United Kingdom

Lightsource bp supports renewable asset growth for Bluefield Solar and GLIL Infrastructure

Lightsource bp, a global leader in the development and management of solar energy projects, today announces the sale of a portfolio of 58 operational assets to a consortium formed of Bluefield Solar Income Fund (‘Bluefield Solar’), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, and GLIL Infrastructure (‘GLIL’), the £3.6 billion infrastructure investment fund. Lightsource bp will continue to provide Operations & Maintenance and Asset Management services to the portfolio.

Ownership of the utility scale solar assets has been transferred, as part of Lightsource bp’s asset growth partnership strategy, supporting investors and utilities in growing renewable portfolio. Lightsource bp is active in 19 markets around the world and is exploring more than 60GW of solar and energy storage project opportunities. This transaction highlights Lightsource bp’s extensive experience and capabilities in delivering large-scale renewable energy projects in the UK. This is true not just in the UK, where Lightsource bp has developed around 20% of all operational utility-scale ground-mount solar, but across the globe.

The equity value of the portfolio is £105.8 million. GLIL is a partnership of UK pension funds and pools that has invested more than £2.9 billion into a growing portfolio of infrastructure assets spanning renewable energy, energy storage, utilities, ports, trains, hospitals and schools, whilst Bluefield Solar is the owner and operator of a UK renewable infrastructure portfolio of over 812MWp and a development pipeline of over 1.4GWp of solar and storage projects.

The projects, with a total installed capacity of 247MW, were developed by Lightsource bp from 2011 onwards and are mostly supported by UK subsidy regimes, most notably the Feed-in-Tariff regime and the Renewable Obligations Certificates. Lightsource bp will continue to provide world-class operations and maintenance and asset services to the projects. This aligns with the increasing global demand for low-carbon energy solutions and exemplifies Lightsource bp’s commitment to leading innovative solutions that help pave the way for a more sustainable future. The company’s ability to deliver on such significant projects not only demonstrates its expertise in the sector but also reflects its dedication to contributing to a more resilient and sustainable energy landscape.

Kareen Boutonnat, CEO for EMEA and APAC at Lightsource bp, said: “Partnerships like this one with GLIL and Bluefield enable Lightsource bp to continue growing at pace and scale. By reinvesting capital into new opportunities around the world, we can continue to unlock decarbonisation for utilities, businesses and governments. It is also a clear demonstration of how renewable energy partnerships between developers, investors and corporations must play a vital role in accelerating the energy transition.”

Julia Carter, Deputy Portfolio Manager at GLIL Infrastructure, said: “We are very excited to be acquiring a substantial portfolio of operational solar assets and to be working with Bluefield and Lightsource bp as strategic partners. All of our members are committed to driving the energy transition towards a net zero future and these assets make a welcome addition to our growing 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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