14 May 2024
Bluefield
Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Unaudited NAV and Second
Interim Dividend
Bluefield Solar (LON: BSIF), the
London listed UK income fund focused primarily on acquiring and
managing solar energy assets, announces its net
asset value ('NAV') as at 31 March 2024, and the Company's second
interim dividend for the current financial year, which ends on 30
June 2024. Unless otherwise noted herein, the information provided
in this announcement is unaudited.
Unaudited Net Asset Value as of 31 March
2024
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(pps)
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Unaudited NAV as at 31 December 2023
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136.0
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Power prices
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-0.3
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Operational updates
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-0.7
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FY24 first interim
dividend
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-2.2
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Share buyback accretion
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0.1
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Other movements
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1.0
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Unaudited NAV as at 31 March 2024
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133.9
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The NAV as at 31 March 2024 was
£815.7 million, or 133.9 pence per Ordinary Share ('pps'), compared
to the unaudited NAV of 136.0 pps as at 31 December 2023. This
equates to a movement in the quarter of -1.5% and a NAV total
return for the quarter of 0.07%.
The published power curves from the
Company's three leading independent power forecasters all showed
lower price forecasts at 31 March 2024 for the near term compared
to the previously published power curves. However, due to the fact
Bluefield Solar has over 92% of power sales hedged for FY2024 and
81% through FY2025, the Company's earnings are materially insulated
from the impact of reductions in near term power prices, such that
the downside impact was limited to 0.3 pps.
The decrease in operational updates
reflects a slight revision to the cost of the Company's Revolving
Credit Facility as well as the minor impact of inflation being
slightly below earlier assumptions.
The Company launched its share
buyback programme following the release of
the interim report on 28 February 2024 and repurchased 2.45 million
shares during the period to 31 March 2024, providing an additional
0.1 pps of NAV accretion to shareholders.
The completion of Phase One of the
Strategic Partnership with GLIL Infrastructure ('GLIL'), an
investment of £20 million of equity, alongside £200 million from
GLIL, to fund the acquisition of a 247MW portfolio of UK solar
assets, and movements in working capital all contributed to the 1.0
pps gain in the NAV over the quarter shown in the table above under
Other movements.
Gearing
The Company's UK holding companies
and subsidiaries have total outstanding debt of £598 million, with
a leverage level of circa 42% of Gross Asset Value (31 Dec 2023:
41%).
Second Interim Dividend
The Second Interim Dividend of 2.20
pence per Ordinary Share (May 2023: 2.10 pence per Ordinary Share)
will be payable to Shareholders on the register as at 24 May 2024,
with an associated ex-dividend date of 23 May 2024 and a payment
date on or around 24 June 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 ending 30 June 2024 (2023:
8.60 pence). This is expected to be covered by earnings and to be
post debt amortisation.
- Ends
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For
further information:
Bluefield Partners LLP (Company Investment
Adviser)
James Armstrong / Neil
Wood / Giovanni Terranova
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Tel: +44
(0) 20 7078 0020
www.bluefieldllp.com
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Deutsche Numis (Company Broker)
Tod Davis / David Benda / Matt Goss
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Tel: +44
(0) 20 7260 1000
www.dbnumis.com
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Ocorian
(Company Secretary & Administrator)
Chezi Hanford
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Tel: +44
(0) 1481 742 742
www.ocorian.com
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Media enquiries:
Buchanan (PR Adviser)
Henry
Harrison-Topham / Henry Wilson
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Tel: +44 (0) 20 7466 5000
www.buchanan.uk.com
BSIF@buchanan.uk.com
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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 100 UK based solar
photovoltaic 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.