UK solar investor Bluefield Solar Income Fund agreed to acquire 28 feed-in tariff (FiT) photovoltaic (PV) systems in the UK for £5.95 million ($9.4 million) in total. The deal will be funded through the Fund’s Royal Bank of Scotland revolving credit facility.

The assets are currently held by another Bluefield Partners-managed fund, namely Bluefield Solar EIS Fund.

In a move to diversify into FiT projects, Bluefield Solar Income Fund is buying a 463-kWp commercial rooftop installation and two portfolios of 430 kWp and 824 kWp. The fund said the acquisition will give it greater access to attractive FiT revenue, which is fully Retail Price Index (RPI) indexed. Currently more than 97% of its portfolio consists of Renewable Obligation Certificate (ROC) regime projects.

Each of the assets relies on FiT for between 83% and 89% of its revenue, with the remainder contracted with the respective industrial offtaker, according to the announcement. The two portfolios include systems that are all but one located on water treatment plant sites owned by Thames Water Utilities. (£1.0 = $1.577/€1.351)