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Share Name Share Symbol Market Type Share ISIN Share Description
Bluefield Solar Income Fund Limited LSE:BSIF London Ordinary Share GG00BB0RDB98 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50p -0.38% 130.00p 130.00p 130.50p 130.50p 130.00p 130.00p 276,232 16:35:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.7 34.8 9.4 13.8 480.75

Bluefield Solar Income Share Discussion Threads

Showing 76 to 100 of 200 messages
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DateSubjectAuthorDiscuss
30/9/2017
13:44
I am just so pleased BSIF that as you know I bought last week is mentioned in the Investor's Chronicle. There is a whole section on Funds and renewable energy. The adaption to lower subsidies and where the growth opportunities are coming from is discussed. They is a nice little piece on BSIF Bluefields Solar Income fund explaining that they can wring out further income from the projects they do own rather than acquisition. BSIF is the highest - yielding trust in the sector at 6.4 per cent and is taking this approach. Again later in the piece 'The fact that they are trading at a premium shows the market thinks they are still sound investments and they continue to pay nice attractive dividends' said Mr de Bunsen from a different company.
hazl
28/9/2017
13:24
http://investing.thisismoney.co.uk/news/article/id/5668387/
hazl
28/9/2017
12:31
How the £583m Bluefield Solar Income fund is benefitting from a 'transformative market' 330% increase in AUM since launch The outlook for the renewables fund sector is looking more positive than ever as demand continues to grow from investors searching for yield and renewable energy becomes part of the "mainstream" according to James Armstrong, managing partner at Bluefield Partners. Earnings and dividends (pps) In its annual results released last week for the 12 months to 30 June, the £583m Bluefield Solar Income fund revealed a NAV total return of 18.5%, a share price total return of 23% and a third consecutive year of dividend outperformance against its targets (see table, right). It is also the top performing fund in its AIC Infrastructure - Renewable Energy sector over one and three years. Popularity Armstrong, who founded and manages Bluefield alongside Mike Rand and Giovanni Terranova, attributes its success to being in a sector that is becoming increasingly popular, while using a focused and simple strategy. 'Traditional asset classes cannot be relied upon to provide enough diversification in multi-asset portfolios' He said: "Solar assets are the most predictable and simplest area within renewables. There are no moving parts, gear boxes or wind turbines and its energy source comes in the morning and goes at night. "Solar power is also becoming more mainstream. Some of the UK's biggest companies are committing to becoming 100% renewable, which is something that will not turn back now. "We entered the space in 2006 when renewables were esoteric but now new government policies and concepts such as electric vehicles show we are in the middle of a transformative market. There is now a level playing field, which is more attractive to us." Stability As a result, the team believes renewable energy is a stable asset class and the low interest rate environment means the space is particularly attractive to investors hunting for yield. The trust is currently yielding 6.4%, which is 0.8 percentage points above the sector weighted average, according to Canaccord Genuity. Since its launch in 2013, the trust has followed a full pay-out model, whereby all income is paid to shareholders and not held back. For a third year running, it has exceeded its dividend per share target and declared a fully-covered DPS of 7.25p. The alternatives sector has become more popular in recent years, particularly within the investment trust space as the closed-ended structure means investors do not need to worry so much about liquidity issues. Armstrong added: "Trusts are also cost-effective and more transparent. It is a structure which enables assets to grow in a sensible way." Growth A study released earlier this year by the Association of Investment Companies (AIC) revealed the top 20 fastest growing trusts by AUM were all within the alternatives sector, with renewable energy and social housing funds being the most popular. Bluefield Solar Income came in eighth place, having seen a 332.5% increase in AUM as at July 2017, since it launched with just £130m in July 2013. But despite this success, Armstrong said the team never sets itself a false target. He added: "We do not need to reinvest earnings to make returns. We just buy at the right price and pay out all the earnings. We are pleased to say we could make no investment today, yet we could still deliver returns to our shareholders." Over three years to 18 September, the trust has returned 32.5% in share price terms, outperforming its sector average return of 27.9%, according to FE Trustnet. It is currently trading on a 4.4% premium, in line with its 12-month average.
douglas fir
28/9/2017
12:29
How the £583m Bluefield Solar Income fund is benefitting from a 'transformative market' The outlook for the renewables fund sector is looking more positive than ever as demand continues to grow from investors searching for yield and renewable energy becomes part of the "mainstream" according to James Armstrong, managing partner at Bluefield Partners. hxxps://www.investmentweek.co.uk/investment-week/news/3017753/how-the-gbp583m-bluefield-solar-income-fund-is-benefitting-from-a-transformative-market?utm_medium=email&utm_term=&utm_content=&utm_campaign=IW.SP_01.Daily_RL.EU.A.U&utm_source=IW.DCM.Editors_Updates&im_edp=aol.com&;im_company=DE%20EENDRAGT%20PENSIOENFONDS&utm_medium=email
douglas fir
28/9/2017
12:12
This is a slightly older article from i i i 'Renewables Bluefield Solar Income Investors who want a higher yield and a lower discount than currently available via infrastructure investment companies might prefer one of the growing range of renewable energy trusts. We prefer solar energy specialists to wind, as solar is less politically contentious and less damaging to the landscape. As none of the companies concerned has a long track record, we are opting for Bluefield Solar Income (BSIF), as it has the highest yield and has achieved the highest NAV total return over the past year, but trades on the lowest premium in its sub-sector. Its portfolio is well-diversified by geography (stretching from Cornwall to Norfolk), asset type (including agricultural and industrial) and subsidy.'
hazl
28/9/2017
12:06
'A second macro driver is the pick-up in global inflation. Analysis suggests that most inflation in the global system is non-core, driven by energy prices rising off low levels and food prices responding as a second order effect (and also to poor growing conditions globally in the latter months of 2016). Whilst it is doubtful, therefore, there will be any meaningful pick up in UK core inflation over the medium term (with imported inflation and energy price increases working through the time series over 12 months), increases of any kind benefit infrastructure assets. An illustration of the magnitude of this effect is evidenced by the second half 2016 NAV performance of Bluefield Solar Income fund Limited where an increase in the long-term assumption of RPI uplifts within their projects by 0.25%, from 2.5% to 2.75%, increased NAV by 2.8%. The contrast against the negative effect rising inflation and market interest rates would have on bond funds is clear. ' http://citywire.co.uk/wealth-manager/news/politics-and-macro-have-aligned-behind-infrastructure/a1023108
hazl
27/9/2017
18:28
I expect it is to do with subscribing now perhaps? Pity it was a good video.
hazl
27/9/2017
18:24
http://www.bluefieldsif.com/
hazl
27/9/2017
18:14
https://www.youtube.com/watch?v=hq09dhuVMkw TRY THIS INSTEAD
hazl
27/9/2017
18:12
I don't understand why the video has been removed. It was fine for some time. It is the Proactive site and an interview on BSIF on the 26th September. It came across quite well actually.
hazl
27/9/2017
14:44
https://www.youtube.com/watch?v=axqELCxd6cg
hazl
27/9/2017
14:34
Again if you're at all worried about Corbyn and utility companies, this serves a similar purpose,minus the political risk in that respect,perhaps.
hazl
27/9/2017
12:45
Anyway fundamentals alone make this pretty impressive so I've just got a few.
hazl
27/9/2017
12:44
Anybody know if you qualify for the dividend if you buy today?
hazl
26/9/2017
13:25
Yes I agree A0002577 - the article says that basing this new project next to existing ones was crucial to driving down costs, as it made use of common infrastructure such as grid connections (which obv all our existing projects possess!)
llef
26/9/2017
13:06
Bought in yesterday. Already own shares in TRIG and JLENSeems to be a fair bit of media coverage about good prospects for Solar companies.
gateside
26/9/2017
12:09
Agreed, llef - but what is more interesting is that the sites themselves have value and the grid connection and most importantly of all, there is some LED technology coming down the road which will up the output of solar panels substantially.
a0002577
26/9/2017
10:18
interesting article today in FT relating to solar (snippet below) It certainly gives me hope that BSIF's assets will still have a substantial residual value even after the subsidies run out in 15-20 year time https://www.ft.com/content/8ea432e4-a1e9-11e7-9e4f-7f5e6a7c98a2 "The first solar power farm in the UK to have been built without government subsidy will open on Tuesday in what supporters of renewable energy generation are describing as a “landmark” moment for the industry. A 10 megawatt (MW) solar farm, capable of generating enough power for 2,500 homes, has been developed in Bedfordshire by Anesco, a private company that specialises in designing and building solar and battery storage sites before selling them on."
llef
22/9/2017
17:06
Thanks A0002577. Not quite made the decision to move but is certainly thinking about it.
macc2
22/9/2017
14:56
Yes, Macc2, got mine on time from A J Bell. Gather you can move from Barclays f.o.c but that it is taking ages for them to process the requests.
a0002577
22/9/2017
14:16
Barclays Smart Investors has still not credited me the BSIF dividend that was paid out on 8th Sept. Presumably other providers have paid?
macc2
20/9/2017
08:43
Good suggestion, Tartshagger For those interested in vanadium batteries see http://www.redtenergy.com/how-vrfb-works for an explanation
a0002577
19/9/2017
19:00
Good report. But I hope their figures are more accurate than their dates. As they refer to 31st June! Bit of a bad mistake!
gateside
19/9/2017
16:34
Bid boom boosts 6% yielding Bluefield Solar Income Full-year results from Bluefield Solar Income Fund (BSIF) show the UK’s highest yielding listed renewable energy fund clearly benefited from the abolition in April of the ‘ROC’ (renewable obligations certificates) incentives to power generators. The government’s move slashed the construction of new capacity and caused a spike in bidding activity as investors sought to grab the UK’s remaining solar parks, which still come with attractive, long-term, inflation-linked power supply contracts. Data from Bloomberg New Energy Finance shows that solar market mergers and acquisitions slumped to 0.86 gigawatts (GW, thousand watts) of power in 2016 from 1.45 GW in the previous year after the government announced it was removing the ROC regime. It then bounced back with deal volumes in the first half of this year close to the level for the whole of 2015. Bluefield Partners, BISF’s investment adviser, believes that at this rate solar M&A could hit a record 2.82 GW in 2017. The surge in deal-making was one of the main factors in BISF’s net asset value (NAV) leaping 18.5% in the 12 months to 31 June. NAV per share rose from 99.4p to 110.5p during the year, with returns from the portfolio topped up by quarterly dividends totalling 7.25p. These were fully covered by underlying earnings per share of 7.32p, up from 7.1p in 2015/16. The total return including dividends to shareholders was even higher, at 22.5%, as income investors chased up the share price now yielding 6.4%. James Armstrong of BSIF’s investment adviser, Bluefield Partners, said the four-year-old fund had reaped the reward of investing in the sector early. ‘This is a maturing market. There’s a lot of secondary market activity. We looked at third party transactions to see what our valuation should be,’ he said. Analysts sounded a note of caution pointing out the the NAV rise was the result of a big cut in the discount rates Bluefield uses to value the portfolio. Matthew Hose of Jefferies said while valid, the reduction in the WACC (weighted average cost of capital) rate from 6.6% to 6.15% and the equity discount rate from 8.3% to 7.4% in six months ‘still results in a more aggressive portfolio valuation versus peers, in our view', rating the stock ‘underperform’. Maarten Freeriks of Stifel was ‘neutral’ on BSIF rating saying: ‘The company say they were likely too conservative at the 31/12/16 valuation. We were surprised to see such a drastic discount rate move given many of the peer group have adjusted discount rates by lower amounts.’ BSIF’s portfolio contains 81 large and small solar parks which at the end of June had over 441.5 MWp (mega watt peak) in energy capacity, enough to power 133,774 homes and save 189,845 tonnes of carbon dioxide (CO2). The downside of the M&A boom was that BSIF struggled to find new investments at a price it wanted to pay. Having raised £60.6 million from investors last October the fund spent £44.4 million on 10 new plants, a low point since its 2013 launch. ‘Competitive acquisition market conditions and reduced government incentives for investment diminishes our appetite, despite continuing intensive activity by our investment adviser in reviewing possible opportunities,’ chairman John Rennocks told investors. Armstrong said his team was reviewing 400MW worth of possible investments, but with prices trending ever higher he was determined not to over pay or sacrifice investment returns. With growth from acquisition on the wane, Armstrong said the fund was focused on becoming more efficient. He said its Bristol-based monitoring team was experienced in holding plant operators’ feet to the fire on their service contracts. As a result, despite slightly lower than expected levels of irradiation, or sunlight, during the year and with power prices 30% below their forecast at the fund’s slaunch, the company increased underlying revenues from £20.9 million to £25.1 million in 2016/17. As BSIF has a policy of fully distributing income to investors, this meant its dividend of 7.25p exceeded last year’s target of 7.18p. This year’s target has been raised to 7.4p in line with the rise in the retail prices index (RPI). Rennocks described the desire to grow dividends by RPI as a ‘challenge’ given 39% of BSIF’s revenues come from the sale of electricity in the unregulated wholesale market, which are not linked to inflation. Armstrong said the company was looking at other low-risk ways of generating revenue, such as the feasibility of locating storage batteries on its solar parks. BSIF shares firmed a penny to close at 113.75p on Monday after the results, a premium of 10.8% over their current estimated NAV per share of 101.76p, according to Morningstar. This is slightly above the 10.3% average premium of the seven wind/solar energy funds in the Association of Investment Companies’ Renewables sector. Over three years to yesterday’s close BSIF has generated a total shareholder return of 32.5%, above the sector averge of 29.8%, according to Numis Securities data. It is the only listed renewable energy fund to charge a performance fee, taking 30% of any excess return over a 7p dividend, on top of an annual management charge ranging between 1% and 0.6% of net assets. The combined effect in the financial year was an ongoing charge of 1.1%. http://citywire.co.uk/investment-trust-insider/news/bid-boom-boosts-6-yielding-bluefield-solar-income/a1050746
masurenguy
19/9/2017
14:56
Yes a very good presentation. I noticed that James Armstrong commented on the lack of night-time generation capacity. Maybe it would be a good idea for them to buy into one of the new primary offshore wind farms, which are now being built without subsidy. Coupled with a grid scale vanadium redox energy storage capability, Bluefield could morph into something really huge...
tartshagger
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