Drax Group (LON:DRX) Chief Executive Will Gardiner said the company’s recommended all-cash offer to acquire Bluefield Solar Income Fund would significantly expand Drax’s U.K. renewables business and broaden its generation portfolio, while prompting a pause in its current share…
yback program pending completion. Speaking on a call after the company issued an RNS, Gardiner said Drax had agreed a proposed acquisition of Bluefield Solar Income Fund, or BSIF, for approximately £561 million
The transaction remains subject to approval by BSIF shareholders and other regulatory conditions. The shareholder vote requires 75% of votes cast to be in favor, and a scheme document is expected to be posted to BSIF shareholders within 28 days of the meeting. Drax expects the acquisition to become effective during the third quarter of this year.
Gardiner described BSIF as “an attractive opportunity to substantially grow our U.K. renewables business,” adding that the deal is aligned with Drax’s strategy to allocate up to £2 billion into flexible and renewable energy. He said the acquisition would move Drax toward three substantial generating businesses: biomass, flexible generation and intermittent renewables. Bluefield Portfolio Adds Solar, Wind and Development Pipeline Bluefield Solar Income Fund is a U.K.-listed investment fund with about 900 megawatts of operational solar and wind assets across more than 200 sites in England, Scotland, Wales and Northern Ireland, Gardiner said.