Bluefield Solar Income Fund Limited Unaudited NAV 31 Mar 2023 and 2nd Interim Dividend (0096Z)
May 11 2023 - 2:00AM
UK Regulatory
TIDMBSIF
RNS Number : 0096Z
Bluefield Solar Income Fund Limited
11 May 2023
11 May 2023
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Unaudited NAV 31 March 2023 and Second Interim Dividend
Bluefield Solar (LON: BSIF), the UK income fund focused on
acquiring and managing UK-based renewable energy and storage assets
to provide growing dividends for its shareholders whilst furthering
the decarbonisation of the energy system, announces its net asset
value ('NAV') as at 31 March 2023, and the Company's second interim
dividend for the current financial year, which ends on 30 June
2023. Unless otherwise noted herein, the information provided in
this announcement is unaudited.
The NAV as at 31 March 2023 was GBP850.2 million, or 139.1 pence
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%.
The NAV includes the published power curve forecasts, available
at 31 March 2023, from the Company's three leading independent
power forecasters, all of which have lower price forecasts for the
near term compared to the previously published power curves, as
well as updates for operational performance and continued
investment in the Company's development pipeline and construction
of Yelvertoft (a CfD backed 48MWp solar photovoltaic ('PV')
project).
The movements are summarised in the table below for
completeness:
pps movement
------------------------------
NAV as at 31 December 2022 142.4
-----------------------------
Power curve updates (1.6)
-----------------------------
Operational updates (0.8)
-----------------------------
Development and construction (1.5)
-----------------------------
Working capital and other 0.6
-----------------------------
NAV as at 31 March 2023 139.1
-----------------------------
The Company's proprietary development pipeline now stands at
1.40GW (955MW of solar and 444MW of storage) and gearing (based on
the Gross Asset Value of the Company) is 40% as at 31 March
2023.
All other core valuation assumptions remain consistent with the
NAV issued in the Company's Interim financial statements for the
period ended 31 December 2022.
A second interim dividend of 2.10 pence 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 2.10 pence
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 8.40 pence per Ordinary Share
for the financial year ending 30 June 2023. This is expected to be
covered by earnings and is post debt amortisation.
- Ends -
For further information:
Bluefield Partners LLP (Company Investment Adviser) Tel: +44 (0) 20 7078 0020
James Armstrong / Neil Wood / Giovanni Terranova www.bluefieldllp.com
Numis Securities Limited (Company Broker) Tel: +44 (0) 20 7260 1000
Tod Davis / David Benda www.numis.com
Ocorian Tel: +44 (0) 1481 742 742
(Company Secretary & Administrator) www.ocorian.com
Patrick Ogier
Media enquiries:
Buchanan (PR Adviser) Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham / Henry Wilson / Abigail Gilchrist www.buchanan.uk.com
BSIF@buchanan.uk.com
Notes to Editors
About Bluefield Solar
Bluefield Solar is a sterling income fund focused on acquiring
and managing renewable energy and storage projects in the UK, to
provide long term, growing dividends for its shareholders whilst
furthering the decarbonisation of the energy system. 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 other technologies, such as wind and storage. The majority of
the Company's revenue streams are regulated and non-correlated to
short term UK energy market fluctuations. 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 812
MWp.
Bluefield Solar is listed on the Main Market of the London Stock
Exchange and is a member of the FTSE 250 index, classified within
the Closed End Investments subsector.
Further information can be viewed at www.bluefieldsif.com
About Bluefield Partners
Bluefield Partners LLP 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 GBP4 billion
renewable funds and/or transactions in both the UK and Europe,
including over GBP1 billion in the UK since December 2011.
Bluefield Partners LLP 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 experienced team
of investment, legal and portfolio executives. Bluefield Partners
LLP was appointed Investment Adviser to Bluefield Solar in June
2013.
- Ends -
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