Third Interim Dividend & Further Acquisitions

RNS Number : 2322U

Bluefield Solar Income Fund Limited

28 July 2015

 



28 July 2015

BLUEFIELD SOLAR INCOME FUND LIMITED

Third Interim Dividend & Further Acquisitions

The Board of the Bluefield Solar Income Fund Limited (LON: BSIF) (the "Company") is pleased to announce a third interim dividend of 1.5 pence per Ordinary Share in respect of the financial year ending 30 June, 2015. This will be payable to shareholders on the register as at 7 August, 2015, with an associated ex-dividend date of 6 August, 2015.   This takes the dividends declared so far in respect of that financial year to 5.75 pence per Ordinary Share, as compared with total dividends of 4 pence per Ordinary Share paid in respect of the financial year to June 2014.

The Company intends to declare a further dividend in September, 2015, in respect of the financial year ending 30 June, 2015 with a view to delivering a total dividend of 7 pence per Ordinary Share for this financial period. It is the Board's intention, thereafter, to grow the dividend in line with RPI.

The Company is also pleased to announce that it has entered into binding contracts to acquire two UK-based sub-5MWp (Megawatt Peak) solar photovoltaic ("PV") assets. The two assets are a 4.79 MWp plant in Cornwall and a 4.98MWp plant in Norfolk.  They are being acquired for a total consideration of £11.22 million, including transaction costs and working capital. Each project is eligible to qualify under either the Renewable Obligation Certificate or Feed-in-Tariff ("FIT") regimes and will not be impacted by the recently announced consultations on changes to financial support for solar PV and changes to FIT accreditation from the Department of Energy and Climate Change.

John Rennocks, Chairman of the Company, said, "The Board is happy to announce a further interim dividend and is pleased with the continued excellent performance of the portfolio. These two new acquisitions will build on the Company's sector leading portfolio."  

The acquisitions are the thirtieth and thirty-first made by the Company and will be funded through the Royal Bank of Scotland revolving credit facility.

Enquiries:

James Armstrong / Mike Rand / Giovanni Terranova

Bluefield Partners LLP - Company Investment Adviser

Tel: [phone]

Tod Davis / David Benda

Numis Securities Limited - Company Broker

Tel: [phone]

Kevin Smith

Heritage International Fund Managers Limited - Company Secretary & Administrator

Tel: [phone]

Tom Karim

CNC

Tel: [phone]

Note to editors

About Bluefield Solar Income Fund Limited (BSIF)

BSIF is a Guernsey-registered investment company focusing on large scale agricultural and industrial solar assets. It had an initial public offering of shares on the main market of the London Stock Exchange in July 2013. It has, currently, over 278 million shares in issue and a market cap in excess of £300 million. In June 2014 it agreed a three-year revolving credit facility with Royal Bank of Scotland, for up to £50 million.

BSIF seeks to provide shareholders with an attractive return, principally in the form of income distributions, by investing in a diversified portfolio of solar energy assets, each located within the UK, with a focus on utility scale assets and portfolios on greenfield, industrial and/or commercial sites.  The Company intends to pay quarterly distributions.

About Bluefield Partners LLP (Bluefield)

Bluefield was established in 2009 and is an investment adviser to companies and funds investing in solar energy infrastructure. It has a proven record in the selection, acquisition and supervision of large scale energy and infrastructure assets in the UK and Europe. The team has been involved in over £1.4 billion of solar photovoltaic ("PV") funds and/or transactions in both the UK and Europe since 2008, including over £380m in the UK since December 2011.

Bluefield has led the acquisitions, and currently advises on over 50 UK based solar assets that are agriculturally, commercially or industrially situated. Based in its London office, Bluefield's partners are supported by a dedicated and highly experienced team of investment, legal and portfolio executives. 

Bluefield was appointed Investment Adviser to the Company in June 2013.

 

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