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BSIF Bluefield Solar Income Fund Limited

99.80
0.10 (0.10%)
Last Updated: 12:15:55
Delayed by 15 minutes
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
  0.10 0.10% 99.80 217,682 12:15:55
Bid Price Offer Price High Price Low Price Open Price
99.60 100.20 100.20 99.80 100.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 49.07M 46.79M 0.0767 13.01 609.18M
Last Trade Time Trade Type Trade Size Trade Price Currency
12:15:57 O 352 99.822 GBX

Bluefield Solar Income (BSIF) Latest News (1)

Bluefield Solar Income (BSIF) Discussions and Chat

Bluefield Solar Income Forums and Chat

Date Time Title Posts
18/4/202410:26Bluefield Solar Income Fund Limited714

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Bluefield Solar Income (BSIF) Most Recent Trades

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Bluefield Solar Income (BSIF) Top Chat Posts

Top Posts
Posted at 12/4/2024 08:19 by 18bt
AJ Bell blunders deepen row over ‘fair value’ restrictions on trusts
Outcry over retail brokers restricting investors from buying out-of-favour investment companies intensifies after AJ Bell implements FCA consumer duty regulations.
Jamie Colvin
By Jamie Colvin

AJ Bell has added to the outcry over retail brokers restricting investors from buying out-of-favour investment companies on the grounds that they are poor value.

The share-dealing platform has confirmed to Citywire that Chrysalis Investments (CHRY) and Bluefield Solar Income (BSIF) were among listed funds where online trading had been stopped after they failed fair value assessments conducted on behalf of the broker.

However, a spokesperson said investors could phone through a transaction and still pay the online charge of £5 rather than the normal phone fee of £25.

On online forums customers of AJ Bell complained they had also been prevented from buying Digital 9 Infrastructure (DGI9), Cordiant Digital Infrastructure (CORD) and Amedeo Air Four Plus (AA4) for failing the fair value assessment carried out by external consultant 360 Fund Insight.

Investors are furious they are being prevented from buying closed-end funds trading on wide discounts that they regard as good value with their low share prices offsetting any potential concerns over performance and costs.

Tom Poynton of wealth manager Baron & Grant said: ‘They’re acting as DIY investment supermarkets and supermarkets don’t tell you what you can and can’t buy otherwise everybody would only every buy own-branded and the cheapest goods. When those investors are told they can’t, they become disgruntled and there’s a chance that they’ll vote for their feet.’

There is also concern that the fair value notices are encouraging investors to sell these companies, putting further pressure on their share prices.

AJ Bell apologised after contacting investors who did not hold the restricted funds or informing others that the investment companies had completed the fair value assessments when they had been done by 360.

The confusion was heightened as all of the above investment companies are based in the Channel Islands and are not required to provide the assessments.

‘Notifications were issued following fair value assessments and unfortunately in some cases administrative errors resulted in customers receiving incorrect messages,’ AJ Bell told Citywire.

Under the Financial Conduct Authority’s consumer duty regulation, share-dealing platforms say they are required to alert customers at risk of poor returns and help them make informed decisions.

Price, performance, leverage and liquidity are all factors in whether investment companies are regarded as fair value.

AJ Bell says it monitors funds through the assessments and if they have not completed one, outsources the requirement to 360.

Its move follows similar restrictions by other investment platforms.

Hargreaves Lansdown has also restricted investors from buying Digital 9 Infrastructure, Cordiant Digital and Amedeo Air Four Plus until they pass a questionnaire showing they have the understanding of ‘complex investments’.

While Cordiant and Amedeo are listed on the London Stock Exchange’s specialist fund segment, Digital 9 is not but is still viewed as ‘complex’;.

‘These questionnaires aim to protect clients from poor outcomes, and so provide information on the product type, including some of the associated risks, before testing whether the client has an appropriate level of knowledge and experience,’ Hargreaves told Citywire.

AJ Bell also requires investors to complete an online ‘appropriateness assessment’.

‘It’s sheer stupidity that I can buy a hopeless share at big risk of going bust like Superdry, but can’t buy a pooled investment like DG19 without this farcical test. Pointing out that I was a very experienced investor in investment trusts fell on deaf ears,’ said one bulletin board member who failed Hargreaves’ questionnaire.

As previously reported, Fidelity’s platform bars purchases in AVI Global (AGT), MIGO Opportunities (MIGO), RIT Capital Partners (RCP) and Abrdn Private Equity Opportunities (APEO) although existing investors are allowed to top up their positions.

Interactive Investor also requires investors to certify they understand the risk of more complicated investment companies, including Digital 9, before allowing investment.

Poynton added: ‘I do sympathise with the platforms. They are trying to interpret what their role is in this. Some investment trusts are designating themselves as complex and the platforms can take it upon themselves to do so, then insist on investors taking a test. But what’s an appropriate test? What expertise is needed?’
Posted at 25/3/2024 08:26 by masurenguy
The inconsisent and rather strange converse A.J. Bell & ValueInvestin emails referenced above stand in stark contrast to the CEO's comment circa 4 weeks ago !

"It has been disappointing to note the Company's share price discount to NAV widen, at times exceeding 25%. Meanwhile ample transactional evidence adds further weight to the credibility of the Company's valuation, which is in stark contrast to the share price. We remain entirely confident that Bluefield Solar is well placed to perform the task it has executed so well for over a decade, playing a significant role in the continuing development programme that is so clearly required to expand the UK's supplies of indigenously produced green electricity, while creating compelling growth and income for shareholders, with a total return of 110.14% since IPO." John Scott, CEO, 28th February 2024
Posted at 02/3/2024 13:53 by masurenguy
Bluefield Solar targets share discount with £20m buyback round

Bluefield Solar Income Fund has allocated £20m to a share buyback programme to narrow the discount between the share price and its asset value. Chair John Scott also bemoaned the lacklustre performance of the group’s shares. “No matter how brightly the sun shines nor however hard the wind blows, our share price is becalmed at levels which are significantly below net asset value,” he stated.

As of 31 December, the discount to NAV was 14%, while it widened to as much as 25% throughout the period. Though this has little tangible effect on dividends, Scott said it “constrains our ability to raise the new equity capital needed to fund our further development… It also acts to the detriment of shareholders who wish to exit and who have been facing a discount of more than 25% to the underlying value of their investment”. Bluefield Solar’s share price discount suggests a “serious disconnect” between “how the company is valued by public markets and the prices being paid by institutional investors for portfolios of solar PV and wind assets”, he added.

The trust reported a net asset value (NAV) of £831.3m as of December 31, slightly down from £854.2m on June 30, 2023. Underlying earnings saw a 14.5% decrease to £43.9m. The dividend target for the fiscal year has been set at no less than 8.8p per share at two-times cover, up from 8.6p in the previous fiscal year. Operational milestones during the period included the signing of a Memorandum of Understanding (MOU) with GLIL Infrastructure, it said, marking a strategic partnership poised to fortify Bluefield Solar's investment and operational capabilities. Planning consents were also received for 137MW of solar projects and 90MW of battery projects, with the pipeline expanding to approximately 968MW of solar and 563MW of battery storage​.
Posted at 28/2/2024 10:13 by melody9999
Hi Nerja -

I used to work in the sector on the opertional side - getting connections through the DNO's was always time consuming - but BSIF will be on top of that.

There is quite a lot in the results - I copied these that may be of interest:

Although spot power prices have softened recently, BSIF was the beneficiary of our Investment Adviser's strategy of fixing prices up to 36 months in advance, with the result that, despite irradiation levels some 13% below those experienced in the second half of calendar 2022, our revenues for the Period grew as compared with the previous year.

Our ability to convert this pipeline into electricity generating assets is significantly restricted by current conditions in the capital markets, which make it difficult for us - and most participants in the renewable energy sector - to raise additional equity. In response to this constraint, the Company has entered into a Strategic Partnership with GLIL Infrastructure ("GLIL"), covered in more detail below.

There is ample transactional evidence of asset values consistent with our latest Directors' Valuation of nearly 136pps, so to see the Company's shares trading at close to £1 per share suggests a serious disconnect between how BSIF is valued by public markets and the prices being paid by institutional investors for portfolios of solar PV and wind assets.
Posted at 15/2/2024 09:17 by masurenguy
NAV Update and £20m Share Buyback Programme

Dividend Guidance Reaffirmed with Earnings Cover for the Full Year

Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, has today announced the Unaudited Directors' Valuation as at 31 December 2023, equivalent to a Net Asset Value ("NAV") of £831.3 million, or 136.0 pps (September 2023 136.4 pps, June 2023 139.7 pps).

Share Buyback Programme

The Board notes the recent weakness in the Company's share price and the significant discount that the current share price represents to the value of the Company's assets. Adjusting for the first interim dividend , the closing price of 99 pence per share (as at 14 February 2024) represents a discount of 26% to the 31 December 2023 NAV. In the context of addressing what the Board views as the excessive discount at which the Company's shares currently trade relative to the underlying NAV, the Board announces its intention to commence a share buyback programme. In the first instance it has allocated £20m for the purchase of its own shares. It is expected that any share repurchases will be accretive to NAV per share.

The Company expects to announce its interim results for the half year ended 31 December 2023 on Wednesday, 28 February 2024. The Board intends to commence share buybacks following the release of the interims and while the Company's shares continue to trade at an excessive discount to NAV.

Dividend Guidance Reaffirmed

Shareholders will be aware that the Board of Bluefield Solar has recently declared a first interim dividend for the current financial year of 2.20 pps and has reiterated its target dividend for the full year of not less than 8.80 pps. This represents a dividend yield of 8.9% based on the closing share price of 99p per share on 14 February 2024. The Company's operations remain robust, trading conditions are attractive, and the Board expects this year's dividend to be approximately two times covered.
Posted at 05/9/2023 14:18 by masurenguy
"Bluefield Solar Income (BSIF) has a 10-year track record of producing an average underlying total return from net assets of more than 10%, the second highest in the sector after Greencoat UK Wind (UKW). BSIF shares offer investors a prospective yield of 7.4% and discount of 17.6%. BSIF was also one of very few renewable energy funds to announce an uplift in its NAV at 30 June. That NAV uplift came despite a 0.75% increase in the discount rate used to work out the net present value of BSIF’s future cash flows. BSIF is now using a weighted average discount rate of 8%, which looks sensible to me relative to yields of about 4.6% on 30-year UK government bonds.

For the financial year to 30 June, BSIF aimed to generate 8.4p in total dividends per share, and with three quarterly payouts declared it is a safe bet the target will be met. Moreover, the company expects the dividend will be covered twice by earnings after servicing its debt, with substantial earnings growth to follow over the next two years. This is not the sort of confident statement that companies make lightly. When BSIF announces its results at the end of September, it may turn out that this dividend cover estimate will be conservative. BSIF has been able to achieve this by locking in some of the higher power prices that we saw earlier, which gives its board good visibility on BSIF’s future cash flows.

Higher-than-expected inflation is a net positive as this feeds through into the subsidy income BSIF earns. Another feather in BSIF’s cap was locking in low interest rates through an interest rate swap. Apart from the actual level of dividend cover, one other key message in the results will be the board’s new dividend target for the current financial year. In recent years, BSIF has hiked its dividend by about 2.5% a year on average. The high level of dividend cover for the June 2023 financial year might encourage the board towards a bigger increase this time or it might choose to use the surplus cashflow to help fund the company’s sizeable investment pipeline.

At the end of March 2023, BSIF had about 390MW of solar and 125MW of energy storage in construction-ready projects. Building projects can enhance NAV as they are revalued upwards once they are completed and energised and therefore substantially de-risked. Beyond that, BSIF also had solar projects in planning and substantially more solar and energy storage projects in development."
James Carthew: Citywire: 4 Sept 2023.
Posted at 04/9/2023 14:21 by 18bt
Below from a Citywire article on renewables today:

BSIF’s good record

The contrast with the next-higher yielding fund, Bluefield Solar Income (BSIF) could not be greater. BSIF has a 10-year track record of producing an average underlying total return from net assets of more than 10%, the second highest in the sector after Greencoat UK Wind (UKW).

BSIF shares offer investors a prospective yield of 7.4% and discount of 17.6%. BSIF was also one of very few renewable energy funds to announce an uplift in its NAV at 30 June. That NAV uplift came despite a 0.75% increase in the discount rate used to work out the net present value of BSIF’s future cash flows. BSIF is now using a weighted average discount rate of 8%, which looks sensible to me relative to yields of about 4.6% on 30-year UK government bonds.

For the financial year to 30 June, BSIF aimed to generate 8.4p in total dividends per share, and with three quarterly payouts declared it is a safe bet the target will be met. Moreover, the company expects the dividend will be covered twice by earnings after servicing its debt, with substantial earnings growth to follow over the next two years. This is not the sort of confident statement that companies make lightly.

When BSIF announces its results at the end of September, it may turn out that this dividend cover estimate will be conservative. BSIF has been able to achieve this by locking in some of the higher power prices that we saw earlier this year and last, which gives its board good visibility on BSIF’s future cash flows.

Higher-than-expected inflation is a net positive too, as this feeds through into the subsidy income BSIF earns. Another feather in BSIF’s cap was locking in low interest rates through an interest rate swap.

Apart from the actual level of dividend cover, one other key message in the results will be the board’s new dividend target for the current financial year. In recent years, BSIF has hiked its dividend by about 2.5% a year on average. The high level of dividend cover for the June 2023 financial year might encourage the board towards a bigger increase this time or it might choose to use the surplus cashflow to help fund the company’s sizeable investment pipeline.

At the end of March 2023, BSIF had about 390MW of solar and 125MW of energy storage in construction-ready projects. Building projects can enhance NAV as they are revalued upwards once they are completed and energised and therefore substantially de-risked. Beyond that, BSIF also had solar projects in planning and substantially more solar and energy storage projects in development.

If dividend yield is the main attraction of these three renewable energy funds, it clearly does not make sense that the one with the longest track record, highest dividend cover and good prospects is trading on the highest yield.
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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