Bluefield Solar Income Investors - BSIF

Bluefield Solar Income Investors - BSIF

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Stock Name Stock Symbol Market Stock Type
Bluefield Solar Income Fund Limited BSIF London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.00 0.0% 116.60 01:00:00
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masurenguy: Result of the Initial Placing, Open Offer and Offer for Subscription (the "Initial Issue") "Oversubscribed fundraise of £105.1m with strong demand from new and existing investors" Further to the announcement dated 29 June 2021 the Board of Bluefield Solar Income Fund Limited ("Bluefield Solar" or the "Company") is pleased to announce the successful issue of New Ordinary Shares. Commitments for 89,067,980 New Ordinary Shares were received under the Initial Issue. As this exceeds the target size for the Initial Issue (as set out in the Prospectus) the Directors have exercised their discretion and have increased the size of the Initial Issue so that all commitments will be satisfied in full. Accordingly, a total of 89,067,980 million New Ordinary Shares will be issued, subject to Admission (as defined below) and on the other terms and conditions set out in the Prospectus dated 29 June 2021, at a price of 118p per New Ordinary Share, raising gross proceeds of approximately £105.1m. The New Ordinary Shares represent approximately 21.9% of the issued Ordinary Share capital of the Company prior to the Initial Issue.
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: Second quarterly dividend of 2p should be announced next week and I'm expecting 8p for the full year. With todays offer @124p that's a 6.45% yield for any new investor !
rustle2: Interim results presentation published on website today and interim report but I don't think they are new and I don't see any bombshells there. hxxps://
adamb1978: Do you have an email for their CEO or investor relations type person? I can email them too if so
williamcooper104: That's usually what happens No excuse with Primary Bid not to let retail investors in on the offer That's seriously annoying
masurenguy: 16 November 2020 Bluefield Solar Income Fund Limited Placing to raise up to approximately £45m The Company is pleased to announce a proposed placing of new ordinary shares of no par value in the capital of the Company ("Ordinary Shares") (the "Placing Shares") (the "Placing") at a price of 124p per Placing Share (the "Placing Price"), with the intention of raising a target of approximately £45m to repay the drawn revolving credit facility. Numis Securities Ltd ("Numis"), the Company's corporate broker, is acting as placing agent to the Company in respect of the Placing. The Placing is not being underwritten. Background to the Placing The Company currently holds an operational portfolio of 105PV plants (consisting of 64 large-scale sites, 39 microsites and 2 rooftop sites) with a total capacity of 543 MegaWatt peak ("MWp"). The portfolio displays strong diversity through geographical variety, a range of proven PV technologies and infrastructure (arising from the solar PV farms having been constructed by a number of experienced solar contractors) and a blend of asset sizes with capacities ranging from micro-sites to substantial utility-scale solar farms (including two plants at c.50MWp).The Company has recently successfully completed a material acquisition of a UK-based portfolio of 15 plants with a total installed capacity of 64.2MWp for an initial cash consideration of £106.6m (including working capital) with deferred consideration of up to £2.1m, contingent on securing asset life extensions. This transaction was financed through increased debt facilities and resulted in the total outstanding debt of the Company and its group (the "Group") increasing to £328.2m which includes £44.1m drawn on a revolving credit facility. This figure represents 43.1% of gross asset value ("GAV") which is in line with the board of directors of the Company's target long term leverage of 40-50% of GAV. As a consequence, in order not to exceed the target leverage, any future material acquisitions would require the Company to issue further equity to either finance acquisitions directly or to reduce debt to provide the capacity and flexibility for future acquisitions. In keeping with the objective of the Company's investment adviser, Bluefield Partners LLP (the "Investment Adviser"), to deliver value and return accretive acquisition opportunities to the Company, the Investment Adviser continues to evaluate a significant number of acquisition opportunities, which includes both subsidised portfolios as well as a small number of ready to build subsidy free assets Details of the Placing The Placing Shares issued pursuant to the Placing will be issued at the Placing Price, being 124p each. The Placing Price represents a premium of approximately 8.3%. to the last published unaudited net asset value as at 30 September 2020 (after deducting the FY20/21 fourth interim dividend paid on 28 October 2020) and a discount of approximately 7.1%. to the closing share price on 13 November 2020. The size of the Placing will be determined at the absolute discretion of the Company and Numis. The maximum number of Placing Shares available under the Placing is 36,500,000, representing approximately 9.9%. of the current issued share capital of the Company. The maximum number of Placing Shares available to be issued should not be taken as an indication of the actual number of Placing Shares that will be issued, which will be determined at the close of the Placing, expected to be on 19 November 2020. The Placing is available to Qualified Investors (as defined in the Terms and Conditions appended to this Announcement), who are invited to apply for Placing Shares through Numis on the contact details below. Whilst the Placing will be non-pre-emptive, in making its allocation decision, Numis (in consultation with the Company and the Investment Adviser) will take into account applications for Placing Shares from existing shareholders with a view to giving these priority over other investors, where applicable, and allocating to existing shareholders such number of Placing Shares to enable them to retain their existing percentage holding of Ordinary Shares in the issued share capital Company following the issue of Placing Shares. However, allocation of the Placing Shares remains at the absolute discretion of Numis (in consultation with the Company and the Investment Adviser), and existing shareholders will not be entitled to any minimum allocation of Placing Shares and there can be no guarantee that existing shareholders who apply for Placing Shares in the Placing will receive all or any of the Placing Shares for which they apply because the allocation of Placing Shares shall be determined by Numis (in consultation with the Company and the Investment Adviser) in its absolute discretion and Numis may scale down any Placing Share commitments for this purpose on such basis as it may determine. The expected timetable for the Placing is as follows: 2020 ------------------------- Placing opens 16 November --------------------------------------- ------------------------- Placing closes 5.00 p.m. on 19 November --------------------------------------- ------------------------- Results of Placing announced and trade 20 November date --------------------------------------- ------------------------- Admission of Placing Shares 24 November --------------------------------------- ------------------------- All times and dates are subject to amendment. In particular, the Company and Numis reserve the right to close the Placing at any time. The results of the Placing will be announced shortly thereafter. Following the Placing, application will be made for the Placing Shares to be admitted to listing on the premium segment of the Official List of the Financial Conduct Authority and to be admitted to trading on the premium segment of the main market for listed securities of London Stock Exchange plc (together, "Admission"). Settlement for the Placing Shares and Admission is expected to take place on or before 8.00 a.m. on 24 November 2020. The Placing is conditional, among other things, upon Admission becoming effective and the placing agreement dated 16 November 2020 between the Company, the Investment Adviser and Numis not being terminated prior to Admission. All Placing Shares issued pursuant to the Placing will, when issued and fully paid, confer the right to receive all dividends or other distributions made, paid or declared, if any, by reference to a record date after the date of their issue.
masurenguy: strutt12 - checkout the following. "the company was taking a proactive approach, and returning to investing in the construction of solar farms. Wood said Bluefield was one of the first investors to fund assets through construction while listed peers would only buy solar farms that were built and operational. Although the landscape of subsidies was different then, he was confident non-subsidised solar farms were cheap enough to build so that the returns would ‘earnings efficient’." Citywire, 4/10/19 Furthermore, the productive life of solar panels is probably closer to 35/40 years than the 25 originally envisaged. See post #225 hTTps://
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.
nerja: Update) Investors in London’s expensive listed renewable energy funds are at a risk of a 43% share price fall and a 33% drop in asset values due to the slide in long-term power forecasts, JPMorgan Cazenove has warned. Strong investor demand for their reliable dividends and environmentally friendliness has pushed shares in London’s six wind and solar power investment companies to an average 16% premium above their underlying net asset values (NAV). But UK investment companies analyst Christopher Brown said the double-digit premiums of companies in the £9bn renewables sector were unsustainable in face of mounting evidence that growth in carbon-free energy would slash the cost of electricity in the next 20-30 years. While that's good news for consumers and the planet, it is bad news for funds generating most of their revenues from selling electricity into the wholesale market, said Brown and fellow analyst Adam Kelly. Using the latest figures from Bloomberg New Energy Finance, an independent forecaster owned by financial media giant Bloomberg, the analysts believed the NAVs of Bluefield Solar Income (BSIF), Foresight Solar (FSFL), Greencoat UK Wind (UKW), JLEN Environmental Assets (JLEN), NextEnergy Solar (NESF) and Renewables Infrastructure Group (TRIG) could drop by a third on average. And because of their elevated share prices – trading at premiums of between 12% and 23% - that could translate into a 43% fall in their stocks, they said.
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