Drax Group Acquires Bluefield Solar for £561M in UK Renewables Push
Drax Group agreed to acquire Bluefield Solar Income Fund (BSIF) for approximately £561 million ($755 million) in an all-cash deal, pausing its share buyback program. The acquisition adds 900 MW of operational solar and wind assets across over 200 UK sites, plus a 2.9 GW development pipeline. The deal requires 75% BSIF shareholder approval and is expected to close in Q3 2026. Drax aims to invest up to £2 billion in flexible and renewable energy, diversifying revenue and boosting earnings.
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Drax Group Agrees $755 Million All-Cash Acquisition of Bluefield Solar Income Fund
UK-based renewable energy company Drax Group has agreed to acquire Bluefield Solar Income Fund (BSIF) in an all-cash deal valued at approximately £561 million ($755.4 million). The transaction will be executed through Drax's wholly owned subsidiary, Drax Smart Generation Holdco, via a court-sanctioned scheme of arrangement. BSIF shareholders will receive 92.57p per share, with an additional 2.25p per share for those qualifying for the second interim dividend, totaling 94.82p per share. The offer represents a 28% premium over BSIF's closing price on November 4, 2025, and a 19% premium to its one-month volume-weighted average price. BSIF's enterprise value is set at approximately £1.08 billion. BSIF, established in 2013 as the UK's first listed solar-focused investment company, owns 121 photovoltaic plants, six wind farms, and 109 small-scale onshore wind turbines, with total operational capacity of 748.7MW, plus a 25% stake in a 412.1MW joint venture. Both boards have recommended the deal, and BSIF directors holding shares have irrevocably committed to support it.
Yahoo FinanceDrax Group Agrees $755 Million All-Cash Acquisition of Bluefield Solar Income Fund
UK-based renewable energy company Drax Group has agreed to acquire Bluefield Solar Income Fund (BSIF) in an all-cash deal valued at approximately £561 million ($755.4 million). The transaction will be executed through Drax's wholly owned subsidiary, Drax Smart Generation Holdco, via a court-sanctioned scheme of arrangement. BSIF shareholders will receive 92.57p per share in cash, with an additional 2.25p per share for those qualifying for the second interim dividend, bringing total consideration to 94.82p per share. The offer represents a 28% premium over BSIF's closing share price on November 4, 2025, and a 19% premium to its one-month volume-weighted average price. BSIF's enterprise value is set at approximately £1.08 billion. BSIF, established in 2013 as the UK's first listed solar-focused investment company, owns a portfolio of 121 photovoltaic plants, six wind farms, and 109 small-scale onshore wind turbines, with total operational capacity of 748.7MW, plus a 25% stake in a 412.1MW joint venture. Both boards have recommended the deal.
Yahoo FinanceDrax Group Announces GBP 561 Million All-Cash Offer for Bluefield Solar Income Fund
Drax Group plc, via its CEO Dwight Gardiner, announced a recommended all-cash offer to acquire Bluefield Solar Income Fund (BSIF), a UK-listed company, for approximately GBP 561 million. The acquisition is subject to 75% shareholder approval and regulatory conditions, with a scheme document to be posted within 28 days. The deal is expected to close in Q3 2026. Gardiner highlighted the strategic fit, noting it will substantially grow Drax's UK renewables business and increase total group generating capacity by about 19%. The acquisition supports UK energy objectives for demand, security, and affordability.
All Articles on Seeking AlphaDrax Group Pauses Buyback as £561M Bluefield Solar Deal Boosts UK Renewables
Drax Group has agreed to acquire Bluefield Solar Income Fund (BSIF) for approximately £561 million in an all-cash deal, significantly expanding its UK renewables portfolio. The acquisition adds about 900 megawatts of operational solar and wind assets across more than 200 sites in England, Scotland, Wales, and Northern Ireland, plus a 2.9-gigawatt development pipeline. Drax CEO Will Gardiner said the deal aligns with the company's strategy to invest up to £2 billion in flexible and renewable energy, moving Drax toward three generating businesses: biomass, flexible generation, and intermittent renewables. The transaction is subject to BSIF shareholder approval (requiring 75% of votes cast) and regulatory conditions, with completion expected in Q3 2025. Drax will fund the purchase via bridge financing and pause its share buyback program until the deal closes, while maintaining its net debt target of around 2x adjusted EBITDA. The company expects the acquisition to boost earnings, reduce risk through increased contracted revenues, and unlock trading, operational, and energy services synergies.
Yahoo FinanceDrax Group Pauses Buyback as £561M Bluefield Solar Deal Boosts UK Renewables
Drax Group (LON:DRX) has agreed to acquire Bluefield Solar Income Fund (BSIF) for approximately £561 million in an all-cash deal, pausing its share buyback program pending completion. CEO Will Gardiner stated the acquisition significantly expands Drax's UK renewables business and aligns with its strategy to invest up to £2 billion in flexible and renewable energy. BSIF holds about 900 megawatts of operational solar and wind assets across over 200 UK sites, plus a 2.9-gigawatt development pipeline. For the fiscal year ending June 2025, BSIF generated roughly £130 million in EBITDA and £118 million in free cash flow. The deal requires 75% shareholder approval from BSIF and is expected to close in Q3 2026. Drax anticipates the acquisition will be earnings accretive and improve its risk profile by diversifying revenue streams.
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