Bluefield Solar Income Dividends - BSIF

Bluefield Solar Income Dividends - BSIF

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Bluefield Solar Income Fund Limited BSIF London Ordinary Share GG00BB0RDB98 ORD NPV
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 125.30 08:00:22
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Industry Sector

Bluefield Solar Income BSIF Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

zero the hero: I tend to use my relatively small BSIF stake to more than pay off trading fees across all my holdings. Small minded, I know but a steady return is most welcome.
stevegrass777: I suppose de linking the dividend from rpi has spooked investors who were using bluefield as an inflation hedge. But I'm sure it will pay a decent dividend in any event. It does need a new model as the original investment model relied on the fit payment system that is not used in new instalations so has stopped growth. So now other green energy projects provide better return for investment so it makes sense to change the investment policy, and to financially support the new policy it might need to trim the dividend growth.
masurenguy: As anticipated in post #354 above. Unaudited Quarterly Valuation 31 March 2021 and Second Interim Dividend 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 2021, and the Company's second interim dividend for the current financial year, which ends on 30 June 2021. Unless otherwise noted herein, the information provided in this announcement is unaudited. A second interim dividend of 2.00 pence per Ordinary Share (April 2020: 1.95 pence per Ordinary Share) will be payable to shareholders on the register as at 14 May 2021 with an associated ex-dividend date of 13 May 2021 and a payment date of 4 June 2021. Dividends declared to date for the current financial year now stand at 4.00 pence per Ordinary Share. The Company's unaudited NAV as at 31 March 2021 was GBP460.5 million, or 113.14 pence per Ordinary Share, compared to the unaudited NAV as at 31 December 2020 of GBP476.7 million, or 117.12 pence per Ordinary Share. The Board is pleased to reconfirm its guidance of a full year dividend of 8.00 pence per Ordinary Share for the financial year ending 30 June 2021 (2020: 7.90 pence). This is expected to be covered by earnings and is post debt amortisation.
sawney: Re the recent fall... Another placing on the cards for an amended investment acquisition ?, or pay down debt ?...or a result of the change in dividend policy..? This from July last year.... htTps:// 2. AMENDED INVESTMENT POLICY For the reasons set out in section 3 below, the Company is proposing to amend its investment objective (the Investment Objective) and investment policy (the Investment Policy) to broaden the mandate to allow for not more than 25 per cent. of the Gross Asset Value (GAV) to be invested into other renewable energy assets and energy storage assets. Within this 25 per cent. allocation, up to 10 per cent. of the GAV may be invested in assets outside the UK. In addition, up to 5 per cent. of the GAV may be invested into UK solar development opportunities. At the same time the Board is also proposing that the Company should de-link its dividend target from RPI and that it should henceforth adopt a progressive dividend policy. All other material terms remain the same. It is proposed that, if the Investment Policy Proposal is approved, the new Investment Objective and Investment Policy of the Company will be as follows and will be deemed to be effective from 1 July 2020:
voci: TRIG's price started to decline at about 10:30 half an hour behind BSIF. Maybe it's BSIF that has spooked the sector.
voci: BSIF's financial calendar has a dividend announcement in April. Getting towards end of month and as yet no announcement forthcoming. Could there be a problem/change of policy with the dividend?
masurenguy: Interim Results Summary 31 December 2020 Total operating income £14,189,525 Total comprehensive income before tax £13,485,183 Total underlying earnings(1) £18,678,067 Earnings per share (below) 3.57p Underlying EPS available for distribution(2) 2.63p Underlying EPS brought forward(3) 2.03p Total underlying EPS available for distribution 4.66p 1(st) interim dividend for the year ending 30 June 2021 2.00p NAV per share 117.12p Share Price as at 31 December 2020 130.0p Total Return(4) 3.52% Total Return to Shareholders(5) -0.37% Total Return to Shareholders since inception(6) 79.39% Dividends per share paid since inception 49.39p Net Asset Value (NAV): £475.7 Dividend Target per Share: 8.00p Chairman John Rennocks said: " The performance of the Company over the first six months of this financial year has once again been highly pleasing. The Board has been delighted with the services provided in relation to technical management of the Company's portfolio by Bluefield Services and Bluefield Operations during the extended period of the Covid-19 pandemic.
masurenguy: RNS Number : 2604D 27 October 2020 Unaudited NAV 30 September 2020 Bluefield Solar (LON: BSIF), announces its net asset value (" NAV ") at 30 September 2020 was £424.3m, or 114.53p per share, compared to the NAV at 30 June 2020 of £433.5m, or 117.01p per share. The 30 September NAV is stated after deducting the FY 20/21 fourth Interim dividend of 2.05p per share announced on 22 September 2020 and which will be paid on 28 October 2020. This equates to a NAV total return for the quarter of 1.3%, including the Q3 dividend paid in the period of 1.95p per share and the Q4 dividend declared of 2.05p per share. The dividend of 2.05p per share to be paid on 28 October 2020 represents the fourth interim dividend in respect of the financial year ending 30 June 2020, resulting in total dividends paid in respect of the 2019/20 financial year of 7.90p per share. As stated in the financial year ('FY') 2020 annual report, the Board has indicated that target dividends for FY 2020/21 are 8.00p per share.
nerja: Risky Renewables: now Jefferies questions dividend cover if power prices plunge Renewable infrastructure investment company share prices fell again today as investors continued to respond to yesterday’s bearish note on the sector by analysts at JPMorgan Cazenove and Jefferies analyst Matthew Hose added to investor concern about the impact of falling power prices on the income funds ability to pay covered dividends. Where Cazenove’s Chris Brown focused on the hit to valuations of the six listed renewables funds from declining long-term electricity price forecasts – predicting their net asset values (NAV) could fall by a third on average and their shares, trading at double-digit premiums over NAV, could slump by over 40% - Jefferies’ Hose highlighted the reduction in earnings and dividends this slump could cause. Like Brown, Hose contrasted how Foresight Solar, JLEN Environmental Assets, NextEnergy Solar and Greencoat UK Wind predicted 0.4% to 1% annual real growth after inflation in power prices despite independent forecaster Bloomberg New Energy Finance positing 4% annual declines up until 2040. In a note to investors, Hose said the weakness in power prices could burst a bubble in the shares that had been inflated by the wall of money from ESG (environmental, social, governance) investors last year. Hose believed renewables funds shares, which closed at an average premium of 14% on Monday, could tumble to the low discounts to NAV they stood at in 2015/16 when power prices were also under pressure. Sensitive NAVs This is because his analysis shows a 5% reduction in power price assumptions knocks the NAVs of the different funds by between 2.9% and 5.3% making their high share price ratings even more precarious: NextEnergy Solar (NESF), 9.8% share price premium, -5.3% hit to NAV; Foresight Solar (FSFL), 10.8% premium, -4.4% hit; Bluefield Solar (BSIF), 20% premium, -3.7% hit; Greencoat UK Wind (UKW), 14.4% premium, -3.7% hit Renewables Infrastructure Group (TRIG), 13.7% premium, -3.5% hit; JLEN Environmental Assets (JLEN), 15% premium, -2.9% hit. But the more pressing risk for income investors, said Hose, was the impact on near-term cash flows as revenues from selling power declined and weakened dividend cover. ‘We see the cover of certain funds as relatively thin and, in some cases, as being supported by fixing/hedging that could eventually roll off into lower realised power prices,’ the analyst said. According to Hose, Greencoat UK Wind has the best dividend cover, with earnings 1.7 times its payouts, in contrast to the other five on multiples of just 1.1 at Bluefield, 1.2 at Foresight and JLEN and 1.3 at NextEnergy and Renewables Infrastructure. Bluefield's dividend challenge Bluefield Solar Income, downgraded to ‘underweight’ by Brown and rated ‘negative̵7; by Hose, was the biggest faller in the group today. Its shares fell 5p or 3.5% to 137.5p after yesterday it announced its first purchase in over three years of three UK solar parks for £13.9m. Today it announced its first quarterly dividend of 1.95p per share for the financial year to 30 June for which it is targeting a total of 7.90p. This will be up from 7.68p last year, although the company, which is unusual in having a policy of paying out all its earnings, topped this up with a special dividend of 0.63p in 2019. Brown questioned the sustainability of Bluefield’s dividend, which is currently linked to the retail prices (RPI) index, a higher measure of inflation than the standard consumer prices (CPI) version. ‘While we share the BSIF board's confidence in the shorter-term outlook for the dividend, if the shorter-term power price remains weak then the average fixed power price would be expected to fall while the dividend target is based on RPI, with only the regulated income [from government ROC subsidies] guaranteed to rise in line with RPI. ‘We think meeting these targets will be a challenge across the sector, but with a full payout policy, it might be felt earlier by BSIF than by some of the peers,’ said Brown. Other fallers JLEN Environmental Assets shed 2p or 1.7% to 119p as it announced plans to invest €25m in a portfolio of construction ready wind farms and solar parks in Europe. NextEnergy Solar slipped 3.5p or 2.9% to 118p and GCP Infrastructure Investments (GCP), a generalist infrastructure fund that also invests in renewables, slid 3.8p or 2.9% to 128p. Renewables Infrastructure Group, Greencoat UK Wind and Foresight Solar eased between 0.3% and 1.25% lower.
masurenguy: An excellent set of results ! hTTps:// Net Asset Value (NAV) £436.4m £419.0m Total Dividend per Share (Consisting of target dividend of 7.68pps and additional dividend of 0.63pps) 8.31pps 7.43pps NAV per share 117.98p 113.28p Underlying Earnings (pre amortisation of debt) £40.7m £35.8m Underlying Earnings (pre amortisation of debt) 11.01p 9.67p Total return to Shareholders2 19.12% 11.68% Total return to Shareholders since IPO 73.48% 50.35% Underlying Earnings (post amortisation of debt) 8.91p 7.72p MWh Generated per MWp 1,030 965 Environmental, Social and Governance (ESG) Achieved Guernsey Green Fund status Delivered Carbon Savings of 162,320 tonnes of CO2 Forward Focus Increased access to funding to support asset growth Extended leases and planning permissions Kept a watchful eye on market changes and new technologies Chairman's Statement "The performance of the Company in the year ended 30 June 2019 has been excellent, in recognition of which your Board is declaring an additional dividend. We have delivered earnings, net of debt amortisation, which significantly exceed our target dividend of 7.68pps; in the previous year we paid out our target dividend level and retained all earnings as a reserve for future distribution, but for 2018/19 your Board has decided to make an additional payment to shareholders in recognition of the outstanding performance achieved. In addition to a fourth interim dividend of 1.98pps - which brings total dividends for 2018/19 to the target level of 7.68pps - we are declaring an additional dividend of 0.63pps. This still allows us to add 0.30pps to reserves, resulting in carried forward surplus earnings of 0.60pps, enabling us to enter the 2019/20 financial year with robust distributable reserves. Our dividend target for the financial year ending June 2020 is 7.90pps, reflecting the June 2019 RPI number of 2.88%, as applied to the previous target dividend of 7.68pps. At the year end the Company's NAV was 117.98pps (113.28pps as at 30 June 2018); Total Return for the period was 10.89% and Total Return to Shareholders was 19.12%. The annualised average total return to shareholders since IPO in 2013 is 9.61%. Key Events The year has been outstanding with above target earnings and dividends, a satisfying result for a Company that has as its first priority the delivery of attractive levels of sterling income, covered by earnings. The explanation for the outperformance is straightforward. The period had higher than average irradiation (+6.6%), favourable conditions which were effectively translated into high levels of actual generation (+7.5%), made possible by the quality of the operating portfolio and a credit to the work of BSL. This increased generation was then converted into high levels of revenue, enhanced in the period by the Company being able to respond to, and capture, higher power prices. The Company has also seen a modest increase in its NAV. The main driver for this is the significant progress the Company has made in lease extensions on the portfolio, which have offset the lower power price forecasts since December 2018. As detailed in the Investment Adviser's report, the Company has had several successful planning determinations on 15 year lease extensions (amounting to over 100MWp), with a further 64MWp still awaiting an outcome or under negotiation. Significantly, the Company has not had, at the time of writing, any planning rejections. Acquisition activity has again been very limited, consistent with last year. However, the Investment Adviser has been working throughout the period on developing the next phase of growth for the Company, the non-subsidised investment programme, an investment theme that is arriving in the UK, as highlighted in earlier reports. Underlying Earnings and Dividend Income The underlying earnings for the year were GBP40.7m or 11.01pps (2017/18 numbers were GBP35.8m and 9.67pps respectively). After amortising our long term leverage, the available profits, including brought forward reserves, were GBP33.0m or 8.91pps (2018/19: GBP28.6m or 7.73pps) The Board has elected to pay out our target dividend of 7.68pps and to add to this an additional dividend of 0.63pps, resulting in carried forward surplus earnings of 0.60pps. This adds to the Board's confidence that target dividends can continue to be increased in line with RPI for the year."
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