Bluefield Solar Income Fund Limited Unaudited NAV 31 March 2018 (4538M)

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RNS Number : 4538M

Bluefield Solar Income Fund Limited

30 April 2018

 
  30 April 2018 
 

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Unaudited NAV 31 March 2018

Bluefield Solar (LON: BSIF), a sterling income fund that invests in UK-based solar assets, announces its net asset value ("NAV") as at 31 March 2018. Unless otherwise noted herein, the information provided in this announcement is unaudited.

The Company's NAV at 31 March 2018 was GBP417 million, or 112.81 pence per Ordinary Share, compared to the NAV at December 2017 of GBP416 million, or 112.40 pence per Ordinary Share. The NAV is cum the 1.8 pence per Ordinary Share dividend announced on 19 April 2018, and payable on 18 May 2018, in the same way the 31 December NAV was cum the 1.8 pence per Ordinary Share dividend announced on 8 January 2018, which was paid on 9 February 2018.

On 19 April 2018, the Company announced the acquisitions of Galton, Holly and East, totalling 13.9 Megawatt peak ("MWp") in capacity. The acquisitions were completed on 20 March 2018. Therefore, the projects have been included in the 31 March 2018 NAV on an invested cost basis.

The Company's NAV at 31 March 2018 reflects the adoption of the most recent power curves published by the Company's two independent power forecasters (which the Company blends on a 50/50 basis), one of them slightly higher, the other one unchanged. The NAV update further includes the application of Ofgem confirmed ROC buyout prices from April 2018 and a roll forward of portfolio working capital. The resulting NAV at 31 March 2018 shows little change from the Company's NAV at 31 December 2017.

All other core valuation assumptions have remained consistent with the NAV issued in the Company's financial statements for the period ending 31 December 2017.

For further information:

 
 Bluefield Partners LLP (Company        Tel: [phone] 
  Investment Adviser)                    www.bluefieldllp.com 
  James Armstrong / Mike Rand 
  / Giovanni Terranova 
 Numis Securities Limited (Company      Tel: [phone] 
  Broker)                                www.numis.com 
  Tod Davis / David Benda 
 Estera International Fund Managers     Tel: [phone] 
  (Guernsey) Limited                     742 
  (Company Secretary & Administrator)    www.estera.com 
  Kevin Smith 
 Media enquiries: 
  Buchanan (PR Adviser)                  Tel: [phone] 
  Henry Harrison-Topham / Henry          www.buchanan.uk.com 
  Wilson                                 [e-mail] 
 

Notes to Editors

About Bluefield Solar

Bluefield Solar is a sterling income fund focused on acquiring and managing UK-based solar projects to generate stable renewable energy for periods of typically 25 years or longer. The Company's primary objective is to deliver its Shareholders stable, long term sterling income via quarterly dividends, which are linked to RPI. The majority of the Group's revenue streams are regulated and non-correlated to traditional markets. Bluefield Solar owns and operates one of the UK's largest, diversified portfolios of solar assets with a combined installed power capacity in excess of 460MWp.

Further information can be viewed at www.bluefieldsif.com.

About Bluefield Partners LLP ('Bluefield')

Bluefield was established in 2009 and is an investment adviser to companies and funds investing in solar energy infrastructure. It has a proven record in the selection, acquisition and supervision of large scale energy and infrastructure assets in the UK and Europe. The team has been involved in over GBP1.5 billion of solar PV funds and/or transactions in both the UK and Europe since 2008, including over GBP800 million in the UK since December 2011. Bluefield currently advises on approximately 500MWp of solar PV assets, including Bluefield Solar.

Bluefield has led the acquisitions of, and currently advises on over 80 UK based solar PV assets that are agriculturally, commercially or industrially situated. Based in its London office, Bluefield's partners are supported by a dedicated and highly experienced team of investment, legal and portfolio executives. Bluefield was appointed Investment Adviser to the Company in June 2013.

This information is provided by RNS

The company news service from the London Stock Exchange

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April 30, 2018 02:02 ET (06:02 GMT)