Unaudited NAV 31 Mar 2022 and 2nd Interim Dividend

RNS Number : 1964K

Bluefield Solar Income Fund Limited

04 May 2022

 

4 May 2022

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Unaudited NAV 31 March 2022 and Second Interim Dividend

Bluefield Solar (LON: BSIF), the  income fund focused on acquiring and managing UK-based renewable energy and storage assets announces its net asset value ('NAV') as at 31 March 2022, and the Company's second interim dividend for the current financial year, which ends on 30 June 2022.  Unless otherwise noted herein, the information provided in this announcement is unaudited.

The NAV as at 31 March 2022 was £630.2 million, or 127.04 pence per Ordinary Share ('pps') (compared to the unaudited NAV as at 31 December 2021 of £610.0 million, or 122.96pps).

The adoption of power curves published by the Company's three independent power forecasters (which the Company blends equally), and Power Purchase Agreement fixes during the period, have resulted in a NAV increase of 2.7pps.

Over the period the Company maintained its strategy of fixing power price contracts for periods between 12 and 36 months with most contracts continuing to be struck for a minimum of 18 months. The Company has a price confidence level of 100% to June 2022 and 82% to June 2023 over its power and subsidy revenue streams.

A roll forward of portfolio working capital and operating assumptions, alongside the acquisitions of a 47.5 megawatts peak ('MWp') operational solar and wind portfolio from Good Energy Group PLC (AIM: GOOD) and a ready to build 20 MW battery storage project from Shaw-Energi Ltd, which the Company purchased in January 2022, have added a further 1.4pps.

All other core valuation assumptions have remained consistent with the NAV issued in the Company's Interim financial statements for the period ended 31 December 2021.

A second interim dividend of 2.03 pence per Ordinary Share (April 2021: 2.00 pence per Ordinary Share) will be payable to shareholders on the register as at 13 May 2022 with an associated ex-dividend date of 12 May 2022 and a payment date on or around 13 June 2022. Dividends declared to date for the current financial year now stand at 4.06 pence per Ordinary Share.

For the avoidance of doubt, the 31 March 2022 NAV does not include a liability for the second interim dividend of 2.03 pence per Ordinary Share as this has been declared post 31 March 2022.

Furthermore, the Board is pleased to reconfirm its guidance of a full year dividend of not less than 8.16 pence per Ordinary Share for the financial year ending 30 June 2022.  This is expected to be covered by earnings and is post debt amortisation.

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For further information:

Bluefield Partners LLP (Company Investment Adviser) James Armstrong / Neil Wood / Giovanni Terranova	Tel: [phone] www.bluefieldllp.com
Numis Securities Limited (Company Broker) Tod Davis / David Benda	Tel: [phone] www.numis.com
Ocorian (Company Secretary & Administrator) Patrick Ogier	Tel: [phone] www.ocorian.com
Media enquiries: Buchanan (PR Adviser) Henry Harrison-Topham / Henry Wilson	Tel: [phone] www.buchanan.uk.com [e-mail]

Notes to Editors

About Bluefield Solar

Bluefield Solar is a UK income fund focused on acquiring and managing UK-based renewable energy and storage projects to generate stable, long term 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 wind, hydro and storage technologies. The majority of the Company's group's revenue streams are regulated and non-correlated to the UK energy market.  Bluefield Solar owns and operates one of the UK's largest, diversified portfolios of solar assets with a combined installed power capacity now in excess of 673 MWp.

Further information can be viewed at  www.bluefieldsif.com

LEI Code 2138004ATNLYEQKY4B30

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 £4 billion renewable funds and/or transactions in both the UK and Europe, including over £1 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.

 

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