Independent law firm facilitates a long-term solar venture

In a significant move to enhance investment in the UK solar market, independent UK law firm Burges Salmon has played a pivotal role in advising Bluefield Solar Income Fund on its strategic partnership with UK-based infrastructure fund GLIL Infrastructure. The collaboration, facilitated by Burges Salmon's Corporate and M&A team, aims to bolster the acquisition and management of UK solar energy assets.

The partnership unfolds in three distinct phases, with the first phase already underway. Bluefield Solar and GLIL are jointly acquiring a portfolio of 58 operational assets with a total capacity of 247MW from Lightsource bp. The transaction, requiring approval under the National Security and Investment Act 2021, is anticipated to conclude in early 2024. Burges Salmon's Energy Transition team, led by corporate partner Jonathan Eves and senior associate Bethan Penrhyn-Jones, is actively involved in this phase.

The second phase involves the provisional agreement to acquire a 50% stake in a separate portfolio of over 100MW of operational UK solar energy assets owned by Bluefield Solar. The completion of this deal is anticipated in the first half of 2024.

In the third and final phase, GLIL and Bluefield Solar have provisionally agreed to fund selected projects from Bluefield Solar's development pipeline. These assets are expected to be grid-connected over the next two to three years.

The Burges Salmon team, led by partner Malcolm Donald and associate Ellie Shanahan based in Edinburgh, has been instrumental in advising Bluefield Solar on the intricacies of the partnership with GLIL.

Malcolm Donald, commenting on the partnership, said, "Following the call at COP28 for solar capacity to triple by 2030, it’s really encouraging to see a partnership such as this one come to fruition, pooling resources to invest in existing assets and develop new projects across the UK."

Neil Wood, Partner at Bluefield Partners, expressed appreciation for Burges Salmon's guidance, stating, "Burges Salmon’s knowledge and experience in establishing partnerships for solar energy acquisitions and investments was vital, and we’re grateful for the team’s excellent guidance throughout this project."

This strategic partnership not only reflects the commitment to increasing solar capacity but also signifies a collaborative effort to drive sustainable energy initiatives in the UK.