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Bluefield Solar Income Fund Limited

0.80 (0.61%)
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
  0.80 0.61% 131.20 236,008 11:56:23
Bid Price Offer Price High Price Low Price Open Price
131.00 131.20 131.40 130.80 130.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Trust,ex Ed,religious,charty 176.19 174.57 28.60 4.50 802.23
Last Trade Time Trade Type Trade Size Trade Price Currency
11:56:23 AT 412 131.20 GBX

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Bluefield Solar Income (BSIF) Discussions and Chat

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Date Time Title Posts
11/5/202307:16Bluefield Solar Income Fund Limited606

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Posted at 11/5/2023 07:16 by masurenguy
Unaudited NAV 31 March 2023 and Second Interim Dividend

The NAV as at 31 March 2023 was £850.2m, or 139.1p per Ordinary Share ('pps'), compared to the unaudited NAV of 142.4 pps as at 31 December 2022. This equates to a reduction of the 31 March 2023 NAV of -3.3pps (vs 31 Dec 2022 NAV) and a NAV total return for the quarter of -2.3%.

A second interim dividend of 2.10p per Ordinary Share (May 2022: 2.03 pps) will be payable to shareholders on the register as at 19 May 2023 with an associated ex-dividend date of 18 May 2023 and a payment date on or around 12 June 2023. Dividends declared to date for the current financial year now stand at 4.20 pps.

For the avoidance of doubt, the 31 March 2023 NAV does not include a liability for the second interim dividend of 2.10p per Ordinary Share as this has been declared post 31 March 2023. Furthermore, the Board is pleased to reconfirm its guidance of a full year dividend of not less than 8.40p per Ordinary Share for the financial year ending 30 June 2023. This is expected to be covered by earnings and is post debt amortisation.

Posted at 14/4/2023 08:26 by masurenguy
"The good news for investors in renewable energy in the UK is that the share prices have fallen below asset values, making it impossible for listed funds to raise new capital for investment. Instead, they can concentrate on completing current projects and squeezing out better returns. New supply should therefore tail off. The bad news is that politicians are keen to invest directly in a desperate drive to achieve carbon reduction targets. The assumption is that such investment will be lucrative but the history of the public sector suggests the opposite. A surge of new capacity will lose money for taxpayers and reduce returns for everyone." Moneyweek 13 April 2023

The BSIF NAV per share was 142.40p on 31 Dec so @137.8p the current discount to NAV is 3.2%

Posted at 28/2/2023 07:30 by masurenguy
Interim Results

As at 31 December 2022/ 30 June 2022

Net Asset Value (NAV) Dividend Target per Share
GBP870.7m GBP858.4m FY23 8.40pps 8.12pps
NAV per share
142.40p 140.39p

Six month period to 31 December 2022 / 31 December 2021

Underlying Earnings(1) Total Shareholder Return(2)
(pre amortisation of debt) 6.98% 5.68%
GBP51.4m GBP21.4m

Total return to Shareholders
Underlying Earnings per share(1) since IPO
(pre amortisation of debt) 101.59% 81.69%
8.41p 4.31p

Total Return(3)
4.38% 9.61%

Underlying Earnings per share
available for distribution(1)
(post amortisation of debt)
6.26p 2.57p

Environmental, Social and Governance (ESG)

Forecast annual CO2e savings of over 163,000 tonnes (2022: 120,000 tonnes)
Approximately 292,000 homes powered with renewable energy (2022: 215,000) 4
Over GBP200,000 to be paid to community benefit schemes (2022: GBP154,000) 5

Construction and Development Pipeline
-- 49 MW under construction
-- 466 MW approved 1.38 GW
-- 216 MW in planning (956 MW Solar, 424 MW battery)
-- 649 MW potential capacity

Posted at 18/11/2022 17:51 by carterit
Funds such as Greencoat UK Wind (UKW) and Bluefield Solar Income (BSIF) with the highest exposure to subsidised CfD and ROC revenues should see a smaller reduction in NAVs, said Winterflood’s Ratnasingam.

UK Wind rose 3% yesterday, one of the biggest risers in the sector, and rallied another 3.7% today. Foresight Solar (FSFL) and NextEnergy Solar (NESF) gained over 2% yesterday.

The latter’s rise may have surprised Ratnasingam as he believed FSFL could be the most vulnerable to a knock to NAV as it had recently set its power price assumption at the higher end of the sector range of £80-£175/MWh for 2023 and £65-£150/MWh in 2024.

By contrast, he said NESF was ‘relatively attractive’ because of its investments in battery storage through a 500MW joint venture with Eelpower. Investor’s Newell estimated it was in line for a reduction in NAV of just 0.3%.

However, further clarification is needed as Chande included NESF, BSIF and UKW in a list of five that also included Renewables Infrastructure Group (TRIG) and JLEN he believed could see reductions of around 2.5% in NAV.

‘Arguably this is already reflected in discounts,’ he said. Until the smoke clears, however, those gaps between share prices and NAVs look set to remain.

Posted at 28/8/2022 09:06 by nerja
What is the CfD mechanism?

The CfD is a contract, in private law, between the electricity generator (in this case, a wind farm) and the Low Carbon Contracts Company (LCCC), which is a government-owned company that oversees the administration of the contract. For renewable projects, contracts last for 15 years.

How are CfD contracts awarded?

Developers of clean power projects bid for the CfD contracts in competitive auctions. The Government sets out a pot of money for the auction in advance – this represents the total amount of money available for the auction. For this most recent auction, the budget is £65 million.

When the auction starts, project developers provide two pieces of information: the size of their project, and the strike price for the project - how much they want to be paid per megawatt hour (MWh) of electricity they produce. The Government caps the maximum amount a project can bid for by setting administrative strike prices (ASPs). We’ll come back to these later. Renewable projects bidding into the auction cannot bid over the amount of the ASP. However, project developers can put in a number of different bids based on project size or the price per MWh.

Competition for CfDs is fierce – renewable companies must put in the lowest bid they can to be in with a chance of securing a contract. The auction is administered by National Grid and bids are ranked lowest to highest based on the strike price. The lowest bids are all accepted until the maximum budget has been reached. This year there is also a total capacity cap of 6GW, so a project that wouldn’t breach the budget but would mean the auction delivers over 6GW of capacity would not win a contract.

Projects have to pick a delivery year in which they will start generating power and as this is a “pay as clear” auction, projects delivering in the same year will receive the same strike price – the auction clearing price. The delivery years for this auction are 2023/4 and 2024/5.

Why does the CfD get more renewables built?

The CfD provides investors with certainty over the future of their investments, with a fixed price for each MWh of electricity they generate. Investors face inherent risks in volatile electricity markets. The riskier the project is seen to be, the more it costs overall to secure the financing from banks or investors for the project; the “cost of capital” is higher.

The cost of capital is a defining feature of a renewable project’s costs, and therefore the costs consumers ultimately end up paying. This is because wind is a freely available resource, so when you have built a project there are no fuel costs to keep on paying, just the costs of maintaining your wind farm. However, the biggest proportion of costs that have to be paid by a wind farm are the costs of paying back the money you have borrowed to build it in the first place. Herein lies the beauty of the CfD. The CfD contract “stabilises221; a wind farm’s revenues and gives investors the certainty that their money will be paid back in a predictable way over a certain amount of time. This, therefore, reduces the risk associated with the projects, meaning they can secure a lower cost of capital – making the electricity cheaper for consumers.

How does this actually work?

Ok if you’re really keen to geek out, you’ve come to the right place. But this is the bit where you’ll have to bear with me, as it’s when I usually have to start scribbling down diagrams. The CfD contract “stabilises221; the revenue of the electricity generator through a relationship between the “strike price” of the contract and the “reference price”. The strike price is the actual price that the generator will be paid per MWh of low carbon power. The reference price is an index of the market price and when this is above the strike price, the generator pays back the difference to the LCCC and, therefore, back to consumers; and when the reference price is lower than the strike price, the generator’s revenue gets topped up.


Posted at 26/8/2022 23:33 by masurenguy
‘Cheap’ solar fund

Investors haven’t quite caught up with the impressive, unscheduled full-year update Bluefield Solar Income (BSIF) released on Monday, with the renewables fund making a surprise appearance at the top of this week’s ‘cheap’ list. Shares in the £844m alternative income fund rose 4.5% to 138p in the week to Thursday after it reported an investment gain of 10% in the three months to 30 June that pushed its net asset value (NAV) to 140p per share. That puts shares that have advanced 16% this year on a 5.9% dividend yield, which looks attractive on their small 1.6% discount. That does look cheap compared to the average 5.8% premium at which they have stood in the past year and gives them a low Z-score of -3. On average, renewables funds stand on a premium of 3.6%. BSIF did, however, slip to a small discount after its £150m share issue at 130p in June. Stifel analyst Iain Scouller suggested a 5% premium would not be unreasonable which would lift the shares to 147p.

Like other renewable energy funds, BSIF has been boosted by soaring power prices and surging inflation. Nearly two-thirds of its revenues come from government-backed, inflation-linked subsidies. With its 2p quarterly dividend included, it generated a total three-month return of 12%, beating analysts’ expectations. Fund managers James Armstrong and Giovanni Terranova are targeting total dividends of 8.16p for the full year, which they say will be fully covered by operational cashflows. Annual results next month will reveal more on where the growth came from and what discount rate BSIF is using to value its cash flows and assets.

Posted at 22/8/2022 13:53 by cynicalsteve
I'm surprised by the share price rise today, I'd assumed the expected good news was already in the price, so much for Efficient Market Theory! Are we reaching the point where we need to remember that as profits increase so does political risk? I've been reducing my mainly UK fund holdings and concentrating on AERS that invests in European assets plus ORIT and DORE that have a mix of UK/European assets. I've also bought some USFP, the political risk in the USA is smaller but the returns don't look so good. I want to spread my risk so I'm getting out of concentrated funds like BSIF. But risk works both ways, BSIF could have further to go!
Posted at 15/8/2022 18:16 by 18bt
That's a political rant, but what effect will that have on the BSIF share price??
Posted at 13/7/2022 12:33 by tournesol
I'm happy to see the BSIF share price holding steady. And looking forward to collecting those very solid dividends.
Posted at 04/10/2021 07:55 by masurenguy
Questor also noted that renewables contributed 42% of the UK’s electricity production in Q1 this year, which is likely to increase through further investment in the sector. ESG investment has doubled over the past year, which provides ongoing support to the BSIF share price and its current 10% premium to NAV. The relatively stable high dividend yield could prove attractive if inflation rises and interest rates remain low and therefore recommends BSIF as a Buy ahead of the results that are due tommorrow.
Bluefield Solar Income share price data is direct from the London Stock Exchange
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