Global law firm Ashurst is advising J.P. Morgan Securities plc as financial adviser to Drax Smart Generation Holdco Limited ('Drax Bidco') on the recommended cash acquisition of Bluefield Solar Income Fund Limited ('BSIF').
BSIF is a publicly listed investment company which operates a portfolio of UK based renewable energy infrastructure assets, including photovoltaic plants, wind farms and small-scale wind turbines. It was established in 2013 as the first UK-listed investment company focused primarily on UK solar energy infrastructure. Drax Bidco is a wholly-owned subsidiary of Drax Group plc, a renewable energy company engaged in renewable power generation, the production of sustainable biomass and the sale of renewable electricity to businesses.
The acquisition values the entire issued and to be issued share capital of BSIF at approximately £548 million and the terms of the acquisition represent an enterprise value for BSIF of approximately £1,082 million.
The Ashurst team is being led by partners Tom Mercer and Darren Phelan, with support from senior associates Colin Bugler and Andrew Thomson and associate Lucrezia Lawrance.
