Bluefield Solar Income Share Discussion Threads

[18bt] 30/6/2021 17:35

Prospectus out:
ex entitlement today
Payment in full by 15/7
Admission 23/7

[18bt] 30/6/2021 17:31

Arena Capital Partners "a large-scale owner-operator of small to medium scale wind turbines"

Acquisition expected to accretive to the dividend.

1 for 5 open offer in the first instance though the size of the issue could be raised to £150m.

I will at least take up my share.

[spectoacc] 30/6/2021 17:03

And who's selling these 109 small-scale onshore wind turbines?

[masurenguy] 30/6/2021 17:01

Bluefield seeks £100m for first buy in push beyond solar

Bluefield Solar has reported its first acquisition of a non-solar asset, while announcing plans to raise £100m to fund its expansion into different renewable energy generation technologies. The £496m investment company has conditionally agreed to buy 109 small-scale onshore wind turbines located across the UK for around £60m, realising an ongoing ambition to move beyond its core market of subsidised solar in response to the energy sector being reshaped by decarbonisation. Total revenue from the assets is over 90% subsidised, limiting wind portfolio power price exposure to less than 10%.

The acquisition follows the change of Bluefield’s mandate in July 2020, allowing up to a quarter of the overall portfolio to be invested outside solar in areas like wind and energy storage, as well as a £45m equity raise in November. Bluefield is hoping to raise another £100m of equity to pay for the acquisition, issuing shares at 118p. That represents an 8.1% premium to the end-of-March net asset value (NAV), adjusted for recent and upcoming quarterly dividend payments of 2p apiece, and a 3.3% discount to the closing share price last Friday. The fund has little choice but to return the market, given the £90m drawn balance from its £100m revolving credit facility. It said the capital raised would be used to fund acquisitions as well as create more headroom by paying that debt down.

BSIF, led by Bluefield managing partner James Armstrong, has also negotiated the option to invest a further £35m in repowering, or upgrading, 17 wind turbines in Northern Ireland. With the plans being announced after trading had closed on Monday, BSIF’s shares closed down 1.7%, or 2p, to 119.8p on Tuesday. Chairman John Rennocks said the board viewed the wind acquisition as ‘highly complementary to the existing portfolio in respect of energy generation profile, geographic location and the high levels of regulated revenue’, or subsidies, which should be ‘accretive’ to the dividend.

Additionally, the announcement reconfirmed a total dividend of 8p per share for the fund’s financial year ending on 30 June, which is expected to be fully covered by earnings from the portfolio and equivalent to a 6.6% yield on the current share price. Armstrong emphasised earlier this year that the investment company wants to broaden the technologies in its portfolio while hanging onto its status as the top dividend-payer in the renewables infrastructure sector, in terms of pence per share.

[zero the hero] 14/5/2021 16:44

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] 06/5/2021 10:15

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.

[mikealig] 05/5/2021 08:33

Welcome confirmation of the 8p dividend. Sadly more than wiped out by the recent share price fall.

[masurenguy] 05/5/2021 07:08

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.

[mikealig] 04/5/2021 15:41

I've held this share for quite a few years now and they've generally put out a statement before the end of April regarding the second interim dividend. Nothing this year and a significant increase in daily volume coupled with a drop in the share price Something stinks here!

The company needs to clarify what's going on.

[novision] 01/5/2021 16:09

hxxps://quoteddata.com/research/bluefield-solar-income-fund-on-the-offensive-QD/

Useful paid for overview - prepared on the company's behalf

[sawney] 01/5/2021 06:44

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....



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:

[masurenguy] 30/4/2021 14:57

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 !

[mikealig] 30/4/2021 13:39

I guess the fact that they've not announced the second interim dividend yet has spooked the market. Always thought that their income was stable and pretty much guaranteed by contractual commitments so not sure why this should be an issue.

[18bt] 28/4/2021 17:01

Only £5k, but good for sentiment at 123p. More importantly, fund raising can't be coming as otherwise he couldn't have traded.

[robertspc1] 28/4/2021 13:51

Well director buying should reverse yesterday's dip

[williamcooper104] 27/4/2021 14:44

Not quite the same as BSIF - but GLO also tanked this morning and is now just in the blue

[voci] 27/4/2021 13:20

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] 27/4/2021 13:08

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?

[gateside] 27/4/2021 13:06

Some of the other renewables went down 1 to 2% around 10.30am the same time as BSIF fell.

Something spooked the sector.

[18bt] 27/4/2021 13:05

Broadly, quite a lot of large sales went through before 11am. Interesting to see whether any disclosable changes.

[voci] 27/4/2021 12:53

It is strange to see such fluctuations in a share like this especially when there is not much movement elsewhere in the renewables sector.

If you had purchased some of these at around 10:30 this morning you would now be about 4% up.

Weird.

[bench2] 27/4/2021 11:14

BSIF has maintained quite a large premium rating vs Foresight and Nextenergy Solar . Well deserved as it was a first mover in Solar with clear strategy and good execution . Both Foresight and Next are just below issue price with no NAV growth .

[rustle2] 27/4/2021 11:02

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://bluefieldsif.com/investors/

[gateside] 27/4/2021 10:42

That article is dated from 2 days ago. And as other solar funds are holding up, maybe it's something else in addition.

[gateside] 27/4/2021 10:40

Not holding but nearly bought yesterday at 129pI'll let the dust settle and see how this pans out.