TIDMBSIF
RNS Number : 4489T
Bluefield Solar Income Fund Limited
19 November 2013
19 November 2013
BLUEFIELD SOLAR INCOME FUND LIMITED ("BSIF")
Unaudited Interim Management Statement
Bluefield Solar Income Fund Limited (the "Company") is
publishing this Interim Management Statement ("IMS") in accordance
with DTR 4.3 of the FCA Handbook.
This IMS relates to the period from 12 July 2013 to 18 November
2013.
Unless otherwise noted herein, the financial information
provided in this IMS, and the asset valuations underlying that
financial information, are unaudited.
Highlights
-- Four acquisitions announced to date, all in line with target
return expectations with significant pipeline coming behind;
-- Market conditions and regulatory support remain favourable;
-- Full deployment of the initial public offering ("IPO") net proceeds expected to be completed substantially ahead of expectations.
Background Information
The Company was admitted to trading on the Main Market of the
London Stock Exchange on 12 July 2013. Since that time, and in
accordance with the Prospectus dated 25 June 2013, the Company,
under the advice of its investment adviser, Bluefield Partners LLP
(the "Investment Adviser"), has made a number of acquisitions that
meet the investment objective of the Company, namely:
The Company seeks to provide shareholders with an attractive
return, principally in the form of semi-annual income
distributions, by investing in a portfolio of large scale UK based
solar energy infrastructure assets with a focus on utility scale
assets and portfolios on greenfield, industrial and/or commercial
sites.
The Company is targeting an initial dividend in respect of the
first financial year ending 30 June 2014 of 4 pence per ordinary
share, rising to 7 pence per ordinary share in respect of the
second financial year ending 30 June 2015 and with the intention of
this increasing annually thereafter in line with RPI.
Investment Activity
In the period to the date of this announcement, the Company has
announced four acquisitions for an aggregate consideration of over
GBP55m and an expected capacity close to 48MWp (megawatt peak). The
Company has acquired a 100% interest in each of the plants.
Current Portfolio
Project Contractor Region MWp Total Investment Cumulative Cumulative
Name (GBPm) (MWp) Investment
(GBPm)
Hardingham Solarcentury Norfolk 14.84 16.95 14.84 16.95
Goosewillow Ikaros Solar Oxfordshire 10.80 12.05 25.64 29.00
North Beer Parabel Cornwall 6.87 9.35 32.51 38.35
Hill Farm Solarcentury Oxfordshire 15.19 17.30 47.70 55.65
Hardingham, Goosewillow and Hill Farm
Hardingham in Norfolk, Goosewillow in Oxfordshire and Hill Farm
in Oxfordshire, are all under construction. Hardingham and
Goosewillow are largely completed and are expected to be
grid-connected and revenue producing in December 2013. Hill Farm is
expected to be grid-connected by March 2014. The capacity of the
three plants, on completion, will be c.41MWp and were acquired for
a consideration of just over GBP46m. All three are expected to
qualify under the 1.6 Renewable Obligation Certificate ("ROC")
regime. Hardingham and Hill Farm are being constructed by
Solarcentury, one of the leading solar contractors in the UK.
Goosewillow is being constructed by Ikaros Solar, the experienced
Belgian solar contractor.
North Beer
North Beer was the third acquisition announced by the Company
and is the first operational asset. The plant is located near
Launceston in Cornwall. The 6.87MWp plant was acquired for a
consideration of GBP9.35m. It was grid-connected in March 2013 and
qualified under the 2 ROC regime. It was built by Parabel, an
experienced German solar contractor.
Future Pipeline
The Investment Adviser has agreed terms on a further three large
scale sites that will take the Company to over 75% committed.
Combined with the four acquisitions already announced by the
Company, the new assets are expected to take the Company's total
commitments to c. GBP100m, with a total energy capacity of c.
83MWp. It is also negotiating on a further pipeline of GBP175m and
the Company expects the proceeds of the IPO to be fully committed
in December 2013.
Financial Information:
As at 30 September 2013, the Company's net asset value per share
was 97.84p. This net asset value per share reflects the cost of
issuance, quarterly operating costs and interest on cash deposits.
The Company has no borrowings.
A summary of the net asset value per share and share price of
the Company for the period is as follows:
Shares in issue 130,290,000
12 July 30 September
2013 2013
Estimated unaudited NAV
per Ordinary Share (pence) 98.05 97.84
Share price (pence) 103.00* 103.88*
Premium 5.0% 6.2%
Market Capitalisation (million) GBP134.2 GBP135.3
* Closing Mid Price
Outlook
The Company is pleased with progress made so far. The four
acquisitions announced are in line with the target return
expectations. Deployment of the net proceeds of the IPO is expected
to be significantly ahead of schedule. Market conditions continue
to appear attractive and there is a growing base of primary and
secondary assets that are potential acquisition targets for the
Company.
The development and construction of large-scale solar
installations in the UK are going through a very significant growth
phase in 2013. This is characterised by installations that are
significantly larger than previously seen in the UK market. The
Company's prospectus highlighted the Department of Energy &
Climate Change's ("DECC") capacity target for large scale solar as
4.6GWp (gigawatt peak) by 2017. The current total installed is
currently less than 1GWp, giving the potential for significant
growth over the coming years. Based on information collated by
DECC, by the end of March 2014 there are expected to be 50
large-scale solar installations each with a capacity of 10MWp or
greater, totalling over 700MWp.
Regulatory guidance from Government appears unchanged and
supportive, with Ed Davey, the Secretary of State for Energy and
Climate Change, saying on 5 November 2013 "The prospects for
renewable energy in the United Kingdom have never been better. This
Government is putting in place the most robust and stable long-term
framework for the transition to low-carbon energy this country has
ever had".
The Company's interim dividend is expected to be paid in
February 2014.
Enquiries:
James Armstrong / Mike Rand / Giovanni Terranova
Bluefield Partners LLP - Company Investment Adviser
Tel: +44 (0)20 7078 0020
Tod Davis / David Benda / Jamie Lillywhite
Numis Securities Limited - Company Broker
Tel: +44 (0)20 7260 1000
Nick Bastin / Liam Clark / Giles Abbott
Capital MSL, Financial Communications
Tel: +44 (0)20 7307 5330
Kevin Smith
Heritage International Fund Managers Limited - Company Secretary
& Administrator
Tel: +44 (0)1481716000
This IMS has been prepared solely to provide additional
information to shareholders as a body to meet the relevant
requirements of the UK Listing Authority's Disclosure and
Transparency Rules and the IMS should not be relied on by any other
party or for any other purpose. It does not constitute an
invitation to subscribe for or otherwise acquire or dispose of
securities in the Company in any jurisdiction. The information
contained in this IMS is subject to updating and amendment, and
does not purport to be full or complete. No reliance may be placed
for any purpose on the information contained in this IMS in
connection with the Company or the purchase of securities in the
Company. This IMS does not constitute or form part of any offer to
issue or sell, or any solicitation of any offer to subscribe or
purchase, any investments nor shall it (or the fact of its
distribution) form the basis of, or be relied on in connection
with, any contract or commitment whatsoever. Any decision to
purchase shares should be made solely on the basis of the
information contained in the final prospectus issued by the
Company.
The potential acquisition by the Company of any of the
investments referred to in this IMS is subject, among other things,
to those projects reaching legal completion and to the Company
having conducted satisfactory due diligence in relation to such
investments. There is therefore no guarantee that any of the
investments will be acquired and if they are on what terms.
This IMS contains forward-looking statements that are based on
current expectations or beliefs, as well as assumptions about
future events; forward-looking statements are not guarantees of
future performance. The Company's actual investment performance,
results of operations, financial condition, liquidity, distribution
policy and the development of its financing strategies may differ
materially from the impression created by the forward-looking
statements contained in this document. Subject to their legal and
regulatory obligations, the Company and its Investment Manager
expressly disclaim any obligations to update or revise any
forward-looking statement contained herein to reflect any change in
expectations with regard thereto or any change in events,
conditions or circumstances on which any statement is based.
Note to editors
About Bluefield Solar Income Fund Limited (the "Company" or
"BSIF")
BSIF is a newly incorporated Guernsey-registered investment fund
focusing on large scale agricultural and industrial solar assets.
The Company raised gross proceeds of GBP130m in July 2013 through
an IPO of shares on the main market of the London Stock
Exchange.
The Company seeks to provide shareholders with an attractive
return, principally in the form of semi-annual income
distributions, by investing in a diversified portfolio of solar
energy assets, each located within the UK, with a focus on utility
scale assets and portfolios on greenfield, industrial and/or
commercial sites.
Website: www.bluefieldsif.com
About Bluefield Partners LLP ("Bluefield")
Bluefield was established in 2009 as a specialist investor into
solar energy. Bluefield's team has a proven track record in the
selection, acquisition and management of large scale energy and
infrastructure assets in the UK and Europe.
The managing partners have been involved in over GBP355m of
solar photovoltaic ("PV") fund and/or transactions in both the UK
and Europe since 2008, including over GBP170m in the UK since
December 2011.
Bluefield was appointed the investment adviser to the Company in
June 2013.
Website: www.bluefieldllp.com
This information is provided by RNS
The company news service from the London Stock Exchange
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