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Bluefield Partners announce 5 year framework agreement with IDSUD Energies

Bluefield Partners and IDSUD Energies announce a 5-year framework agreement, financed with a Kommunalkredit warehouse facility

Bluefield Partners LLP (“Bluefield”) is pleased to announce the closing of Project Germain, its first transaction in France, with IDSUD Energies SAS (“IDSUD Energies”), a French solar developer.

With over €1.2bn under management in the UK and Europe and after acquiring projects in the Netherlands and Italy, Bluefield successfully continues its European expansion. Project Germain is a framework agreement between Bluefield and IDSUD Energies, which aims to deliver 25 MWp of rooftop projects every year for 5 years. The projects will be located throughout France and each will benefit from a 20-year feed-in tariff. Individual assets will have a capacity between 36kWp and 500 kWp and will be installed on both existing and newly built roofs.

The first year of the framework agreement is financed through a warehouse facility provided by Kommunalkredit Austria AG (“Kommunalkredit”). Along with warehoused assets in other European markets, Project Germain forms part of a seed portfolio for Bluefield’s new European Renewable Energy Fund, which is expected to achieve first close in first half of 2022.

Giovanni Terranova, Managing Partner of Bluefield, stated: “Project Germain represents a significant milestone in Bluefield’s European drive. France is the third EU market where we have successfully closed a solar transaction, France is a difficult to penetrate but quite attractive market for us and we want to grow there. Our ambitions do not stop there, we aim to continue this trend and hope to announce deals in additional geographies soon.

“We are very pleased that with our partners at IDSUD Energies and Kommunalkredit, Bluefield is now a step closer to launching its new pan-European fund. This is an exciting moment to invest in European renewables and Bluefield can leverage its 12-year track-record in identifying, acquiring and optimising assets across the continent.”

Stéphane Pieri, CEO of IDSUD Energies, added: “IDSUD Energies is very pleased to formalise its collaboration with Bluefield, a leading investor. This partnership is a strength in the very dynamic market of renewable energies in France. We thank Bluefield for the trust placed in our group and in particular its subsidiaries, RED ENERGIES for the development of projects and KEHUA France, which will supply all the systems.”

Birgit Brinda, Head of Structuring & Execution at Kommunalkredit, said: “The European-wide warehouse facility for Bluefield underlines our client-centric approach and flexibility. Through catering to the specific structuring needs of our client, we are adding real value for their strategic development, while simultaneously supporting national and international climate goals through investing in renewable energy.”

Kreen Ltd, led by Olivia Eijking, acted as a transaction adviser for Bluefield.

The project name was chosen in honour of Marie-Sophie Germain, an 18th century French mathematician, physicist, and philosopher. Germain made substantial contributions to the study of acoustics, the elasticity theory, and the theory of numbers, and became the first woman in history to win a prize at the Paris Academy of Sciences.

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About Bluefield Partners LLP (Bluefield)

Bluefield was established in 2009 and is an investment adviser to companies and funds investing in renewable energy infrastructure. It has a proven record in the selection, acquisition and supervision of large-scale energy assets in the UK and Europe. The team has been involved in over €2.2 billion renewable funds and/or transactions in both the UK and Europe since 2008.

About Kommunalkredit Austria AG

Kommunalkredit is a specialist for infrastructure and energy financing. Together with its customers as partners, the bank creates values that continuously improve people’s lives. Main investment segments are energy & environment; communications & digitalisation; transportation; social infrastructure; natural resources.