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Carey Olsen and Heritage advise on new renewables fund launched on LSE

Carey Olsen and Heritage International Fund Managers have advised on the launch of a new Guernsey closed-ended fund which raised GBP130m on listing on the premium segment of the London Stock Exchange on 12 July 2013. 

A first of its kind in the UK, Bluefield Solar Income Fund will focus on investing in large scale agricultural and industrial PV (Photovoltaic) solar assets.
Carey Olsen advised on the establishment of the fund as a Guernsey structure and all relevant regulatory approvals with the Guernsey Financial Services Commission. Corporate partner Ben Morgan and senior associate Annette Alexander led the team and partnered with Norton Rose Fulbright as lead counsel. Heritage acts as the administrator to the fund. The firms worked closely with Numis Securities, the sponsors of the transaction, and KPMG, the reporting accountants.
Morgan says: "The Bluefield Solar Income Fund is notable for a number of reasons not least it is part of an emerging trend we are seeing in terms of investor interest in renewable energy funds. This is due, in part, to the UK government’s focus on fostering alternative energy projects.
“This is certainly a growth area, as these funds tend to have consistently strong values, as indicated by Bluefield Solar Income Fund’s IPO success.”
Laurence McNairn, director of Heritage and non-executive director of the fund board, led the team at Heritage, supported by associate director Kevin Smith. 
McNairn says: “The efforts put into this transaction by all parties involved have been highly commendable. The Bluefield team have put together a product that not only appeals to investors’ current appetite to support renewable energy sources but also meets investor demand for a predictable long term, stable yield. We are delighted to have supported Bluefield and its advisors in establishing the fund in what are extremely challenging fundraising conditions.”

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