Bluefield Solar Regulatory News (BSIF)

22 February 2023

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Director Retirement

Bluefield Solar (LON: BSIF), the London listed income fund focused on acquiring and managing renewable energy and storage assets predominantly in the UK, announces that John Rennocks, who has served as a non-executive director since the Company's launch in 2013, including as the Company's Chair until November 2022, has retired from the Board of the Company with effect from 22 February 2023.

The Company extends its thanks to John for his vision, hard work and dedication to Bluefield Solar as the Chair for the last nine years. His input has been invaluable, and the Company wishes him well in his retirement.

John Scott, who succeeded John Rennocks as Chair at the November 2022 AGM, said:

"Today, the renewable energy companies quoted on the London Stock Exchange have a collective value of some £16 billion and provide over 20% of the electricity generated in the UK, a contribution which grows annually. It is easy to forget that, back in 2013, there was almost no solar electricity and the idea of launching a publicly quoted company based on the simple premise of generating solar power and distributing operating surpluses to shareholders was novel. Today, Bluefield Solar has assets worth over £1.2 billion and in 2022 paid dividends of over £5 million. John Rennocks has been a key figure in this success; his steady hand on the tiller through the past nine years has been a major factor in the position which the Company enjoys today. On behalf of everyone at Bluefield Solar, I would like to record our sincere thanks to John." 

James Armstrong, Managing Partner of Bluefield Partners, said:

"The senior management team at Bluefield Partners have worked closely with John since the IPO and have benefitted from his wise counsel, clear decision making and absolute focus on the priorities of the Company, namely to deliver sector leading dividends, something we have achieved over the past decade. I have personally benefitted from the business wisdom John has gathered over the many decades of his business life and wish him well in his retirement. We are delighted that John Scott has taken over the Chair role and we look forward to continuing the success of the Company with him at the helm."

For further information:

About Bluefield Solar

Bluefield Solar is a London listed income fund focused on acquiring and managing renewable energy and storage projects predominantly in the UK, to provide stable, long term dividends for its shareholders whilst furthering the decarbonisation of the energy system. 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 wind, hydro and storage technologies. The majority of the Company's revenue streams are regulated and non-correlated to short term UK energy market fluctuations. 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 812 MWp.

Bluefield Solar is listed on the Main Market of the London Stock Exchange and is a member of the FTSE 250, classified within the Closed End Investments subsector.

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 billion renewable funds and/or transactions in both the UK and Europe, including over £1 billion in the UK since December 2011.

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