Last checked at 
13 Nov 2018 07:00
| 13 November 2018 |
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Unaudited NAV at 30 September 2018
Credit facility extension and newly acquired PV plant
Unaudited NAV at 30 September 2018
Bluefield Solar (LON: BSIF), a sterling income fund that invests in UK-based solar assets, announces its net asset value ('NAV') as at 30 September 2018. Unless otherwise noted herein, the information provided in this announcement is unaudited.
The Company's NAV at 30 September 2018 was £422 million, or 114.10 pence per Ordinary Share, compared to the NAV at 30 June 2018 of £419 million, or 113.28 pence per Ordinary Share. The 30 September NAV is stated after deducting the dividend of 2.03 pence per Ordinary share announced on 26 September 2018 and paid on 26 October 2018. The 30 June NAV was stated before deducting the dividend of 1.80 pence per Ordinary share announced on 31 July 2018 and paid on 31 August 2018.
The dividend of 2.03 pence per Ordinary paid on 26 October 2018 represents the fourth interim dividend in respect of the financial year ending 30 June 2018, resulting in total dividends paid in respect of the 2017/18 financial year of 7.43 pence per Ordinary share (7.25 pence for the financial year 2016/17). As stated in the financial year ('FY') 2018 annual report, the Board has indicated that target dividends for 2018/19 are 7.68 pence per Ordinary share.
The Company's NAV at 30 September 2018 reflects the adoption of the most recent power curves published by the Company's two independent power forecasters (which the Company blends on a 50/50 basis), both of which now incorporate higher electricity prices over the next few years. The Company's NAV also takes account of working capital movements over the quarter and PPA contracts fixed between 30 June 2018 and 30 September 2018.
All other core valuation assumptions have remained consistent with the NAV issued in the Company's financial statements for the period ending 30 June 2018.
Credit facility extension and newly acquired PV plant
Bluefield Solar is also pleased to announce that it has recently agreed an increase and extension to its existing facility agreement (the 'Credit Facility') with Royal Bank of Scotland International Limited ('RBS') and that it has acquired an additional solar photovoltaic ('PV') plant.
The amended and restated Credit Facility is now for £50 million, up from £30 million, and has been extended to September 2021. As at the date of this announcement, £30.2 million has been drawn and £19.8 million remains available for future investment. In line with the Company's previous credit facility, the amended and restated Credit Facility has a constant margin of 2.0% over LIBOR.
The newly purchased ground mounted solar PV plant has a total capacity of 5 megawatt peak ('MWp') and was acquired on 30 October 2018. The PV plant, located near Exeter, was acquired for a total cash consideration of £6.49 million, including transaction costs and working capital, and was funded from the Company's newly increased and extended credit facility. The plant is fully operational, having been connected in March 2017, and qualifies under the 1.2 Renewable Obligation Certificate ('ROC') regime.
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For further information:
Bluefield Partners LLP (Company Investment Adviser)James Armstrong / Mike Rand / Giovanni Terranova | Tel: +44 (0) 20 7078 0020www.bluefieldllp.com |
Numis Securities Limited (Company Broker)Tod Davis / David Benda | Tel: +44 (0) 20 7260 1000www.numis.com |
Estera International Fund Managers (Guernsey) Limited(Company Secretary & Administrator)Kevin Smith | Tel: +44 (0) 1481 742 742www.estera.com |
Media enquiries:Buchanan (PR Adviser)Henry Harrison-Topham / Henry Wilson | Tel: +44 (0) 20 7466 5000www.buchanan.uk.comBSIF@buchanan.uk.com |
Notes to Editors
About Bluefield Solar
Bluefield Solar is a sterling income fund focused on acquiring and managing UK-based solar projects to generate stable renewable energy for periods of typically 25 years or longer. The Company's primary objective is to deliver its Shareholders stable, long term sterling income via quarterly dividends, which are linked to RPI. The majority of the Group's revenue streams are regulated and non-correlated to traditional markets. 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 465MWp.
Further information can be viewed at www.bluefieldsif.com.
About Bluefield Partners LLP ('Bluefield')
Bluefield was established in 2009 and is an investment adviser to companies and funds investing in solar energy infrastructure. It has a proven record in the selection, acquisition and supervision of large-scale energy and infrastructure assets in the UK and Europe. The team has been involved in over £1.5 billion of solar PV funds and/or transactions in both the UK and Europe since 2008, including over £800 million in the UK since December 2011. Bluefield currently advises in excess of 500MWp of solar PV assets, including Bluefield Solar.
Bluefield has led the acquisitions of, and currently advises on over 80 UK based solar PV assets that are agriculturally, commercially or industrially situated. Based in its London office, Bluefield's partners are supported by a dedicated and highly experienced team of investment, legal and portfolio executives. Bluefield was appointed Investment Adviser to the Company in June 2013.