DLA Piper advise Bluefield Solar Income Fund on solar portfolio financing

DLA Piper has advised Bluefield Solar Income Fund on its up to GBP120 million platform financing from Santander and NatWest to fund the construction of a pipeline of four solar PV projects in the UK.

The portfolio comprises 249MW of ready-to-build solar PV based in North East England, co-developed alongside Bluefield Renewables Development. All sites have received Gate 2 Phase 1 offers, are CfD backed (two AR5, one AR6 and one AR7) and have targeted connection dates from 2027 to 2028.

The DLA Piper team advising on the financing was led by partners Seán McGrenaghan and Natasha Luther-Jones, Senior Associates Charlotte Eliades, Simon Winterburn and Tom Metcalfe along with Associate Charlie Bridges.

DLA Piper project finance partner, Seán McGrenaghan commented: "This financing is a great result for Bluefield, securing funding to build out its pipeline of solar PV projects over the next few years in an efficient way. Well done to the Bluefield team on what has been an example of great collaboration with the excellent Akereos, NatWest and Santander teams and which will help Bluefield deliver on the build out of its strong UK solar pipeline".

Natasha Luther-Jones, Global Co-Chair of Energy and Natural Resources at DLA Piper, added "This is another great example of the DLA Piper team delivering for our clients on renewable portfolio financings. The team has closed a succession of these transactions this year and we look forward to them continuing to help our clients deliver innovative structures that are necessary for the UK to reach its climate goals."