Bluefield Solar Income Fund Limited Unaudited NAV 31/03/21 & Second Interim Dividend (5376X)
05 May 2021 - 4:00PM
UK Regulatory
TIDMBSIF
RNS Number : 5376X
Bluefield Solar Income Fund Limited
05 May 2021
5 May 2021
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Unaudited Quarterly Valuation 31 March 2021 and Second Interim
Dividend
Bluefield Solar (LON: BSIF), a sterling income fund that invests
in UK-based solar assets, announces its net asset value ('NAV') as
at 31 March 2021, and the Company's second interim dividend for the
current financial year, which ends on 30 June 2021. Unless
otherwise noted herein, the information provided in this
announcement is unaudited.
A second interim dividend of 2.00 pence per Ordinary Share
(April 2020: 1.95 pence per Ordinary Share) will be payable to
shareholders on the register as at 14 May 2021 with an associated
ex-dividend date of 13 May 2021 and a payment date of 4 June 2021.
Dividends declared to date for the current financial year now stand
at 4.00 pence per Ordinary Share.
The Company's unaudited NAV as at 31 March 2021 was GBP460.5
million, or 113.14 pence per Ordinary Share, compared to the
unaudited NAV as at 31 December 2020 of GBP476.7 million, or 117.12
pence per Ordinary Share.
The Company's NAV as at 31 March 2021 reflects the adoption of
power curves published by the Company's three independent power
forecasters (which the Company blends equally) during this period.
Compared to December 2020, the blended curves used by the Company
have increased on average by 7% over the next four years
(reflecting a faster than expected recovery in short-term power
prices) but have decreased by 6% from 2025 until 2050.
The impact on the Company's NAV from adoption of the latest
power curves is a reduction of 2.1 pence per Ordinary Share,
reflecting the reduced independent revenue estimates for the period
post 2025.
The Company has 100% of its revenues contracted until 30 June
2021, 98% until 31 December 2021 and 88% until 30 June 2022.
The impact of the corporation tax rate rising to 25% from 2023,
as announced in the recent Budget, has resulted in a reduction in
the Company's NAV of 3.1 pence per Ordinary Share.
The NAV update also includes the acquisition of Bradenstoke, an
operating 70 megawatt peak ('MWp') ground-mounted solar
photovoltaic ('PV') plant the Company purchased in January 2021,
recent power price fixes, generation in the period to 31 March 2021
and a roll forward of portfolio working capital and operating
assumptions. The combined impact of these changes is an increase in
the Company's NAV of 1.24pps.
All other core valuation assumptions have remained consistent
with the NAV issued in the Company's Interim financial statements
for the period ending 31 December 2020.
For the avoidance of doubt, the 31 March 2021 NAV does not
include a liability for the second interim dividend of 2.00 pence
per Ordinary Share as this has been declared post 31 March
2021.
Furthermore, the Board is pleased to reconfirm its guidance of a
full year dividend of 8.00 pence per Ordinary Share for the
financial year ending 30 June 2021 (2020: 7.90 pence). This is
expected to be covered by earnings and is post debt
amortisation.
For further information:
Bluefield Partners LLP (Company Investment Tel: +44 (0) 20 7078
Adviser) 0020
James Armstrong /Neil Wood/Giovanni www.bluefieldllp.com
Terranova
Numis Securities Limited (Company Broker) Tel: +44 (0) 20 7260
Tod Davis / David Benda 1000
www.numis.com
Ocorian Administration (Guernsey) Limited Tel: +44 (0) 1481
(Company Secretary & Administrator) 742 742
Kevin Smith www.ocorian.com
Media enquiries:
Buchanan (PR Adviser) Tel: +44 (0) 20
Henry Harrison-Topham / Victoria Hayns 7466 5000
/ Henry Wilson www.buchanan.uk.com
BSIF@buchanan.uk.com
Notes to Editors
About Bluefield Solar
Bluefield Solar is a UK income fund focused, primarily, on
acquiring and managing UK-based solar projects to generate
renewable energy for periods of typically 25 years or longer. 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 onshore wind, hydro and storage technologies. Its
primary objective is to deliver to its shareholders stable, long
term sterling income via quarterly dividends. The majority of the
Group's revenue streams are regulated and non-correlated to the UK
energy market. 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 612 MWp.
Further information can be viewed at www.bluefieldsif.com
About Bluefield Partners LLP ('Bluefield')
Bluefield Partners 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 GBP2.0 billion
renewable funds and/or transactions in both the UK and Europe since
2008, including GBP1.3 billion in the UK since December 2011.
Bluefield Partners 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 highly
experienced team of investment, legal and portfolio executives.
Bluefield Partners was appointed Investment Adviser to Bluefield
Solar in June 2013.
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