Unaudited 30 June 24 NAV & Third Interim Dividend

Bluefield Solar Income Fund Limited

19 August 2024

 

19 August 2024

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Unaudited 30 June 2024 NAV and Third Interim Dividend

Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, announces its estimated net asset value ('NAV') as at 30 June 2024, and the Company's third interim dividend for the financial year, which ended on 30 June 2024. Unless otherwise noted herein, the information provided in this announcement is unaudited.

Unaudited Net Asset Value as of 30 June 2024 

                                                                                                                              (pps)

	Unaudited NAV as at 31 March 2024					133.9
	Power prices					-2.3
	Operational updates					2.2
	FY24 second interim dividend					-2.2
	Share buyback accretion					0.3
	Portfolio performance					-0.6
	Other movements					-1.6
	Unaudited NAV as at 30 June 2024					129.7

The NAV as at 30 June 2024 was £782 million, or 129.7 pence per Ordinary Share ('pps'), compared to the unaudited NAV of 133.9 pps as at 31 March 2024. This equates to a movement in the quarter of -3.1% and a NAV total return for the quarter of -1.45%.

Actual and projected power prices have decreased through 2024. The most significant changes in market forecasts have been at the front of the curve with the differences broadly converging in 2029. The fund is well hedged against short-term volatility thanks to its high proportion of fixed revenues.    

The increase in valuation from operational updates (+2.2p) reflects a reassessment of the portfolio cost base in light of market developments.

The Company launched its share buyback programme following the release of the interim report on 28 February 2024 and repurchased 6.6 million shares during the quarter to 30 June 2024, providing an additional 0.3 pps of NAV accretion to shareholders.

'Portfolio performance' represents the performance of the portfolio relative to forecast. The decrease in the portfolio's generation was driven primarily by below-forecasted irradiation levels throughout the period.

'Other movements' reflect the change of the calculation date of cash flows from 31 March 2024 to 30 June 2024, along with tax, degradation, debt, and working capital adjustments.

Gearing

The Company's RCF drawing currently stands at £184 million, with long term amortising debt being £423 million. Overall, the Company has total outstanding debt of £607 million, with a leverage level of circa 44% of GAV.

Third Interim Dividend

The Third Interim Dividend of 2.20 pence per Ordinary Share (August 2023: 2.10 pence per Ordinary Share) will be payable to Shareholders on the register as at 30 August 2024, with an associated ex-dividend date of 29 August 2024 and a payment date on or around 30 September 2024.

Dividend Guidance Reaffirmed

The Board is pleased to reaffirm its guidance of a full year dividend of not less than 8.80 pence per Ordinary Share for the financial year ended 30 June 2024 (2023: 8.60 pence). This is expected to be covered by earnings and to be post-debt amortisation.

Annual Results

Bluefield Solar will announce its Audited Full Year Results for the year ended 30 June 2024 on Monday, 30 September 2024. A briefing for analysts will be held at 9.30am (BST) on the morning of the results announcement via a remote facility and an audio webcast will be available on the Company's website later that day.

To register for the analyst briefing, please contact Buchanan on [e-mail].

For further information:

  Bluefield Solar Income Fund:

Bluefield Partners LLP (Company Investment Adviser) James Armstrong / Neil Wood / Giovanni Terranova	Tel: [phone] www.bluefieldllp.com
Deutsche Numis (Company Broker) Tod Davis / David Benda / Matt Goss	Tel: [phone] www.dbnumis.com
Ocorian (Company Secretary & Administrator) Chezi Hanford	Tel: [phone] www.ocorian.com
Media enquiries: Burson Buchanan (PR Adviser) Henry Harrison-Topham / Henry Wilson	Tel: [phone] www.bursonbuchanan.com [e-mail]

Notes to Editors

About Bluefield Solar

Bluefield Solar is a London listed income fund focused primarily on acquiring and managing solar energy assets.  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. Bluefield Solar owns and operates a UK portfolio of 834MW, comprising 776MW of solar and 58MW of onshore wind.

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 £6.7 billion renewable funds and/or transactions in both the UK and Europe, including over £1.3 billion in the UK since December 2011.

Bluefield Partners LLP has led the acquisitions of, and currently advises on, over 200 UK based solar 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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