Last checked at 
11 May 2023 07:00
11 May 2023
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Unaudited NAV 31 March 2023 and Second Interim Dividend
Bluefield Solar (LON: BSIF), the UK income fund focused on acquiring and managing UK-based renewable energy and storage assets to provide growing dividends for its shareholders whilst furthering the decarbonisation of the energy system, announces its net asset value ('NAV') as at 31 March 2023, and the Company's second interim dividend for the current financial year, which ends on 30 June 2023. Unless otherwise noted herein, the information provided in this announcement is unaudited.
The NAV as at 31 March 2023 was £850.2 million, or 139.1 pence per Ordinary Share ('pps'), compared to the unaudited NAV of 142.4 pps as at 31 December 2022. This equates to a reduction of the 31 March 2023 NAV of -3.3pps (vs 31 Dec 2022 NAV) and a NAV total return for the quarter of -2.3%.
The NAV includes the published power curve forecasts, available at 31 March 2023, from the Company's three leading independent power forecasters, all of which have lower price forecasts for the near term compared to the previously published power curves, as well as updates for operational performance and continued investment in the Company's development pipeline and construction of Yelvertoft (a CfD backed 48MWp solar photovoltaic ('PV') project).
The movements are summarised in the table below for completeness:
| pps movement |
NAV as at 31 December 2022 | 142.4 |
Power curve updates | (1.6) |
Operational updates | (0.8) |
Development and construction | (1.5) |
Working capital and other | 0.6 |
NAV as at 31 March 2023 | 139.1 |
The Company's proprietary development pipeline now stands at 1.40GW (955MW of solar and 444MW of storage) and gearing (based on the Gross Asset Value of the Company) is 40% as at 31 March 2023.
All other core valuation assumptions remain consistent with the NAV issued in the Company's Interim financial statements for the period ended 31 December 2022.
A second interim dividend of 2.10 pence per Ordinary Share (May 2022: 2.03 pps) will be payable to shareholders on the register as at 19 May 2023 with an associated ex-dividend date of 18 May 2023 and a payment date on or around 12 June 2023. Dividends declared to date for the current financial year now stand at 4.20 pps.
For the avoidance of doubt, the 31 March 2023 NAV does not include a liability for the second interim dividend of 2.10 pence per Ordinary Share as this has been declared post 31 March 2023.
Furthermore, the Board is pleased to reconfirm its guidance of a full year dividend of not less than 8.40 pence per Ordinary Share for the financial year ending 30 June 2023. This is expected to be covered by earnings and is post debt amortisation.
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For further information:
Bluefield Partners LLP (Company Investment Adviser)James Armstrong / Neil Wood / Giovanni Terranova | Tel: +44 (0) 20 7078 0020 www.bluefieldllp.com |
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Numis Securities Limited (Company Broker)Tod Davis / David Benda | Tel: +44 (0) 20 7260 1000 www.numis.com |
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Ocorian (Company Secretary & Administrator)Patrick Ogier | Tel: +44 (0) 1481 742 742 www.ocorian.com |
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Media enquiries:Buchanan (PR Adviser)Henry Harrison-Topham / Henry Wilson / Abigail Gilchrist
| Tel: +44 (0) 20 7466 5000 www.buchanan.uk.comBSIF@buchanan.uk.com |
Notes to Editors
About Bluefield Solar
Bluefield Solar is a sterling income fund focused on acquiring and managing renewable energy and storage projects in the UK, to provide long term, growing 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 other technologies, such as wind and storage. 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 index, 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 £4 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.
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