Bluefield Solar Income Share Discussion Threads

[yump] 16/6/2025 14:12:12

Lots of sun recently and forecast - perhaps next report fairly positive?

[badtime] 22/5/2025 13:55:04

Ex div today

[spectoacc] 21/5/2025 13:23:36

And did equally badly in Spain & Australia, interestingly.

[return_of_the_apeman] 21/5/2025 10:26:55

Talking about the sun shining



News from FSFL today bodes well for BSIF

" Electricity production in the UK was 9.4% above budget, reflecting strong irradiation in March and April. Despite limited solar resource at the start of the year and prolonged network outages at several large sites, the portfolio in the Company's main market performed well in the two subsequent months to deliver this outperformance. ;Excluding network outages, generation was 12.4% higher than expected."

"the Board believes consolidation will be a major feature in the year ahead to create larger, more liquid vehicles that continue to provide investors with exposure to an appealing asset class"

[masurenguy] 15/5/2025 08:31:37

When the sun starts shining ! 😎

[sleveen] 15/5/2025 07:32:09

When will the NAV stop falling?

[masurenguy] 15/5/2025 07:17:55

*The NAV as at 31 March 2025 was £728.3m, or 123.01p per Ordinary Share, compared to the unaudited NAV of 126.03 pps as at 31 December 2024. The current discount to NAV is 24.7%.

*The Second Interim Dividend of 2.20p per Ordinary Share (May 2024: 2.20p per Ordinary Share) will be payable to Shareholders on the register as at 23 May 2025, with an associated ex-dividend date of 22 May 2025 and a payment date on or around 27 June 2025. The Board is pleased to reaffirm its guidance of a full year dividend of not less than 8.90p per Ordinary Share for the financial year ending 30 June 2025 (30 June 2024: 8.80p).

*The £20m Share Buyback programme announced in February 2024 concluded on 9 January 2025. Between those dates, 19,372,184 shares have been bought back.

[tiltonboy] 14/5/2025 10:44:20

For context, Barclays have cut the sector

[skinny] 14/5/2025 10:37:36

FWIW :-

Barclays cuts Bluefield Solar Income Fund to 'equal weight' - price target 106 pence

[badtime] 07/5/2025 20:02:11

Didn't seem to like being there :(

[gateside] 28/4/2025 11:53:34

Where it should be!

[badtime] 28/4/2025 10:45:46

Back above a quid

[stevegrass777] 10/4/2025 21:53:20

Because of what is going on ATM, interest rates are going to go down.5% and probably more on the way will make this and other big dividend payers look really cheap with no safe comparable income payers.

[badtime] 09/4/2025 12:54:42

Seems to be holding up relatively well in the 'rout'

[hindsight] 02/3/2025 11:00:24

Yes agree, they sound determined to do something. Doubt anyone will be rushing out to build new renewable now, better to buy off funds offloading/winding up

[rambutan2] 01/3/2025 21:15:38

Thought tone in last week's interims was noteworthy - almost ready to throw the towel in if an acceptable alternative could be found/was offered. And as the manager says, the fund is effectively in run off mode, albeit a long one, at least for the time being. In any case, the 10% index linked yield on offer, along with a solid manager tempted me to buy a few last week. It's easy to look at the downside on these renewable infra cos, but there are upside scenarios as well...

[masurenguy] 24/2/2025 16:21:07

Bluefield Solar eyes buybacks.
Green infrastructure trust Bluefield Solar is considering buying back their heavily discounted shares as they find ways to unlock cash.
24 Feb 2025: Michelle McGagh, Citywire.

Bluefield Solar Income (BSIF) could be in the market for more share buybacks after refinancing £300m of debt. The £509m Bluefield investment company has refinanced the 359-megawatt portfolio of solar assets it jointly owns with GLIL Infrastructure, with Bluefield owning just over a 25% stake. The refinancing replaces £214m of existing inflation-linked debt with £297m of fixed rate debt at a rate of 5.8% until 2035 to match the subsidy period of the assets. That results in Bluefield Solar’s total debt costs increasing from 3.4% to about 3.8%.

Although the fund’s borrowing costs have increased, Stifel analyst Iain Scouller said that the new agreement provides ‘more certainty on debt costs at a time when inflation has been volatile in recent years’ and also confirms a £21m cash inflow to the fund. The £21m of cash together with the successful sale of 112MW of solar capacity as part of the partnership with GLIL means a total of £89m of capital has been returned to Bluefield since it partnered with GLIL in September 2024. To date, £50.5m from the sale of 112MW of assets was used to repay part of the fund’s revolving credit facility (RCF), with another £10.6m going towards share buybacks and another £6.2m invested in the solar asset development pipeline.

Scouller said that the fund is now sitting on about £40m of cash which can be used to pay down the RCF, support further developments, or extend its share buyback programme following ‘the completion of the company’s original £20m allocation in January 2025’. Bluefield shares have been hit by downbeat sentiment towards renewables in recent years, falling power prices and a cut in its dividend growth target. The shares currently trade at a discount of 28.6%. Including dividends, the net asset value (NAV) slipped 0.6% over the past year while the shares dropped 7.6%. The investment company also noted that phase three of its GLIL partnership, which involves ‘the prospective sale by Bluefield of a limited portion of its ready-to-build pipeline, is currently in progress’.

John Scott, Chair, said: "We have worked closely with GLIL and our lenders to complete this refinancing at an attractive price, enabling further capital to be returned to the company to support future RCF repayments and allowing the continued funding of the company’s attractive development pipeline."

NB: Current shareprice discount to NAV is circa 30% !

[dickiehh] 13/2/2025 08:00:02

Amazing how this news leaks

[skinny] 13/2/2025 07:52:56

"Solar power may be relatively attractive, but it needs to be accompanied by energy storage. In recognition of this, Bluefield Solar is developing battery storage projects as well as new solar ones."

All I need is for him to mention hydrogen as a storage medium and I'll be happy!

[cwa1] 13/2/2025 07:44:21

Looks like BSIF are tipped as a BUY in The Telegraph's Questor column this morning, though I don't have access to it. Perhaps that helps explain yesterday's fillip?

[ghhghh] 13/2/2025 07:44:18

Tipped in today's DT

[spectoacc] 12/2/2025 13:10:45

Sometimes things are just "obvious". Well done holders. FSFL today suggests hopefully more to come on BSIF.