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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Bluefield Solar Income Fund Limited | BSIF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| -0.90 | -0.94% | 94.40 | 16:35:19 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 95.80 | 94.80 | 95.80 | 94.40 | 95.30 |
| Industry Sector |
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| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 05/11/2024 18:17 by masurenguy Bluefield Solar has 'clear path' for return to premium, says research house05 Nov 2024 Bluefield Solar Income Fund has a clear path for its share price discount to return to its historic premium, according to equity research group Quoted Data. A new partnership with GLIL Infrastructure provides an avenue for the ongoing development of its impressive pipeline, while the recent sale of a 112MW portfolio of operating solar assets at asset value further highlights the irrational discount. “The improving economic outlook and falling interest rates provide another catalyst, as will the new government's recently announced plans to decarbonise the electricity system as part of the Clean Power 2030 mission." Manager James Armstrong has said that in his 18 years of experience in renewables, he has never seen such a positive regulatory outlook. “Given the ongoing execution of the trust, and the efforts of the advisory team to ensure the long-term health of its portfolio, investors should remain confident that BSIF's fortunes will improve,” said Quoted Data. |
Posted at 19/7/2024 12:22 by masurenguy Bluefield Solar Income FundOver in the FTSE 250 renewable energy infrastructure funds offer some of the best yields, including the £653m Bluefield Solar Income Fund. The fund has a £816m portfolio of solar and wind energy assets throughout Britain, from which it aims to generate long-term, stable dividends. Most of its assets, which together have a peak capacity of 834 megawatts, are based in England, with 14%in Wiltshire. Its shares have been in steady decline since May 2023 and are down by 7% in the past year. As a result, it trades at a wide 19% discount to its net asset value, broadly in line with an average 22.6% discount across investment companies that specialise in renewable energy infrastructure. Bulls are hoping that possible interest rate cuts this year should help this ratio to move closer to par. Renewable funds have long-duration cashflows, as much of their revenues are derived from long-term government-backed projects. Lower rates translate into lower discount rates, a metric used to convert future cashflows into an equivalent present value. This should help to increase the NAV of renewable funds. That said, the main draw of Bluefield Solar Income is its income. It is targeting a dividend of 8.8p per share for its financial year to the end of March, which is expected to be covered by roughly two times earnings. This implies a forward yield of about 8%. The shares are likely to remain volatile, especially as expectations over rate cuts continue to change, but chunky payouts mean the fund has delivered a total return (that is the share price return with dividends reinvested) of 11% in the past five years, making it the best-performing solar fund on the London market. This is modest compared with a 23% return from the FTSE 250, but for investors seeking greener income, Bluefield looks attractive. Advice: Buy |
Posted at 10/6/2024 07:25 by stocksnerd This fund is featured in the 24th May edition of Money week where it has a 3/4 page spread on page 36.It is said to be trading at 21% below NAV with an 8% dividend. The company is also currently buying back shares and it has just recorded it's best ever set of results. Money Week says that the Fund may be 'unsuitable' for private investors because of it's worrisome debt levels and it's aggressive dividend policy. Money Week's conclusion is that it is an excellent investment opportunity and says that investors could earn a very healthy return over time and if the fund continues to keep booking record returs, then a private equity firm could come knocking. I've just dipped my toe in. |
Posted at 22/4/2024 22:22 by masurenguy Bluefield Solar Income Fund: dividends whatever the weatherDividends 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 08:16 by masurenguy AJ Bell’s fair value assessment of Bluefield Solar misses the markWe 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&rsq 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&rs 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’ 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&rs 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 12/4/2024 07:19 by 18bt AJ Bell blunders deepen row over ‘fair value’ restrictions on trustsOutcry over retail brokers restricting investors from buying out-of-favour investment companies intensifies after AJ Bell implements FCA consumer duty regulations. Jamie Colvin By Jamie Colvin AJ Bell has added to the outcry over retail brokers restricting investors from buying out-of-favour investment companies on the grounds that they are poor value. The share-dealing platform has confirmed to Citywire that Chrysalis Investments (CHRY) and Bluefield Solar Income (BSIF) were among listed funds where online trading had been stopped after they failed fair value assessments conducted on behalf of the broker. However, a spokesperson said investors could phone through a transaction and still pay the online charge of £5 rather than the normal phone fee of £25. On online forums customers of AJ Bell complained they had also been prevented from buying Digital 9 Infrastructure (DGI9), Cordiant Digital Infrastructure (CORD) and Amedeo Air Four Plus (AA4) for failing the fair value assessment carried out by external consultant 360 Fund Insight. Investors are furious they are being prevented from buying closed-end funds trading on wide discounts that they regard as good value with their low share prices offsetting any potential concerns over performance and costs. Tom Poynton of wealth manager Baron & Grant said: ‘They’re acting as DIY investment supermarkets and supermarkets don’t tell you what you can and can’t buy otherwise everybody would only every buy own-branded and the cheapest goods. When those investors are told they can’t, they become disgruntled and there’s a chance that they’ll vote for their feet.’ There is also concern that the fair value notices are encouraging investors to sell these companies, putting further pressure on their share prices. AJ Bell apologised after contacting investors who did not hold the restricted funds or informing others that the investment companies had completed the fair value assessments when they had been done by 360. The confusion was heightened as all of the above investment companies are based in the Channel Islands and are not required to provide the assessments. ‘Notifications were issued following fair value assessments and unfortunately in some cases administrative errors resulted in customers receiving incorrect messages,’ AJ Bell told Citywire. Under the Financial Conduct Authority’s consumer duty regulation, share-dealing platforms say they are required to alert customers at risk of poor returns and help them make informed decisions. Price, performance, leverage and liquidity are all factors in whether investment companies are regarded as fair value. AJ Bell says it monitors funds through the assessments and if they have not completed one, outsources the requirement to 360. Its move follows similar restrictions by other investment platforms. Hargreaves Lansdown has also restricted investors from buying Digital 9 Infrastructure, Cordiant Digital and Amedeo Air Four Plus until they pass a questionnaire showing they have the understanding of ‘complex investments’. While Cordiant and Amedeo are listed on the London Stock Exchange’s specialist fund segment, Digital 9 is not but is still viewed as ‘complex’ ‘These questionnaires aim to protect clients from poor outcomes, and so provide information on the product type, including some of the associated risks, before testing whether the client has an appropriate level of knowledge and experience,’ Hargreaves told Citywire. AJ Bell also requires investors to complete an online ‘appropriatene ‘It’s sheer stupidity that I can buy a hopeless share at big risk of going bust like Superdry, but can’t buy a pooled investment like DG19 without this farcical test. Pointing out that I was a very experienced investor in investment trusts fell on deaf ears,’ said one bulletin board member who failed Hargreaves’ questionnaire. As previously reported, Fidelity’s platform bars purchases in AVI Global (AGT), MIGO Opportunities (MIGO), RIT Capital Partners (RCP) and Abrdn Private Equity Opportunities (APEO) although existing investors are allowed to top up their positions. Interactive Investor also requires investors to certify they understand the risk of more complicated investment companies, including Digital 9, before allowing investment. Poynton added: ‘I do sympathise with the platforms. They are trying to interpret what their role is in this. Some investment trusts are designating themselves as complex and the platforms can take it upon themselves to do so, then insist on investors taking a test. But what’s an appropriate test? What expertise is needed?’ |
Posted at 25/3/2024 18:46 by gateside My wife holds BSIF in her Sipp with AJ Bell, and she got the emails that others got. I hold BSIF in my Interactive Investor ISA and there was nothing from them. Suggests that AJ Bell have made a real mess of their communication |
Posted at 02/3/2024 13:53 by masurenguy Bluefield Solar targets share discount with £20m buyback roundBluefield Solar Income Fund has allocated £20m to a share buyback programme to narrow the discount between the share price and its asset value. Chair John Scott also bemoaned the lacklustre performance of the group’s shares. “No matter how brightly the sun shines nor however hard the wind blows, our share price is becalmed at levels which are significantly below net asset value,” he stated. As of 31 December, the discount to NAV was 14%, while it widened to as much as 25% throughout the period. Though this has little tangible effect on dividends, Scott said it “constrains our ability to raise the new equity capital needed to fund our further development… It also acts to the detriment of shareholders who wish to exit and who have been facing a discount of more than 25% to the underlying value of their investment”. Bluefield Solar’s share price discount suggests a “serious disconnect” between “how the company is valued by public markets and the prices being paid by institutional investors for portfolios of solar PV and wind assets”, he added. The trust reported a net asset value (NAV) of £831.3m as of December 31, slightly down from £854.2m on June 30, 2023. Underlying earnings saw a 14.5% decrease to £43.9m. The dividend target for the fiscal year has been set at no less than 8.8p per share at two-times cover, up from 8.6p in the previous fiscal year. Operational milestones during the period included the signing of a Memorandum of Understanding (MOU) with GLIL Infrastructure, it said, marking a strategic partnership poised to fortify Bluefield Solar's investment and operational capabilities. Planning consents were also received for 137MW of solar projects and 90MW of battery projects, with the pipeline expanding to approximately 968MW of solar and 563MW of battery storage. |
Posted at 28/2/2024 10:13 by melody9999 Hi Nerja -I used to work in the sector on the opertional side - getting connections through the DNO's was always time consuming - but BSIF will be on top of that. There is quite a lot in the results - I copied these that may be of interest: Although spot power prices have softened recently, BSIF was the beneficiary of our Investment Adviser's strategy of fixing prices up to 36 months in advance, with the result that, despite irradiation levels some 13% below those experienced in the second half of calendar 2022, our revenues for the Period grew as compared with the previous year. Our ability to convert this pipeline into electricity generating assets is significantly restricted by current conditions in the capital markets, which make it difficult for us - and most participants in the renewable energy sector - to raise additional equity. In response to this constraint, the Company has entered into a Strategic Partnership with GLIL Infrastructure ("GLIL"), covered in more detail below. There is ample transactional evidence of asset values consistent with our latest Directors' Valuation of nearly 136pps, so to see the Company's shares trading at close to £1 per share suggests a serious disconnect between how BSIF is valued by public markets and the prices being paid by institutional investors for portfolios of solar PV and wind assets. |
Posted at 11/1/2024 10:42 by the deacon Proactive Investors interview this morning:https://yout |
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