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(Alliance News) - Bluefield Solar Income Fund Ltd on Tuesday increased its dividend for the first half of its financial year as net asset value rose on a solid performance from its portfolio.
For the six months to the end of December, Bluefield's solar power portfolio generated GBP61.97 per megawatt peak in total revenue including liquidated damages, up from GBP60.13 the year before.
Portfolio revenue climbed by 3.8% to GBP30.0 million while liquidated damages rose sharply to GBP2.9 million from GBP100,000, giving a portfolio income of GBP32.9 million, up 13% year-on-year.
For the six-month period the average power price increased by 22% to GBP56 per megawatt hour, but weighted average irradiation was down 4.9% year-on-year to 575.6 hours, thought this was 4.6% above expectations.
As at December 31, net asset value was up 5.5% from a year prior to 120.75 pence per share, and was up 2.3% from the end of June.
Bluefield declared an interim dividend of 1.95 pence per share, up 2.6% from 1.90p the year before.
"The performance of the company over the first six months of this financial year has once again been highly pleasing. The valuation reflects the lower end of the market conditions that have been with us for some time, and the strong earnings for the period have put the company in an excellent position to once again deliver a sector leading dividend," said Chair John Rennocks.
"Looking ahead, the board understands the desire many shareholders have to see the company grow again and so we look forward to updating you in due course with plans to enable the company to continue to play a material role in the evolution of the UK's energy market," Rennocks added.
Shares in Bluefield were up 0.1% at 133.64 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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