, advised Bluefield Solar Income Fund on all aspects of the financing; from term-sheet compilation and negotiation through to financial close. RBS and Investec acted as financing advisers to the Borrower.
We have had the pleasure of advising our long-standing client Bluefield during the building of the portfolio.
Graham Soar commented: “We have had the pleasure of advising our long-standing client Bluefield during the building of the portfolio and we are delighted to have advised Bluefield on this key milestone in the development of its business. To do so alongside our clients Investec and RBS as financing advisers to Bluefield was a welcome bonus. This is a landmark renewable energy sector financing transaction and we look forward to supporting Bluefield in its future growth.”