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 Shares Traded Last Trade
  -3.70 -2.95% 121.60 755,534 16:35:07
Bid Price Offer Price High Price Low Price Open Price
120.40 121.80 126.00 120.40 126.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.73 28.24 7.63 15.9 495
Last Trade Time Trade Type Trade Size Trade Price Currency
16:47:47 O 5,397 121.60 GBX

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Date Time Title Posts
14/5/202116:44Bluefield Solar Income Fund Limited361

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Bluefield Solar Income (BSIF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-06-18 15:47:47121.605,3976,562.75O
2021-06-18 15:35:07121.6093,749113,998.78UT
2021-06-18 15:29:55121.80165200.97O
2021-06-18 15:29:55120.401,9002,287.60AT
2021-06-18 15:29:51120.402,6033,134.01AT
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Bluefield Solar Income (BSIF) Top Chat Posts

Bluefield Solar Income Daily Update: Bluefield Solar Income Fund Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker BSIF. The last closing price for Bluefield Solar Income was 125.30p.
Bluefield Solar Income Fund Limited has a 4 week average price of 120.40p and a 12 week average price of 119.60p.
The 1 year high share price is 138.50p while the 1 year low share price is currently 119.60p.
There are currently 406,999,622 shares in issue and the average daily traded volume is 331,256 shares. The market capitalisation of Bluefield Solar Income Fund Limited is £494,911,540.35.
zero the hero: 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.
masurenguy: 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: 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.
voci: TRIG's price started to decline at about 10:30 half an hour behind BSIF. Maybe it's BSIF that has spooked the sector.
bench2: 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 .
masurenguy: Interim Results Summary 31 December 2020 Total operating income £14,189,525 Total comprehensive income before tax £13,485,183 Total underlying earnings(1) £18,678,067 Earnings per share (below) 3.57p Underlying EPS available for distribution(2) 2.63p Underlying EPS brought forward(3) 2.03p Total underlying EPS available for distribution 4.66p 1(st) interim dividend for the year ending 30 June 2021 2.00p NAV per share 117.12p Share Price as at 31 December 2020 130.0p Total Return(4) 3.52% Total Return to Shareholders(5) -0.37% Total Return to Shareholders since inception(6) 79.39% Dividends per share paid since inception 49.39p Net Asset Value (NAV): £475.7 Dividend Target per Share: 8.00p Chairman John Rennocks said: " The performance of the Company over the first six months of this financial year has once again been highly pleasing. The Board has been delighted with the services provided in relation to technical management of the Company's portfolio by Bluefield Services and Bluefield Operations during the extended period of the Covid-19 pandemic.
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: Bluefield has to look beyond solar as renewables evolve By Jeremy Gordon 22 Sep, 2020 The managers of Bluefield Solar Income (BSIF) have said the £500m investment company needs to evolve as the energy sector is reshaped by decarbonisation, while they are also mulling an equity raise to deliver on the broader mandate recently backed by shareholders. Last month, Bluefield also made its first major acquisition for three years, buying a 64.2MWp portfolio of 15 solar plants. Acquired for an initial cash outlay of £107m, that increases the total energy generation capacity of the fund to 543MWp. James Armstrong of Bluefield Partners, investment adviser to the closed-end fund, said they were ‘really excited’ by the acquisition, which has a ‘very high’ level of regulated revenues, deriving from guaranteed government subsidies. The manager explained that was a factor they had come to value more as already low power prices in the UK took a fresh hit from plummeting demand during the coronavirus pandemic. Until 2033, the proportion of regulated revenues on the acquired assets is projected to be 66%, compared to 59% for Bluefield’s existing portfolio. The deal was financed by a three-year £110m loan, which increased leverage to around 44% of gross asset value (GAV). That puts gearing at what the managers see as an optimal level, another part of the rationale for the transaction. Beyond solar While the asset’s defensive profile fits the wider portfolio, it also comes as Bluefield Partners keeps an eye on the fund’s evolution. In July, shareholders voted to widen its investment policy beyond solar and delink its dividend policy from inflation. A maximum of 25% of the fund is now allowed to be invested in non-solar assets. In the short term, that is likely to be onshore wind and hydro. As part of that 25% allocation, 10% can be invested in assets outside the UK, although this is intended to facilitate transactions rather than allow for long-term holdings. Dividends were changed from increasing in line with RPI to a progressive policy, rising each year, while the previous policy of paying specials out of excess income was dropped. Having hit the target of 7.9p per share for the last financial year, which ended 30 June, the target for this year is 8p. The board intends to remain the highest dividend payer in the sector on a pence per share basis. The shares yield 5.%. According to annual results, after the costs of long-term debt and including brought forward reserves, the available profits for distribution were 10.13p per share at the end of June, compared to 8.91p in the previous financial year. That also meant dividend reserves rose from 0.6p per share to 2.23p, more than a quarter of the current year’s dividend. Armstrong said the move provided a route for the fund to safeguard its income credentials as the UK’s energy mix shifted. ‘From when we IPO’ed in 2013 to today, the energy market’s very different. It’s going to be far different in seven years’ time and you have to evolve,’ he said. The manager outlined why as more of the UK’s energy was generated by solar and wind – which are by nature somewhat irregular – the strategy would need to change. ‘A consequence of decarbonisation is you’re going to have higher levels of intermittent generation. You’re going to have higher level of intraday and day-forward price volatility,’ he said. ‘So, the market’s going to be far different from boring old baseload stuff.’ Bluefield has three response to that higher variability in the price of electricity. The first is continuing to focus on regulated revenues, which are not affected by fluctuating power prices. The second is for fixing prices ahead at favourable times, using power purchase agreements, or PPAs. That means revenues are less exposed the short-term movements of supply and demand, something Armstrong emphasised was already a focus. The fund has a ‘price confidence level’ of 100% to December 2020 and approximately 82% to June next year over the pricing of its power and subsidy revenue streams, according to the results. The third is investing in energy storage assets, which can exploit daily movements in the power price by buying low and selling high. While the managers feel the investment case is not right currently, longer term, the widening mandate will enable them to capitalise. ‘You need to look at how you play the storage market and that’s why we wanted to have that ability to invest in storage when it’s right,’ said Armstrong. ‘It’s not if storage comes, it’s when, because if it doesn’t happen then renewables don’t work properly for energy systems.’ Growth ambitions The other reason for broadening the investment mandate was growth. To that end, with little cash in the fund and gearing now close to the permitted limit of 50% of GAV, Armstrong agreed that an equity raise at some point was feasible. Bluefield’s shares are currently trading at a 21% premium, according to broker Numis, reflecting high demand. While, as shown by the recent transaction, the managers remain focused on subsidised solar, subsidy-free solar has also been under consideration. The fund has an unsubsidised solar development pipeline in excess of 350MWp, according to the results, through agreements with select developers. Armstrong explained these agreements were varied, but generally gave first right of refusal on the assets. While coronavirus had delayed development and could delay it further, he said next year could see some of these opportunities come to fruition. Total returns for Bluefield’s shareholders over the year ended 30 June were 4.7% compared to negative 15.4% for the FTSE 100, according to the results. To yesterday, shareholder total returns over five years were 81%, compared to the 56% average gain in the Association of Investment Companies’ Renewable Energy Infrastructure sector.
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.
tartshagger: BSIF share price has resistance at ~137p and support at ~127p. It's been moving sideways in a rectangle since March. Eventually it will break one way or the other, assuming it's not a triple top and it breaks upwards the target would be about 147p. If it breaks downwards and reaches 117p ish, that would be a strong buy.
Bluefield Solar Income share price data is direct from the London Stock Exchange
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