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
  0.00 0.0% 131.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
130.00 131.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.73 44.93 12.15 10.8 485
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 131.00 GBX

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Date Time Title Posts
19/6/202016:21Bluefield Solar Income Fund Limited282

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Bluefield Solar Income (BSIF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2020-07-13 16:15:01130.00250,000325,000.00O
2020-07-13 16:02:31130.2847,63362,056.75O
2020-07-13 15:54:52130.9055,00071,995.00O
2020-07-13 15:35:18131.003,7774,947.87AT
2020-07-13 15:35:15131.0065,15985,358.29UT
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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 131p.
Bluefield Solar Income Fund Limited has a 4 week average price of 129p and a 12 week average price of 125p.
The 1 year high share price is 145.50p while the 1 year low share price is currently 105p.
There are currently 370,499,622 shares in issue and the average daily traded volume is 495,266 shares. The market capitalisation of Bluefield Solar Income Fund Limited is £485,354,504.82.
masurenguy: RNS Number : 4677H Bluefield Solar Income Fund Limited 25 March 2020 Bluefield Solar (LON: BSIF), a sterling income fund that invests in UK-based solar assets, reconfirms its guidance of a full year dividend of 7.90pps for the financial year ending June 2020. This will be fully covered by earnings and post debt amortisation. Based on yesterday's closing share price the dividend yield on the forecast full year dividend was 7.05%. Over 60% of the Company's revenues are regulated and non-correlated to market based power prices, increasing in line with RPI and with an average duration remaining of 15 years. The balance of revenues is derived from the sale of electricity via power purchase agreements (PPAs). The Company has 94% of its revenues contracted until the end of the current financial year, 88% of its revenues contracted until the calendar year end and 77% until the end of the financial year 2021, providing excellent visibility of earnings over the current and next financial year. The PPAs providers are investment grade entities. The Company has no subsidy free assets and no assets are in construction. The Company's current leverage level is 32% (a combination of long term debt and short term credit facility) to Gross Asset Value. All long term debt is fully amortising over an average tenor of 14 years and is without the requirement for refinancing. The debt service cover ratio is over 2.5 times covered. The Company has also drawn GBP44 million from its short-term credit facility and is in place until 30 September 2022 (if the facility's one year extension is exercised by the Company). As indicated in previous announcements the Company's policy of increasing the dividend in line with RPI in future financial years remains under review, especially in light of the recent fall in power prices.
williamcooper104: Short/medium term you are right Long term JPM are right Question is how short is short/medium and how long is long And to that I have no clue Wish they'd just securitise their ROCs (unbelievably valuable) to leave a share price that was literally just power price risk
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.
williamcooper104: The issue with renewables is that the senior and junior debt is usually for the life of the PPA (10 to 15 years) and that sucks up much of the cashflow meaning that the equity is repaid out of the tail of the project so is hugely dependent on power prices The DCF models used to create NAV will assume a lot of inflation - so the equity is really rather sensitive to long term power price forecasts Sub-debt in renewables was always the better risk/return 5.5 percent is good - but the satefy check is the PV of that growing at inflation for the averages PPA price - difference between that and share price is the risk
damp seaweed: The NAV is based on discounted cash flows projected 25-30 yrs out. But as the share price of BSIF is so disconnected from the NAV. Then maybe investors will ignore this fundamental. Though @~5.5% yield it hardly looks a bargain........IMHO
nerja: Update) Investors in London’s expensive listed renewable energy funds are at a risk of a 43% share price fall and a 33% drop in asset values due to the slide in long-term power forecasts, JPMorgan Cazenove has warned. Strong investor demand for their reliable dividends and environmentally friendliness has pushed shares in London’s six wind and solar power investment companies to an average 16% premium above their underlying net asset values (NAV). But UK investment companies analyst Christopher Brown said the double-digit premiums of companies in the £9bn renewables sector were unsustainable in face of mounting evidence that growth in carbon-free energy would slash the cost of electricity in the next 20-30 years. While that's good news for consumers and the planet, it is bad news for funds generating most of their revenues from selling electricity into the wholesale market, said Brown and fellow analyst Adam Kelly. Using the latest figures from Bloomberg New Energy Finance, an independent forecaster owned by financial media giant Bloomberg, the analysts believed the NAVs of Bluefield Solar Income (BSIF), Foresight Solar (FSFL), Greencoat UK Wind (UKW), JLEN Environmental Assets (JLEN), NextEnergy Solar (NESF) and Renewables Infrastructure Group (TRIG) could drop by a third on average. And because of their elevated share prices – trading at premiums of between 12% and 23% - that could translate into a 43% fall in their stocks, they said.
masurenguy: Bluefield: solar farms are expensive, we’ll build our own Michelle McGagh, Citywire, 04 Oct, 2019 High-yielding Bluefield Solar Income (BSIF) is going back to its roots with investment in solar farm construction as acquisitions in the secondary market become too expensive. Increased competition in the solar market at a time when there is a lack of new projects helped the 6%-yielding investment company lift net asset value by 4.1% in the 12 months to 30 June and declare an extra dividend. NAV rose to 117.28p from 113.28p in June last year and from 114.41p at the end of December to 117, boosted also by forecast-beating sunlight and electricity generation. Although a reduction in long-term power price predictions dented NAV, this was offset by several local authorities extending the leases on some of Bluefield’s solar parks by 15 years, raising the average life of the portfolio from 21.4 years to 24.2 years. Winterflood analysts said while there was scope for more positive asset-life extensions it cautioned that the charging review of the energy regulator Ofgem could, according to the company, knock 2.8p per share from NAV. Nevertheless, these were strong results with total dividends (four quarterly and one special) of 8.31p per share, ahead of its retail prices index (RPI) inflation-linked target of 7.68p and covered by earnings with revenue reserves doubled to 0.6p. The target dividend for 2020 was raised by 2.88%, in line with inflation, to 7.9p, offering a prospective yield of 6.1%, according to analysts at Winterflood Securities. With dividends included the NAV grew 10.8% but shareholders enjoyed a total return of 19.1% as the share price rose to a double-digit premium, currently 13.5%. Neil Wood, Bluefield group finance director, said the valuation reflected increased competition for solar assets since 2017 when the government removed solar subsidies for new projects. ‘We have been watching the valuation of assets increase as new players seek assets that have become scarce because of the lack of new projects,’ he said. While BSIF was busy buying assets in the first few years after launch in 2013, he said prices had risen ‘dramatically’ in recent years and ‘we started to feel pricing was a little overheated’. As the company is ‘not about asset gathering’ it stepped back from acquisitions and instead of moving overseas for opportunities like some peers it focused on ‘nurturing’ the existing assets in the portfolio to make them more efficient. ‘There are not any material projects being built,’ said Wood. ‘And anything that is being built is under the new non-subsidised regime. The secondary market remains very competitive and there is a significant amount of capital on the sidelines and the return hurdle [for many buyers] has decreased, which has been a material driver in the valuation of assets going up over a number of years.’ While Wood said BSIF benefited from asset price rises it was ‘hard watching assets that you are familiar with and would like to acquire passing by’ because of cost. Rather than watch more expensive assets pass by while new projects remain thin on the ground, the company was taking a proactive approach, and returning to investing in the construction of solar farms. Wood said Bluefield was one of the first investors to fund assets through construction while listed peers would only buy solar farms that were built and operational. Although the landscape of subsidies was different then, he was confident non-subsidised solar farms were cheap enough to build so that the returns would ‘earnings efficient’. ‘We were happy to fund through construction and the non-subsidised market offers us a great opportunity to reinstate the success we had a few years ago in this market,’ he said. A reduction in solar powerm, a government target to eradicate carbon emissions by 2050 and public alarm at climate change provided a good backdrop for prospects, Wood said. ‘Six years ago there was a limited number of green investors and now the landscape has transformed and that needed to happen to meet the ambitious targets [on emissions] that have been set,’ he said.
masurenguy: Bluefield Solar keen to catch extra rays as it eyes growth Top yielding renewables trust Bluefield Solar Income (BSIF) is looking to catch a few extra rays with the next wave of unsubsidised solar assets, as well as through the extension on the life of its portfolio. The £475 million solar fund, which at 6% is the highest yielding renewables trust, has not bought any new assets for more than two years, pointed out its investment adviser James Armstrong. He said the trust was therefore looking to its ‘next phase of growth’, though did not specify how Bluefield planned to expand on the 87 assets it currently holds. Despite a fall in the cost of producing electricity from solar parks, coinciding with the disappearance of the UK government’s subsidy programme, Bluefield held off on competing for secondary assets. Instead, the trust expects to see falling solar costs to drive the next wave of subsidy-free assets and to look for this area for growth. Armstrong explained that Bluefield was involved with assets from construction, working with contractors and using equity to fund solar parks through the construction process. ‘From IPO the assets have been funded through construction which has helped cut costs,’ he said. ‘It’s all about incremental gains.’ Canaccord Genuity analyst Ben Newell said: ‘[Bluefield] has maintained a patient and disciplined approach to growth over recent years and we believe that the growth of the subsidy-free market will provide the next stage in the evolution of this company.’ Another potential source of growth for the trust was also picking up on the recent trend in the renewables to extend the lease life of assets in its portfolio. This was something Bluefield’s closest rival, Greencoat UK Wind (UKW), had implemented in its own portfolio. The wind farm investor pushed out the life on its underlying assets from 25 to 30 years, lifting the trust’s net asset value (NAV) by 6.7p to 123.1p in the fourth quarter of last year. Should Bluefield achieve the same on its own portfolio, Armstrong estimated this could equate to a one-off NAV uplift of between 7-8% if applied across all of its assets. Even if this only applied to half of its solar portfolio, he said this still had the potential to boost the trust’s NAV by 4-5%. ‘Solar can be easier to extend because it’s a simple asset,’ he said. ‘It’s nice, because not to say anything against them, but they’re quite boring assets that run for 40 years.’ BSIF is looking to extend the available tenure on its solar parks up to 40 years from the current average life of around 25 years. It is in negotiations for contracts on 75% of its portfolio, with contractual terms agreed on nearly half of these assets and formal lease changes completed on around a quarter of the portfolio, according to the Canaccord Genuity analyst note. Armstrong said extensions had not yet been baked into portfolio, which had already generated better-than-anticipated revenues in the trust’s half-year results. Revenues were 17% above forecasts for the six-months to the end of 2018 driven by higher irradiation levels in the July, September and October thanks to the summer heatwave. Bluefield also benefited from rising power prices on contracts fixed in the period. UK power prices hit an eight-year monthly average high in September 2018, at an average cost of £67 megawatts an hour. Bluefield took advantage of this price increase after June 2018 by re-striking most of its power purchase agreement (PPA) contracts with customers. This boosted the trust's average PPA weighted price from around £45/MWh to in excess of around £58/MWh from December. Armstrong said the trust was likely to see the benefits of these price increases in the second half of the year. Bluefield paid its first interim dividend in February of 1.9p per share and expects its annual dividend for 2018/19 to increase from 7.43p per share last year up to 7.68p. The trust outperformed both in terms of NAV and shareholder total returns over the last six months, producing gains of 4.4% and 4.5% respectively, against a 10.2% fall in the FTSE 100 total return index. It had also doubled benchmark returns since listing in 2013, with its NAV up 51.7% and a share price increase of 56.4%, versus a return of 26.6% from the index. hxxps://
rambutan2: Worth noting reason for leg up in share price in last few days: htTp://
masurenguy: Bid boom boosts 6% yielding Bluefield Solar Income Full-year results from Bluefield Solar Income Fund (BSIF) show the UK’s highest yielding listed renewable energy fund clearly benefited from the abolition in April of the ‘ROC’ (renewable obligations certificates) incentives to power generators. The government’s move slashed the construction of new capacity and caused a spike in bidding activity as investors sought to grab the UK’s remaining solar parks, which still come with attractive, long-term, inflation-linked power supply contracts. Data from Bloomberg New Energy Finance shows that solar market mergers and acquisitions slumped to 0.86 gigawatts (GW, thousand watts) of power in 2016 from 1.45 GW in the previous year after the government announced it was removing the ROC regime. It then bounced back with deal volumes in the first half of this year close to the level for the whole of 2015. Bluefield Partners, BISF’s investment adviser, believes that at this rate solar M&A could hit a record 2.82 GW in 2017. The surge in deal-making was one of the main factors in BISF’s net asset value (NAV) leaping 18.5% in the 12 months to 31 June. NAV per share rose from 99.4p to 110.5p during the year, with returns from the portfolio topped up by quarterly dividends totalling 7.25p. These were fully covered by underlying earnings per share of 7.32p, up from 7.1p in 2015/16. The total return including dividends to shareholders was even higher, at 22.5%, as income investors chased up the share price now yielding 6.4%. James Armstrong of BSIF’s investment adviser, Bluefield Partners, said the four-year-old fund had reaped the reward of investing in the sector early. ‘This is a maturing market. There’s a lot of secondary market activity. We looked at third party transactions to see what our valuation should be,’ he said. Analysts sounded a note of caution pointing out the the NAV rise was the result of a big cut in the discount rates Bluefield uses to value the portfolio. Matthew Hose of Jefferies said while valid, the reduction in the WACC (weighted average cost of capital) rate from 6.6% to 6.15% and the equity discount rate from 8.3% to 7.4% in six months ‘still results in a more aggressive portfolio valuation versus peers, in our view', rating the stock ‘underperform’. Maarten Freeriks of Stifel was ‘neutral’ on BSIF rating saying: ‘The company say they were likely too conservative at the 31/12/16 valuation. We were surprised to see such a drastic discount rate move given many of the peer group have adjusted discount rates by lower amounts.’ BSIF’s portfolio contains 81 large and small solar parks which at the end of June had over 441.5 MWp (mega watt peak) in energy capacity, enough to power 133,774 homes and save 189,845 tonnes of carbon dioxide (CO2). The downside of the M&A boom was that BSIF struggled to find new investments at a price it wanted to pay. Having raised £60.6 million from investors last October the fund spent £44.4 million on 10 new plants, a low point since its 2013 launch. ‘Competitive acquisition market conditions and reduced government incentives for investment diminishes our appetite, despite continuing intensive activity by our investment adviser in reviewing possible opportunities,’ chairman John Rennocks told investors. Armstrong said his team was reviewing 400MW worth of possible investments, but with prices trending ever higher he was determined not to over pay or sacrifice investment returns. With growth from acquisition on the wane, Armstrong said the fund was focused on becoming more efficient. He said its Bristol-based monitoring team was experienced in holding plant operators’ feet to the fire on their service contracts. As a result, despite slightly lower than expected levels of irradiation, or sunlight, during the year and with power prices 30% below their forecast at the fund’s slaunch, the company increased underlying revenues from £20.9 million to £25.1 million in 2016/17. As BSIF has a policy of fully distributing income to investors, this meant its dividend of 7.25p exceeded last year’s target of 7.18p. This year’s target has been raised to 7.4p in line with the rise in the retail prices index (RPI). Rennocks described the desire to grow dividends by RPI as a ‘challenge’ given 39% of BSIF’s revenues come from the sale of electricity in the unregulated wholesale market, which are not linked to inflation. Armstrong said the company was looking at other low-risk ways of generating revenue, such as the feasibility of locating storage batteries on its solar parks. BSIF shares firmed a penny to close at 113.75p on Monday after the results, a premium of 10.8% over their current estimated NAV per share of 101.76p, according to Morningstar. This is slightly above the 10.3% average premium of the seven wind/solar energy funds in the Association of Investment Companies’ Renewables sector. Over three years to yesterday’s close BSIF has generated a total shareholder return of 32.5%, above the sector averge of 29.8%, according to Numis Securities data. It is the only listed renewable energy fund to charge a performance fee, taking 30% of any excess return over a 7p dividend, on top of an annual management charge ranging between 1% and 0.6% of net assets. The combined effect in the financial year was an ongoing charge of 1.1%.
Bluefield Solar Income share price data is direct from the London Stock Exchange
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