Battery Storage Acquisition & 1st Interim Dividend

RNS Number : 0483A

Bluefield Solar Income Fund Limited

31 January 2022

 

31 January 2022

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Battery Storage Acquisition and First Interim Dividend Announcement

Bluefield Solar (LON: BSIF), the UK income fund focused on acquiring and managing UK-based renewable energy and storage projects to provide growing dividends for its shareholders whilst furthering the decarbonisation of the energy system, is pleased to announce the acquisition of the development rights for a 20 MW battery storage project, and the Company's first interim dividend for the financial year which ends on 30 June 2022 (the 'First Interim Dividend').  Unless otherwise noted herein, the information provided in this announcement and any asset valuations underlying such information is unaudited.

Battery Storage Acquisition

The acquisition represents the development rights, grid connection costs and the leasehold of land of a ready to build 20 MW battery storage project for approximately £1.5 million from Shaw-Energi Ltd. The project is based in Liverpool and construction is expected to begin during 2022.

Dividend Announcement

The First Interim Dividend of 2.03 pence per Ordinary Share (2021: 2.00 pence) will be payable to Shareholders on the register as  at 11 February 2022 with  an associated ex-dividend date of 10 February 2022   and a payment date on or around 10 March  2022 .

Furthermore, the Board is pleased to reaffirm its guidance of a full year dividend of 8.12 pence per Ordinary Share for the financial year ending 30 June 2022 (2021: 8.00 pence).  This is expected to be covered by earnings and be post debt amortisation. 

John Rennocks, Chairman of Bluefield Solar said: "We are pleased to reaffirm our dividend guidance of 8.12 pence per Ordinary Share for the financial year ending 30 June 2022 and importantly, this dividend is also expected to be fully covered by the Company's earnings. We are also pleased to announce the Company's second battery storage acquisition and the first such asset not co-located to a solar project. Energy storage has enormous growth potential in the UK and offers an exceptionally attractive additional revenue stream, diversifying the Company's income from our majority solar portfolio with its predictable regulated revenue profile."

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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 / Vicky Hayns / 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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