Drax agrees $755m all-cash acquisition of BSIF

UK-based renewable vigor institution Drax Group has agreed presumption to get Bluefield Solar Income Fund (BSIF) successful an all-cash woody worthy astir £561m ($755.4m).

Listed connected the London Stock Exchange, BSIF owns and develops UK-based star and upwind vigor assets.

Drax Group volition execute the transaction done its wholly owned subsidiary, Drax Smart Generation Holdco.

The woody volition beryllium implemented done a court-sanctioned strategy of statement nether Part VIII of the Companies Law.

Under the presumption of the deal, BSIF’s shareholders volition person 92.57p successful currency per share, valuing the full issued stock superior of BSIF astatine astir £548m.

Shareholders who suffice for BSIF’s 2nd interim dividend volition besides person an further 2.25p per share, making a full information of 94.82p per stock and bringing the transaction’s full worth to astir £561m including the dividend.

The connection terms represents a premium of 28% connected the closing terms of 72.2p per BSIF stock connected 4 November 2025, the past concern time earlier the commencement of the connection period.

It besides offers a 19% premium to BSIF’s one-month volume-weighted mean terms of 78.06p per stock connected that date. The transaction sets BSIF’s endeavor worth astatine astir £1.08bn.

The boards of some companies person recommended the transaction. The BSIF directors, advised connected the fiscal presumption by Deutsche Numis and Rothschild & Co, described the connection arsenic just and reasonable.

All BSIF directors who clasp shares, representing 176,800 shares oregon 0.03% of issued superior arsenic of 29 May 2026, person irrevocably undertaken to enactment the deal.

BSIF seat Michael Gibbons said: “The BSIF committee is pleased with the decision of this process and believes the acquisition astatine a 31% premium (including the permitted dividend) to the closing stock terms connected 4 November 2025, represents a highly charismatic result for BSIF Shareholders and a compelling accidental to crystalise worth successful cash.

“The BSIF committee unanimously recommends that BSIF shareholders ballot successful favour of the acquisition.”

BSIF was established successful 2013 arsenic the UK’s archetypal listed concern institution focused connected star vigor infrastructure.

As of 31 December 2025, BSIF’s portfolio included 121 photovoltaic (PV) plants, of which 79 are ample scale. The institution besides owns six upwind farms and 109 small-scale onshore upwind turbines.

Overall, these star and upwind assets, which are afloat owned by the company, person a full operational capableness of 748.7MW.

In addition, BSIF holds a 25% involvement successful a 412.1MW associated task portfolio with GLIL Infrastructure, making full operating capableness 851.8MW. This includes 793.5MW of star and 58.3MW of onshore wind.