Bluefield successfully exits the Bluefield Sole vehicle

Bluefield is pleased to announce the successful exit of Project Vela (‘the project’).  The project entailed the sale of a portfolio comprising ten solar photovoltaic (‘PV’) plants in Southern Italy, from Sole Solar Limited, advised by Bluefield, to an undisclosed leading Italian renewable infrastructure fund.

Since the acquisition in 2019, Bluefield has directed a series of substantial operational improvements, with an unwavering commitment to quality assurance from 2020 to 2023. Strategic debt restructuring, value creation, and operational enhancements have been realised through Bluefield’s integrated platform, covering investment, asset management, engineering, and monitoring.  This has resulted in elevated asset value and performance, with improvements in efficiency, cost reductions, and adherence to full compliance.

The financial landscape of the project was transformed through restructuring and leading to improved repayment terms.  Additionally, a refinancing agreement with UniCredit in April 2022 further enhanced the portfolio’s financial health by removing cash sweeps and other restrictive mechanisms that could have detracted from the project’s value.

Having accomplished the operational and financial optimisation in line with the investment thesis at acquisition, Bluefield has strategically sold the portfolio to a long-term reputable consolidator in the Italian renewable marketspace.

For independent due diligence in the transaction, Bluefield utilised the expertise of CMC Capital for financial advice, Green Horse Advisory for legal counsel, Kiwa Moroni for technical guidance, and Studio ICFC to manage tax and accounting details.

Alberto Paturzo, Managing Director at Bluefield Southern Europe, commented: “From a sustainability standpoint, we are pleased to have turned around the Vela portfolio and followed through on our initially planned improvement strategies to deliver greater operational efficiency.

“After our active management of Project Vela, we believe that changing ownership to a leading player in the Italian market could not come at a better time.  Returns have exceeded initial estimates, affirming Bluefield’s skill in investment selection, execution, and value enhancement across the whole market cycles; our focus on Italy’s renewable goals and investor value remains strong.”

About Bluefield

Founded in 2009 and based in London, The Bluefield group of companies provides M&A, asset management, development and construction management services throughout the lifecycle of the renewable assets under management, specialising in greenfield and brownfield solar PV, onshore wind, and battery storage.  With over a decade in the sector, Bluefield has developed a comprehensive platform covering investment, asset management, and technical services to speed up the shift to clean energy and net zero.

As it stands, Bluefield manages assets worth over €1.7 billion across the UK and EU, with a keen eye on shareholder interests. The company employs around 150 people across the UK and Europe, all committed to safeguarding assets and delivering profit with purpose for a sustainable future.

For further information:

Bluefield Partners LLP
Juliet Drinkwater, Investor Relations Manager
Tel: +44 (0) 7562 616 567
www.bluefieldllp.com

Bluefield Italia Srl
Alberto Paturzo, Director for Southern Europe
Tel: +39 06 9779 7145
info@bluefieldtalia.com

Media enquiries:
Buchanan (PR Adviser)
Henry Harrison-Topham / Henry Wilson
Tel: +44 (0) 20 7466 5000
www.buchanancomms.co.uk