Guernsey's growing reputation as a centre of excellence for launching listed renewable energy funds has been reinforced by the innovative Bluefield Solar Income Fund.

The Guernsey registered, closed-ended collective investment scheme has raised £130 million on listing on the premium segment of the London Stock Exchange (LSE) on 12 July 2013.

A first of its kind in the UK, the 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 (GFSC). Ben Morgan, Corporate Partner and Annette Alexander, Senior Associate, led the team and partnered with Norton Rose as lead counsel.

Advocate Morgan said: "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."

Heritage International Fund Managers acts as the administrator to the fund. Laurence McNairn, Director of Heritage and Non-Executive Director of the fund board, led the team at Heritage, supported by Associate Director Kevin Smith.

Mr McNairn commented: "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."

Both Heritage and Carey Olsen worked closely with Numis Securities, the sponsors of the transaction and KPMG, the reporting accountants.

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