en.Wedoany.com Reported - UK power company Drax Group has agreed to acquire London-listed renewable energy investment firm Bluefield Solar Income Fund in a cash deal valued at £548 million. Under the terms of the agreement, Bluefield shareholders will receive 92.574 pence per share in cash and may retain an interim dividend of 2.25 pence per share, payable around June 15. Including the allowed dividend, Drax's acquisition values Bluefield at approximately £561 million, representing a 31% premium to the closing price on the last trading day before the offer period began (November 4, 2025).

The Drax acquisition will provide the company with a portfolio of approximately 900 MW of operational and under-construction solar and wind assets, as well as a development pipeline of over 1 GW (with a total capacity of 2.9 GW) to be built over the next decade. These assets will complement Drax's existing portfolio of approximately 2.2 GW of FlexGen assets and 2.6 GW of biomass capacity. The Drax acquisition is part of the group's plan to invest £2 billion in flexible and renewable energy initiatives this decade.

Will Gardiner, CEO of Drax, stated: "The UK energy system is evolving rapidly, and Drax is transforming to meet its changing needs. We are excited about the opportunities to invest in and grow our business, supporting the nation's long-term energy security by adding new sources of power generation and energy storage to our portfolio." Michael Gibbons, Chairman of Bluefield, noted that changes in the interest rate environment since autumn 2022 have led to Bluefield's shares trading at a double-digit discount to net asset value, and "without new capital to invest in new projects, the quarterly net asset value of the portfolio naturally declines as dividends are paid."

The acquisition will be implemented through a court-sanctioned scheme of arrangement and is expected to take effect in the third quarter of 2026. For the fiscal year ending June 2025, Bluefield achieved underlying earnings of £95 million and EBITDA of approximately £130 million.

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