(Alliance News) - Bluefield Solar Income Fund Ltd on Thursday raised its annual dividend as its net asset value grew on lease extensions within its portfolio.
The UK solar project-focused investment firm said as at June 30 net asset value per share rose to 117.98 pence from 113.28p the same date the year before.
During the period, Bluefield Solar had several successful planning determinations on 15-year lease extensions amounting to over 100 megawatts peak, with a further 64 MWp awaiting an outcome or under negotiation.
This has offset weaker power price forecasts since the end of 2018, as a result of lower gas price in the long term, and higher levels of interconnection capacity to European markets, where prices are expected to be lower.
As at June 30, Bluefield Solar had a portfolio of 87 photovoltaic plants, with a total capacity of 465.6 megawatt peak, up 1.2% from 460.3 MWp the same date the prior year.
The fund declared a final dividend of 1.98 pence per share, bringing the total payout to 8.31p, up 11% from 7.43p the year before.
"The performance for the company in this report is very pleasing and consolidates an above average performance since IPO. This strength of the financial performance, the valuation and debt levels mean that the company is in a position to look at growing the asset base through either secondary or primary acquisitions, whilst continuing the focus on the optimisation of the current portfolio," said Chair John Rennocks.
Shares in Bluefield Solar Income Fund were up 0.3% at 130.84 pence on Thursday.
Bluefield Solar (BSIF)