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BSIF Bluefield Solar Income Fund Limited

104.40
0.80 (0.77%)
28 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Bluefield Solar Income Fund Limited BSIF London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.80 0.77% 104.40 16:35:16
Open Price Low Price High Price Close Price Previous Close
103.60 103.60 104.20 104.40 103.60
more quote information »
Industry Sector
EQUITY INVESTMENT INSTRUMENTS

Bluefield Solar Income BSIF Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
26/01/2024InterimGBP0.02208/02/202409/02/202408/03/2024
28/09/2023InterimGBP0.02305/10/202306/10/202306/11/2023
07/08/2023InterimGBP0.02117/08/202318/08/202301/09/2023
11/05/2023InterimGBP0.02118/05/202319/05/202312/06/2023
23/01/2023InterimGBP0.02102/02/202303/02/202303/03/2023
30/09/2022InterimGBP0.020913/10/202214/10/202204/11/2022
02/08/2022InterimGBP0.020511/08/202212/08/202231/08/2022
04/05/2022InterimGBP0.020312/05/202213/05/202213/06/2022
31/01/2022InterimGBP0.020310/02/202211/02/202210/03/2022
05/10/2021InterimGBP0.0214/10/202115/10/202108/11/2021
07/07/2021InterimGBP0.0215/07/202116/07/202104/08/2021
05/05/2021InterimGBP0.0213/05/202114/05/202104/06/2021
22/01/2021InterimGBP0.0204/02/202105/02/202101/03/2021
22/09/2020InterimGBP0.020501/10/202002/10/202028/10/2020
24/07/2020InterimGBP0.019506/08/202007/08/202021/08/2020
30/04/2020InterimGBP0.019507/05/202011/05/202029/05/2020
28/01/2020InterimGBP0.019506/02/202007/02/202028/02/2020
26/02/2019FinalGBP0.019803/10/201904/10/201901/11/2019
19/09/2019SpecialGBP0.006303/10/201904/10/201901/11/2019
19/09/2019SpecialGBP0.006303/10/201904/10/201901/11/2019

Top Dividend Posts

Top Posts
Posted at 14/5/2024 07:17 by masurenguy
Unaudited NAV and Second Interim Dividend

The NAV as at 31 March 2024 was £815.7m, or 133.9p per Ordinary Share ('pps'), compared to the unaudited NAV of 136.0 pps as at 31 December 2023. This equates to a movement in the quarter of -1.5% and a NAV total return for the quarter of 0.07%.

The published power curves from the Company's three leading independent power forecasters all showed lower price forecasts at 31 March 2024 for the near term compared to the previously published power curves. However, due to the fact Bluefield Solar has over 92% of power sales hedged for FY2024 and 81% through FY2025, the Company's earnings are materially insulated from the impact of reductions in near term power prices, such that the downside impact was limited to 0.3 pps. The decrease in operational updates reflects a slight revision to the cost of the Company's Revolving Credit Facility as well as the minor impact of inflation being slightly below earlier assumptions.

The Company launched its share buyback programme following the release of the interim report on 28 February 2024 and repurchased 2.45m shares during the period to 31 March 2024, providing an additional 0.1 pps of NAV accretion to shareholders.

The completion of Phase One of the Strategic Partnership with GLIL Infrastructure ('GLIL'), an investment of £20 million of equity, alongside £200 million from GLIL, to fund the acquisition of a 247MW portfolio of UK solar assets, and movements in working capital all contributed to the 1.0 pps gain in the NAV over the quarter shown in the table above under Other movements.

Gearing

The Company's UK holding companies and subsidiaries have total outstanding debt of £598m, with a leverage level of circa 42% of Gross Asset Value (31 Dec 2023: 41%).

Second Interim Dividend

The Second Interim Dividend of 2.20p per Ordinary Share (May 2023: 2.10p per Ordinary Share) will be payable to Shareholders on the register as at 24 May 2024, with an associated ex-dividend date of 23 May 2024 and a payment date on or around 24 June 2024.

Dividend Guidance Reaffirmed

The Board is pleased to reaffirm its guidance of a full year dividend of not less than 8.80p per Ordinary Share for the financial year ending 30 June 2024 (2023: 8.60p). This is expected to be covered by earnings and to be post debt amortisation.
Posted at 22/4/2024 23:22 by masurenguy
Bluefield Solar Income Fund: dividends whatever the weather

Dividends are covered by high levels of regulated, index-linked revenues alongside contracted power sales. Last year, 836,232 MW hours of energy were generated, of which just over 700,000 MWh was from solar. Payments for this electricity amounted to £108m of operational cash flows, minus £18m to service debt, percolated through to £90m of distributable earnings – more than twice covering dividends. So even after paying out dividends, a £58m dividend surplus was carried forward, giving investors extra peace of mind. Funds like Bluefield Solar paid highly attractive, progressive dividends for the first 7 or 8 years after BSIF and its peers floated, with average wholesale prices between £45 to £55 per MWh. Wholesale prices spiked above £500/MWh in 2022 and last December fell back below £100 – but that’s still almost double what the average has been in the previous decade. So to people worrying about how the funds will continue to pay dividends, Armstrong says: “the reality is these funds work very well and can operate very attractively on lower power prices than we currently see.”
Posted at 21/4/2024 09:16 by masurenguy
AJ Bell’s fair value assessment of Bluefield Solar misses the mark
We assess the report from 360 Fund Insight that is preventing private investors from buying Bluefield Solar Income on AJ Bell, and find it wanting.

AJ Bell’s outsourced assessment by value provider 360 Fund Insight of Bluefield Solar Income Fund (BSIF) has concluded the strategy is not appropriate for private investors because it has ‘worrisome’ borrowing levels and an ‘aggressive’ dividend policy. In the two-page document shown to Citywire, 360 demonstrates a misunderstanding of what Bluefield does by comparing its portfolio of UK solar, wind and battery storage assets with WilderHill New Energy Global Innovation index, made up of shares in global renewable energy companies, and an exchange-traded fund (ETF) that tracks it.

Holding shares in a portfolio of actual assets delivering largely inflation-linked, government-backed revenues that offer income investors a dependable yield is a different investment proposition to having shares in a portfolio of more than 100 global energy companies. It’s not comparing like for like. 360’s declaration that BSIF’s 8.80p-per-share dividend is ‘aggressive’ is at odds with its observation that the fund’s forward revenues from the inflation-linked contracts cover it twice over. Perhaps the ‘aggressive’ bit is the 9% yield, which is a result of a high payout and a low share price, but that’s what makes BSIF so attractive at the current 27% discount to net asset value (NAV) and why investors are annoyed that 360’s report has prevented them from buying the investment company on AJ Bell.

In Bluefield’s own recently published assessment of value, it says the main purpose of the £601m fund is to provide shareholders with an attractive return ‘principally in the form of regular income distributions’. By contrast, the ETF reinvests dividends it receives and only offers an ‘accumulation’ or growth share class to investors. 360 flags BSIF’s borrowing of 41.5% of gross assets as ‘worrisome’ given the dividend policy and elevated interest rates. But this is within the fund limits and is the sector average, and the board has pointed out in recent documents that at a 3.5% fixed rate, it’s pretty cheap. Emphasising the high leverage by pointing to the Invesco ETF’s zero borrowing is a straw man argument given ETFs are passive and can’t use gearing. Lastly, 360 says Bluefield’s factsheets distributed to retail investors do not provide key data, such as the total cost of investing, performance and the discount/premium evolution.

The Kent-based company, which was founded in 2017 by former members of the investment research team at funds platform Allfunds Bank, says it bore in mind that Bluefield is distributed to retail investors with ‘limited knowledge of the risks of investment trusts’, which is laudable. It makes good points that trusts are not held to the same reporting standards as open-ended peers and that several factors can impact a shareholder’s returns, including ‘leverage, liquidity, opaque costs and charges’. It also points out that BSIF’s ongoing charges total 1.94% versus 0.6% for the ETF. Bluefield portfolio manager James Armstrong told Citywire he was very surprised and disappointed to learn through investor feedback that 360’s assessment suggests BSIF does not offer fair value. "Since AJ Bell’s announcement to investors, the BSIF share price has fallen, trading away from BSIF has increased, and many frustrated investors continue to contact Ocorian, BSIF’s company secretary, expressing their confusion over the suggestion that BSIF does not offer fair value. They have also been frustrated by an inability to trade on the AJ Bell platform as a result." he said

The tone of the assessment is set when 360 makes the contentious claim in its opening statement that professional investors are better suited to closed-end funds in general. That appears to be a strange comment on behalf of AJ Bell, a retail broker with thousands of customers invested in trusts. The assessment rightly sets out to ensure retail investors aren’t hoodwinked by hidden costs, ‘misleading’ NAV returns and borrowing levels, but it misses the mark. Unfortunately, there are wider consequences with 360’s fair value assessments. AJ Bell’s DIY investors are barred from buying any shares online, not only in BSIF but also in Cordiant Digital Infrastructure (CORD) and Amedeo Air Four Plus (AA4), which have failed the assessments. Shares can still be bought over the phone though. In January, 360 won the contract to provide fair value assessments for thousands of funds on AJ Bell, including all offshore-domiciled investment companies.

AJ Bell said: "The assessments consider a range of factors, including cost and performance, in line with regulatory guidance. As with all our processes, [they] will be reviewed periodically and we’ll continue to listen to feedback from customers, regulators and other stakeholders."
Posted at 25/3/2024 10:23 by fordtin
As for AJBell's "Recently, this investment failed a fair value assessment, carried out by the manager of the investment itself."

Perhaps you should ask AJBell for a copy of this alledged assessment.

If the manager of BSIF really has made such a value assessment of BSIF and determined BSIF to have failed that assessment, why wasn't it issued via RNS?
Posted at 15/2/2024 09:17 by masurenguy
NAV Update and £20m Share Buyback Programme

Dividend Guidance Reaffirmed with Earnings Cover for the Full Year

Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, has today announced the Unaudited Directors' Valuation as at 31 December 2023, equivalent to a Net Asset Value ("NAV") of £831.3 million, or 136.0 pps (September 2023 136.4 pps, June 2023 139.7 pps).

Share Buyback Programme

The Board notes the recent weakness in the Company's share price and the significant discount that the current share price represents to the value of the Company's assets. Adjusting for the first interim dividend , the closing price of 99 pence per share (as at 14 February 2024) represents a discount of 26% to the 31 December 2023 NAV. In the context of addressing what the Board views as the excessive discount at which the Company's shares currently trade relative to the underlying NAV, the Board announces its intention to commence a share buyback programme. In the first instance it has allocated £20m for the purchase of its own shares. It is expected that any share repurchases will be accretive to NAV per share.

The Company expects to announce its interim results for the half year ended 31 December 2023 on Wednesday, 28 February 2024. The Board intends to commence share buybacks following the release of the interims and while the Company's shares continue to trade at an excessive discount to NAV.

Dividend Guidance Reaffirmed

Shareholders will be aware that the Board of Bluefield Solar has recently declared a first interim dividend for the current financial year of 2.20 pps and has reiterated its target dividend for the full year of not less than 8.80 pps. This represents a dividend yield of 8.9% based on the closing share price of 99p per share on 14 February 2024. The Company's operations remain robust, trading conditions are attractive, and the Board expects this year's dividend to be approximately two times covered.
Posted at 26/1/2024 07:50 by masurenguy
First Interim Dividend Announcement

Bluefield Solar (LON: BSIF) is pleased to announce the Company's first interim dividend for the financial year ending 30 June 2024. The First Interim Dividend of 2.20p per Ordinary Share (January 2023: 2.10p per Ordinary Share) will be payable to Shareholders on the register as at 9 February 2024, with an associated ex-dividend date of 8 February 2024 and a payment date on or around 9 March 2024. The Board is pleased to reaffirm its guidance of a full year dividend of not less than 8.80p per Ordinary Share for the financial year ending 30 June 2024 (2023: 8.60p). This is expected to be covered by earnings and to be post debt amortisation.
Posted at 26/1/2024 07:49 by fordtin
The RNS wasn't flagged by my advfn monitor.

"Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, is pleased to announce the Company's first interim dividend for the financial year ending 30 June 2024 (the 'First Interim Dividend').

The First Interim Dividend of 2.20 pence per Ordinary Share (January 2023: 2.10 pence per Ordinary Share) will be payable to Shareholders on the register as at 9 February 2024, with an associated ex-dividend date of 8 February 2024 and a payment date on or around 9 March 2024.

The Board is pleased to reaffirm its guidance of a full year dividend of not less than 8.80 pence per Ordinary Share for the financial year ending 30 June 2024 (2023: 8.60 pence). This is expected to be covered by earnings and to be post debt amortisation."
Posted at 28/9/2023 07:27 by masurenguy
Next years annual dividend target of 8.8p represents a yield of 7.4% at the current shareprice and the corresponding discount to NAV of 139.7p is 15.3%.

Fourth Interim Dividend Announcement

The Fourth Interim Dividend of 2.30 pence per Ordinary Share (September 2022: 2.09 pence per Ordinary Share) will be payable to Shareholders on the register as at 6 October 2023 with an associated ex-dividend date of 5 October 2023 and a payment date on or around 6 November 2023. The Board is pleased to have declared full year dividends totalling 8.60 pence per Ordinary Share for the financial year ended 30 June 2023, compared to a full year dividend of 8.20 pence per Ordinary Share for the financial year ended 30 June 2022. The dividend for the financial year ended 30 June 2023 is more than 2x covered. Furthermore, the Board has set a target dividend for the 2023/24 financial year of not less than 8.80 pence per Ordinary Share. This is expected to be covered by earnings and to be post debt amortisation.

John Scott , Chair of Bluefield Solar commented: "I am pleased that, following a year of excellent performance, Bluefield Solar has been able to increase its dividend for the 2022/23 financial year to 8.60 pence per share ('pps'), which compares favourably with our original target distribution of 8.40pps. This represents an increase of 4.9% over the prior year's dividend and, based on a share price of 118.2pps on 26 September 2023, offers a dividend yield of 7.3%."
Posted at 05/9/2023 14:18 by masurenguy
"Bluefield Solar Income (BSIF) has a 10-year track record of producing an average underlying total return from net assets of more than 10%, the second highest in the sector after Greencoat UK Wind (UKW). BSIF shares offer investors a prospective yield of 7.4% and discount of 17.6%. BSIF was also one of very few renewable energy funds to announce an uplift in its NAV at 30 June. That NAV uplift came despite a 0.75% increase in the discount rate used to work out the net present value of BSIF’s future cash flows. BSIF is now using a weighted average discount rate of 8%, which looks sensible to me relative to yields of about 4.6% on 30-year UK government bonds.

For the financial year to 30 June, BSIF aimed to generate 8.4p in total dividends per share, and with three quarterly payouts declared it is a safe bet the target will be met. Moreover, the company expects the dividend will be covered twice by earnings after servicing its debt, with substantial earnings growth to follow over the next two years. This is not the sort of confident statement that companies make lightly. When BSIF announces its results at the end of September, it may turn out that this dividend cover estimate will be conservative. BSIF has been able to achieve this by locking in some of the higher power prices that we saw earlier, which gives its board good visibility on BSIF’s future cash flows.

Higher-than-expected inflation is a net positive as this feeds through into the subsidy income BSIF earns. Another feather in BSIF’s cap was locking in low interest rates through an interest rate swap. Apart from the actual level of dividend cover, one other key message in the results will be the board’s new dividend target for the current financial year. In recent years, BSIF has hiked its dividend by about 2.5% a year on average. The high level of dividend cover for the June 2023 financial year might encourage the board towards a bigger increase this time or it might choose to use the surplus cashflow to help fund the company’s sizeable investment pipeline.

At the end of March 2023, BSIF had about 390MW of solar and 125MW of energy storage in construction-ready projects. Building projects can enhance NAV as they are revalued upwards once they are completed and energised and therefore substantially de-risked. Beyond that, BSIF also had solar projects in planning and substantially more solar and energy storage projects in development."
James Carthew: Citywire: 4 Sept 2023.
Posted at 04/9/2023 14:21 by 18bt
Below from a Citywire article on renewables today:

BSIF’s good record

The contrast with the next-higher yielding fund, Bluefield Solar Income (BSIF) could not be greater. BSIF has a 10-year track record of producing an average underlying total return from net assets of more than 10%, the second highest in the sector after Greencoat UK Wind (UKW).

BSIF shares offer investors a prospective yield of 7.4% and discount of 17.6%. BSIF was also one of very few renewable energy funds to announce an uplift in its NAV at 30 June. That NAV uplift came despite a 0.75% increase in the discount rate used to work out the net present value of BSIF’s future cash flows. BSIF is now using a weighted average discount rate of 8%, which looks sensible to me relative to yields of about 4.6% on 30-year UK government bonds.

For the financial year to 30 June, BSIF aimed to generate 8.4p in total dividends per share, and with three quarterly payouts declared it is a safe bet the target will be met. Moreover, the company expects the dividend will be covered twice by earnings after servicing its debt, with substantial earnings growth to follow over the next two years. This is not the sort of confident statement that companies make lightly.

When BSIF announces its results at the end of September, it may turn out that this dividend cover estimate will be conservative. BSIF has been able to achieve this by locking in some of the higher power prices that we saw earlier this year and last, which gives its board good visibility on BSIF’s future cash flows.

Higher-than-expected inflation is a net positive too, as this feeds through into the subsidy income BSIF earns. Another feather in BSIF’s cap was locking in low interest rates through an interest rate swap.

Apart from the actual level of dividend cover, one other key message in the results will be the board’s new dividend target for the current financial year. In recent years, BSIF has hiked its dividend by about 2.5% a year on average. The high level of dividend cover for the June 2023 financial year might encourage the board towards a bigger increase this time or it might choose to use the surplus cashflow to help fund the company’s sizeable investment pipeline.

At the end of March 2023, BSIF had about 390MW of solar and 125MW of energy storage in construction-ready projects. Building projects can enhance NAV as they are revalued upwards once they are completed and energised and therefore substantially de-risked. Beyond that, BSIF also had solar projects in planning and substantially more solar and energy storage projects in development.

If dividend yield is the main attraction of these three renewable energy funds, it clearly does not make sense that the one with the longest track record, highest dividend cover and good prospects is trading on the highest yield.

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