REG - Bluefield Solar Inc. - Unaudited 30 June 24 NAV & Third Interim Dividend

Bluefield Solar Income FundAnnouncement

19/08/2024 07:00

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RNS Number : 8344A  Bluefield Solar Income Fund Limited  19 August 2024

19 August 2024

 

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

 

Unaudited 30 June 2024 NAV and Third Interim Dividend

 

Bluefield Solar (LON: BSIF), the London listed UK income fund focused
primarily on acquiring and managing solar energy assets, announces its
estimated net asset value ('NAV') as at 30 June 2024, and the Company's third
interim dividend for the financial year, which ended on 30 June 2024. Unless
otherwise noted herein, the information provided in this announcement is
unaudited.

 

Unaudited Net Asset Value as of 30 June 2024

 

 
  (pps)

   Unaudited NAV as at 31 March 2024                  133.9

   Power prices                                       -2.3
   Operational updates                                2.2
   FY24 second interim dividend                       -2.2
   Share buyback accretion                            0.3
   Portfolio performance                              -0.6
   Other movements                                    -1.6

   Unaudited NAV as at 30 June 2024                   129.7

 

The NAV as at 30 June 2024 was £782 million, or 129.7 pence per Ordinary
Share ('pps'), compared to the unaudited NAV of 133.9 pps as at 31 March 2024.
This equates to a movement in the quarter of -3.1% and a NAV total return for
the quarter of -1.45%.

 

Actual and projected power prices have decreased through 2024. The most
significant changes in market forecasts have been at the front of the curve
with the differences broadly converging in 2029. The fund is well
hedged against short-term volatility thanks to its high proportion of fixed
revenues.

 

The increase in valuation from operational updates (+2.2p) reflects a
reassessment of the portfolio cost base in light of market developments.

 

The Company launched its share buyback programme following the release of the
interim report on 28 February 2024 and repurchased 6.6 million shares during
the quarter to 30 June 2024, providing an additional 0.3 pps of NAV accretion
to shareholders.

 

'Portfolio performance' represents the performance of the portfolio relative
to forecast. The decrease in the portfolio's generation was driven primarily
by below-forecasted irradiation levels throughout the period.

 

'Other movements' reflect the change of the calculation date of cash flows
from 31 March 2024 to 30 June 2024, along with tax, degradation, debt, and
working capital adjustments.

 

 

 

Gearing

The Company's RCF drawing currently stands at £184 million, with long term
amortising debt being £423 million. Overall, the Company has total
outstanding debt of £607 million, with a leverage level of circa 44% of GAV.

 

Third Interim Dividend

The Third Interim Dividend of 2.20 pence per Ordinary Share (August 2023: 2.10
pence per Ordinary Share) will be payable to Shareholders on the register as
at 30 August 2024, with an associated ex-dividend date of 29 August 2024 and a
payment date on or around 30 September 2024.

 

Dividend Guidance Reaffirmed

The Board is pleased to reaffirm its guidance of a full year dividend of not
less than 8.80 pence per Ordinary Share for the financial year ended 30 June
2024 (2023: 8.60 pence). This is expected to be covered by earnings and to be
post-debt amortisation.

 

Annual Results

Bluefield Solar will announce its Audited Full Year Results for the year ended
30 June 2024 on Monday, 30 September 2024. A briefing for analysts will be
held at 9.30am (BST) on the morning of the results announcement via a remote
facility and an audio webcast will be available on the Company's website later
that day.

 

 

To register for the analyst briefing, please contact Buchanan
on BSIF@buchanan.uk.com.

 

 

 

For further information:

 

  Bluefield Solar Income Fund:

 Bluefield Partners LLP (Company Investment Adviser)  Tel: +44 (0) 20 7078 0020

James Armstrong / Neil Wood / Giovanni Terranova    www.bluefieldllp.com (http://www.bluefieldllp.com/)

 Deutsche Numis (Company Broker)                      Tel: +44 (0) 20 7260 1000

Tod Davis / David Benda / Matt Goss                 www.dbnumis.com (http://www.dbnumis.com)

 Ocorian                                              Tel: +44 (0) 1481 742 742
 (Company Secretary & Administrator)                  www.ocorian.com (http://www.ocorian.com/)
 Chezi Hanford

                                                      Tel: +44 (0) 20 7466 5000

                                                    www.bursonbuchanan.com (http://www.bursonbuchanan.com)
 Media enquiries:
BSIF@buchanan.uk.com

Burson Buchanan (PR Adviser)

Henry Harrison-Topham / Henry Wilson

 

 

Notes to Editors

 

About Bluefield Solar

 

Bluefield Solar is a London listed income fund focused primarily on acquiring
and managing solar energy assets.  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.
Bluefield Solar owns and operates a UK portfolio of 834MW, comprising 776MW of
solar and 58MW of onshore wind.

 

Further information can be viewed at www.bluefieldsif.com
(http://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 £6.7
billion renewable funds and/or transactions in both the UK and Europe,
including over £1.3 billion in the UK since December 2011.

 

Bluefield Partners LLP has led the acquisitions of, and currently advises on,
over 200 UK based solar 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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