Unaudited NAV 30 September 2020

RNS Number : 2604D

Bluefield Solar Income Fund Limited

27 October 2020

 

27 October 2020

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Unaudited NAV 30 September 2020

Bluefield Solar (LON: BSIF), a sterling income fund that invests principally in UK-based solar assets, announces its net asset value (" NAV ") as at 30 September 2020. Unless otherwise noted herein, the information provided in this announcement is unaudited.

The Company's NAV at 30 September 2020 was £424.3 million, or 114.53 pence per Ordinary Share, compared to the NAV at 30 June 2020 of £433.5 million, or 117.01 pence per Ordinary Share. The 30 September NAV is stated after deducting the FY 20/21 fourth Interim dividend of 2.05 pence per Ordinary share announced on 22 September 2020 and which will be paid on 28 October 2020.

This equates to a NAV total return for the quarter of 1.3%, including the Q3 dividend paid in the period of 1.95 pence per Ordinary share and the Q4 dividend declared of 2.05 pence per Ordinary share.  

The dividend of 2.05 pence per  Ordinary share to be paid on 28 October 2020 represents the fourth interim dividend in respect of the financial year ending 30 June 2020, resulting in total dividends paid in respect of the 2019/20 financial year of 7.90 pence per Ordinary share.

As stated in the financial year ('FY') 2020 annual report, the Board has indicated that target dividends for FY 2020/21 are 8.00 pence per Ordinary share.

The Company's NAV at 30 September 2020 reflects the adoption of the most recent power curves published by the Company's three independent power forecasters as at 30 September 2020 (which the Company blends on an equal basis) as well as working capital movements over the quarter. The NAV update also includes PPA contracts fixed in the period to 30 September 2020, the inclusion of the 64.2 MWp portfolio acquired by the Company in August 2020 and an additional 38 MWp of the existing portfolio (278 MWp in total) now valued on the basis of 40 year asset life.

All other core valuation assumptions have remained consistent with the NAV issued in the Company's financial statements for the period ending 30 June 2020.

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 Administration (Guernsey) Limited (Company Secretary & Administrator) Kevin Smith	Tel: [phone] www.ocorian.com
Media enquiries: Buchanan  (PR Adviser) Henry Harrison-Topham / Henry Wilson / Victoria Hayns	Tel: [phone] www.buchanan.uk.com [e-mail]

Notes to Editors

About Bluefield Solar

Bluefield Solar is a UK income fund focused, primarily, on acquiring and managing UK-based solar projects to generate renewable energy for periods of typically 25 years or longer. 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 onshore wind, hydro and storage technologies.  Its primary objective is to deliver to its shareholders stable, long term sterling income via quarterly dividends.  The majority of the 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 in excess of 543 Megawatt peak (MWp).

Further information can be viewed at www.bluefieldsif.com

About Bluefield Partners LLP ('Bluefield')

Bluefield Partners 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 £1.8 billion renewable funds and/or transactions in both the UK and Europe since 2008, including over £1.1 billion in the UK since December 2011.

Bluefield Partners 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 highly experienced team of investment, legal and portfolio executives.  Bluefield Partners was appointed Investment Adviser to Bluefield Solar in June 2013.

 

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