Trina Solar has offloaded its third solar power project in the UK in-line with its strategy to develop and sell power assets.
The China-based solar power giant sold the 49.99 MW solar photovoltaic (PV) power plant located in Norfolk. The project has been acquired by Bluefield Solar Income Fund (BSIF) for $87.7 million. BSIF will provide a bridge loan which will be used by Trina Solar to finance the project once the sale is completed.
With this sale Trina Solar has developed and sold three large-scale solar power projects with cumulative capacity of 73.76 MW. The Norfolk project was commissioned in Q3 2014 and was connected to the grid earlier this year making it eligible for a higher renewable obligation certificate multiplier of 1.4.
Bluefield Solar Income Fund Limited make equity and debt investments in renewable energy assets. The company has “led acquisitions of, and currently advises on” over 50 renewable energy assets. It currently has stakes in at least 15 solar PV projects with a cumulative capacity of over 160 MW.
Trina Solar may sell solar power assets in similar deals in the near future as the company plans to install 700-750 MW capacity this year.
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