Share Name Share Symbol Market Type Share ISIN Share Description
Bluefield Solar Income Fund Limited LSE:BSIF London Ordinary Share GG00BB0RDB98 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.30 -0.25% 117.80 117.80 118.00 118.40 118.00 118.40 292,065 16:35:07
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.7 28.2 7.6 15.4 584

Bluefield Solar Income Fund Limited Unaudited NAV 31/03/21 & Second Interim Dividend

05/05/2021 7:00am

UK Regulatory (RNS & others)

Bluefield Solar Income (LSE:BSIF)
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RNS Number : 5376X

Bluefield Solar Income Fund Limited

05 May 2021

  5 May 2021 

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

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 Company's NAV as at 31 March 2021 reflects the adoption of power curves published by the Company's three independent power forecasters (which the Company blends equally) during this period. Compared to December 2020, the blended curves used by the Company have increased on average by 7% over the next four years (reflecting a faster than expected recovery in short-term power prices) but have decreased by 6% from 2025 until 2050.

The impact on the Company's NAV from adoption of the latest power curves is a reduction of 2.1 pence per Ordinary Share, reflecting the reduced independent revenue estimates for the period post 2025.

The Company has 100% of its revenues contracted until 30 June 2021, 98% until 31 December 2021 and 88% until 30 June 2022.

The impact of the corporation tax rate rising to 25% from 2023, as announced in the recent Budget, has resulted in a reduction in the Company's NAV of 3.1 pence per Ordinary Share.

The NAV update also includes the acquisition of Bradenstoke, an operating 70 megawatt peak ('MWp') ground-mounted solar photovoltaic ('PV') plant the Company purchased in January 2021, recent power price fixes, generation in the period to 31 March 2021 and a roll forward of portfolio working capital and operating assumptions. The combined impact of these changes is an increase in the Company's NAV of 1.24pps.

All other core valuation assumptions have remained consistent with the NAV issued in the Company's Interim financial statements for the period ending 31 December 2020.

For the avoidance of doubt, the 31 March 2021 NAV does not include a liability for the second interim dividend of 2.00 pence per Ordinary Share as this has been declared post 31 March 2021.

Furthermore, 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.

For further information:

 Bluefield Partners LLP (Company Investment    Tel: +44 (0) 20 7078 
  Adviser)                                                     0020 
  James Armstrong /Neil Wood/Giovanni 
 Numis Securities Limited (Company Broker)     Tel: +44 (0) 20 7260 
  Tod Davis / David Benda                                      1000 
 Ocorian Administration (Guernsey) Limited        Tel: +44 (0) 1481 
  (Company Secretary & Administrator)                       742 742 
  Kevin Smith                              
 Media enquiries: 
  Buchanan (PR Adviser)                             Tel: +44 (0) 20 
  Henry Harrison-Topham / Victoria Hayns                  7466 5000 
  / Henry Wilson                       

Notes to Editors

About Bluefield Solar

Bluefield Solar is a UK income fund focused, primarily, on acquiring and managing UK-based solar projects to generate renewable energy for periods of typically 25 years or longer. Not less than 75% of the Company's gross assets will be invested into UK solar assets. The Company can also invest up to 25% of its gross assets into onshore wind, hydro and storage technologies. Its primary objective is to deliver to its shareholders stable, long term sterling income via quarterly dividends. The majority of the Group's revenue streams are regulated and non-correlated to the UK energy market. Bluefield Solar owns and operates one of the UK's largest, diversified portfolios of solar assets with a combined installed power capacity in excess of 612 MWp.

Further information can be viewed at

About Bluefield Partners LLP ('Bluefield')

Bluefield Partners was established in 2009 and is an investment adviser to companies and funds investing in renewable energy infrastructure. It has a proven record in the selection, acquisition, and supervision of large-scale energy assets in the UK and Europe. The team has been involved in over GBP2.0 billion renewable funds and/or transactions in both the UK and Europe since 2008, including GBP1.3 billion in the UK since December 2011.

Bluefield Partners has led the acquisitions of, and currently advises on, over 100 UK based solar PV assets that are agriculturally, commercially, or industrially situated. Based in its London office, it is supported by a dedicated and highly experienced team of investment, legal and portfolio executives. Bluefield Partners was appointed Investment Adviser to Bluefield Solar in June 2013.

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May 05, 2021 02:00 ET (06:00 GMT)

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