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Bluefield Mulls Second Attempt for European Solar Fund in 2016

   (Bloomberg) — Bluefield LLP is considering a second listing attempt for its Europe-focused solar fund in 2016 after market turmoil reduced investor interest in July.
    “We are very actively looking at European markets at the moment,” said James Armstrong, managing partner at London-based Bluefield, in a telephone interview. “Some are very, very attractive for investment. We are working on it in 2016.”
    Bluefield postponed the July initial public offering of Bluefield European Solar Fund, which it said would have been worth about 200 million euros ($220 million), after market uncertainty grew over the Greek debt crisis.
    “That’s settled down a bit now,” said Armstrong. “Our strong view, that has been consistent, is that Europe offers fantastic opportunity for a solar fund.”
    The low interest rate environment coupled with solar- investment incentives from governments can deliver “very attractive levels of revenues and income in certain markets,” he said.
    Bluefield hasn’t decided whether it would list on the London Stock Exchange or somewhere else, Armstrong said, adding that his company seeks to buy operational assets rather than build new ones from scratch.
    The company’s U.K-focused Bluefield Solar Income Fund Ltd. said on Thursday that second-half earnings per share rose 34 percent, to 4.66 pence, compared to the same period the year before. It paid a quarterly dividend of 1.50 pence after increasing its portfolio to 400 megawatts from 260 megawatts.