REG - Bluefield Solar Inc. - Unaudited NAV and Second Interim Dividend

Bluefield Solar Income FundAnnouncement

14/05/2024 07:15

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RNS Number : 2523O  Bluefield Solar Income Fund Limited  14 May 2024

14 May 2024

 

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

 

Unaudited NAV and Second Interim Dividend

 

Bluefield Solar (LON: BSIF), the London listed UK income fund focused
primarily on acquiring and managing solar energy assets, announces its net
asset value ('NAV') as at 31 March 2024, and the Company's second interim
dividend for the current financial year, which ends on 30 June 2024. Unless
otherwise noted herein, the information provided in this announcement is
unaudited.

 

Unaudited Net Asset Value as of 31 March 2024

                                           (pps)
   Unaudited NAV as at 31 December 2023    136.0

   Power prices                            -0.3
   Operational updates                     -0.7
   FY24 first interim dividend             -2.2
   Share buyback accretion                 0.1
   Other movements                         1.0

   Unaudited NAV as at 31 March 2024       133.9

The NAV as at 31 March 2024 was £815.7 million, or 133.9 pence per Ordinary
Share ('pps'), compared to the unaudited NAV of 136.0 pps as at 31 December
2023. This equates to a movement in the quarter of -1.5% and a NAV total
return for the quarter of 0.07%.

 

The published power curves from the Company's three leading independent power
forecasters all showed lower price forecasts at 31 March 2024 for the near
term compared to the previously published power curves. However, due to the
fact Bluefield Solar has over 92% of power sales hedged for FY2024 and 81%
through FY2025, the Company's earnings are materially insulated from the
impact of reductions in near term power prices, such that the downside impact
was limited to 0.3 pps.

 

The decrease in operational updates reflects a slight revision to the cost of
the Company's Revolving Credit Facility as well as the minor impact of
inflation being slightly below earlier assumptions.

 

The Company launched its share buyback programme following the release of the
interim report on 28 February 2024 and repurchased 2.45 million shares during
the period to 31 March 2024, providing an additional 0.1 pps of NAV accretion
to shareholders.

 

The completion of Phase One of the Strategic Partnership with GLIL
Infrastructure ('GLIL'), an investment of £20 million of equity, alongside
£200 million from GLIL, to fund the acquisition of a 247MW portfolio of UK
solar assets, and movements in working capital all contributed to the 1.0 pps
gain in the NAV over the quarter shown in the table above under Other
movements.

 

Gearing

The Company's UK holding companies and subsidiaries have total outstanding
debt of £598 million, with a leverage level of circa 42% of Gross Asset Value
(31 Dec 2023: 41%).

 

Second Interim Dividend

The Second Interim Dividend of 2.20 pence per Ordinary Share (May 2023: 2.10
pence per Ordinary Share) will be payable to Shareholders on the register as
at 24 May 2024, with an associated ex-dividend date of 23 May 2024 and a
payment date on or around 24 June 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 ending 30 June
2024 (2023: 8.60 pence). This is expected to be covered by earnings and to be
post debt amortisation.

 

- Ends -

 

 For further information:

 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.numis.com/)

 Ocorian

(Company Secretary & Administrator)

 Chezi Hanford                                         Tel: +44 (0) 1481 742 742

                                                     www.ocorian.com (http://www.ocorian.com/)

 Media enquiries:                                      Tel: +44 (0) 20 7466 5000

Buchanan (PR Adviser)                                www.buchanan.uk.com (http://www.buchanan.uk.com/)
 Henry Harrison-Topham / Henry Wilson                  BSIF@buchanan.uk.com (mailto:BSIF@buchanan.uk.com)

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 100 UK based solar photovoltaic 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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