TIDMBSIF
RNS Number : 5211H
Bluefield Solar Income Fund Limited
19 May 2014
19 May 2014
BLUEFIELD SOLAR INCOME FUND LIMITED (BSIF)
Unaudited Interim Management Statement
Bluefield Solar Income Fund Limited (the "Company") is
publishing this Interim Management Statement in accordance with DTR
4.3 of the FCA Handbook.
This interim management statement relates to the period from 01
January 2014 to 19 May 2014.
Unless otherwise noted herein, the financial information
provided in this interim management statement, and the asset
valuations underlying that financial information, are
unaudited.
Highlights
-- The proceeds of the Company's Initial Public Offering ("IPO")
were fully deployed by February, 2014, whereupon it successfully
completed an oversubscribed placement, increasing shareholder funds
by GBP13,028,999, from GBP130,290,000 to GBP143,318,999
-- The Company made two acquisitions in the period with Sheppey
(10.62 MegaWatts Peak ("MWp")), in Kent and Pentylands (19.23MWp)
in Wiltshire
-- The Company announced an interim dividend of 2.0 pence in
February and paid on 11 April, 2014 and remains on course to
deliver a dividend of 4.0 pence for the full year to June
-- The Company has retained a prudent approach to valuations and
has kept the portfolio valued at cost minus expenses
-- Strong growth in the construction and installation of new
large-scale, ground-based assets is expected to continue throughout
2014 creating new acquisition opportunities for the Company
Investment Activity
In the period to the date of this announcement, the Company has
announced two further acquisitions, Sheppey and Pentylands, for an
aggregate consideration of over GBP33 million and a capacity close
to 30MWp. The Company has acquired a 100% interest in each of the
plants and has no leverage.
Current Portfolio
Project Contractor Region MWp Total Investment
(GBPm)
Hardingham Ikaros Solar Norfolk 14.84 17.00
Goosewillow Solar Century Oxfordshire 16.93 19.03
North Beer Parabel UK Cornwall 6.87 9.35
Hill Farm Solar Century Oxfordshire 15.19 17.30
Hall Farm Ikaros Solar Norfolk 11.48 13.37
Saxley Solar Century Hampshire 5.88 7.05
Betingau Prosolia Glamorgan 10.56 11.90
Sheppey Solar Century Kent 10.62 12.00
Pentylands Wirsol Wilshire 19.23 21.40
------------- ------- -----------------
Total 111.60 128.40
------------------------------------------- ------- -----------------
Portfolio Overview
North Beer, in Cornwall, was purchased as an operational asset.
All other projects have been invested as new build plants. All of
the Company's portfolio is operational and/or revenue
producing.
Future Pipeline
There are a significant number of fully consented sites yet to
be constructed in England and Wales, ranging from 2MWp up to 50MWp.
The Company's Investment Adviser, Bluefield Partners LLP, is
working closely with its chosen contractor partners to select the
next acquisition targets from this primary asset base. The Company
benefits from strong, established relationships with some of the
leading solar specialist contractors operating in the UK. It
expects, therefore, to be well placed to continue building the
Company's asset base using its highly selective acquisition
strategy that has resulted, thus far, in attractively priced, high
quality assets. The Company also benefits from an agreement to
acquire assets from a proprietary pipeline of developments, should
the Company choose to proceed with those opportunities. This
further reinforces the Company's strong access to new
acquisitions.
Financial Information:
As at 31 March 2014, the Company's net asset value per share was
95.44p (ex-February, 2014 dividend). This net asset value per share
reflects the cost of issuance, quarterly operating costs, dividend
payable and interest on cash deposits. The Company has no
borrowings and in line with valuation policy has not re-valued its
assets in the period. The assets are currently valued at cost minus
expenses.
The net asset value per share and share price of the Company for
the period was as follows:
12 July 30 September 31 December 31 March
2013 2013 2013 2014
GBP GBP GBP GBP
----------------------- -------- ------------- ------------ ---------
Net Asset Value per
Share (pence) 98.05 97.84 97.31 95.44
----------------------- -------- ------------- ------------ ---------
Share price (pence) 103.00 103.88 100.50 102.25
----------------------- -------- ------------- ------------ ---------
Premium 5.05% 6.17% 3.28% 7.14%
----------------------- -------- ------------- ------------ ---------
Market Capitalisation
(million) 134.20 135.35 130.94 146.54
----------------------- -------- ------------- ------------ ---------
Outlook
The Company continues to be pleased with progress made so far.
The deployment of the proceeds of the IPO, and the tap issue, has
delivered a portfolio that is in line with the target return
expectations, even allowing for cautious underlying assumptions,
such as zero leverage and a zero real energy price inflation.
Relative to the Company's peer group of listed solar funds, the
publicly disclosed information shows that the Company has been
acquiring assets with very similar characteristics to the peer
group but at more attractive prices. This should be to the benefit
of the Company's shareholders in the long run.
2014 is expected to be a strong year for UK solar installations
and there is a growing base of primary and secondary assets that
are potential acquisition targets for the Company.
The Company's interim dividend of 2.0 pence was announced in
February 2014. The Company remains on course to deliver a dividend
of 4.0 pence for the full year to June.
Solar PV Strategy and Consultation
The Company released an RNS Reach on Thursday 13 May, 2014 to
update its shareholders on the UK Government's solar strategy and
subsequent consultation. The Company sees the strategy as an
important and positive statement for the prospects of the UK solar
industry. It is targeting a significant increase in the installed
capacity of solar energy in the UK from current levels in the next
few years across all types of installation.
The consultation from Government is seeking to move the solar
industry from the Renewable Obligation Scheme ("RO Scheme") over to
a Contracts for Difference ("CfD") support mechanism in 2015, two
years earlier than originally scheduled, for assets greater than
5MWp in capacity. This is a reflection of the substantial growth
experienced in the large scale UK market in the past twelve months
and expected through 2014. The UK solar market is now well
established, highly successful and highly adaptable. The Company
expects to see this success continuing.
The proposals for regulatory changes are exclusively forward
looking and will have no impact on existing installed capacity.
There are no proposed changes for any capacity installed up to 31
March, 2015.
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 20 7307 5330
Kevin Smith
Heritage International Fund Managers Limited - Company Secretary
& Administrator
Tel: +44 (0)1481716000
This interim management statement 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 interim management statement 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 interim management
statement 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 interim management
statement in connection with the Company or the purchase of
securities in the Company. This interim management statement 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 interim management statement 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 (BSIF)
BSIF is a Guernsey-registered investment company focusing on
large scale agricultural and industrial solar assets. It raised
gross proceeds of GBP130 million in July 2013 through an initial
public offering of shares on the main market of the London Stock
Exchange. It raised a further GBP13 million in February, 2014 in an
oversubscribed placement.
BSIF 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.
About Bluefield Partners LLP
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 GBP355 million
of solar funds and/or transactions in the UK and Europe since 2008
including over GBP185 million in the UK since December, 2011.
Bluefield has led the acquisitions, and currently advises, on over
50 UK based solar assets. The majority of the assets are situated
on industrial and commercial sites.
Bluefield was appointed 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
END
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