REG - Bluefield Solar Inc. - Unaudited NAV as at 30 September 2024

Bluefield Solar Income FundAnnouncement

11/11/2024 07:00

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RNS Number : 6072L  Bluefield Solar Income Fund Limited  11 November 2024

LEI: 2138004ATNLYEQKY4B30

 

11 November 2024

 

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

 

Unaudited NAV as at 30 September 2024

 

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 30 September 2024. Unless otherwise noted herein,
the information provided in this announcement is unaudited.

 

Unaudited Net Asset Value as of 30 September 2024

 

                                                 (pps)
 Audited NAV as at 30 June 2024                  129.75

 Power prices                                    0.00
 Operational updates                             0.28
 FY24 third interim dividend announced and paid  -2.20
 FY24 fourth interim dividend announced          -2.20
 Share buyback accretion                         0.18
 Other movements                                 0.33

 Unaudited NAV as at 30 September 2024           126.14

 

 

The unaudited NAV as at 30 September 2024 was £753 million, or 126.14 pence
per Ordinary Share ('pps'), compared to the audited NAV of 129.75 pps as at 30
June 2024. This equates to a movement in the quarter of -2.8% and a NAV total
return for the quarter of +0.6% when adjusting for the two interim dividends
declared in the period. Dividends are accrued in the period in which they are
declared and this Q3 is unusual in that two dividends were declared in the
period, which have the effect of detracting a total of -4.40 pps from
Bluefield Solar's NAV. The Company intends to declare its next interim
dividend  in January 2025.

 

The latest valuation reflects the completion of Phase Two of the Strategic
Partnership with GLIL Infrastructure, being the sale of a 50% stake in 112MW
of operational solar assets. A substantial part of the sale proceeds were used
to repay £50.5 million of the Company's Revolving Credit Facility.

 

The Company has also continued to recycle capital and realise value from its
project development activities by disposing of one co-located solar and
battery storage project in the period. The Fund received proceeds c.20% above
holding value, now reflected in the working capital and captured in 'Other
movements'.

 

Power price forecasts have remained similar to those used for the June 2024
NAV. Short term forward electricity prices have risen, driven by higher
commodity prices, while longer term prices are largely unchanged. The Company
remains well hedged against shorter term volatility due to its high proportion
of fixed revenues.

 

The increase in valuation from operational updates (+0.28 pps) reflects the
latest tax forecasts available to the Company and updated debt balances as at
the end of the period.

 

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

 

The Company repurchased 5.9 million shares during the quarter to 30 September
2024, providing  +0.18 pps of NAV accretion to shareholders.

 

Gearing

 

The Company's UK holding companies and subsidiaries have total outstanding
debt of £583 million as at 30 September 2024, with a leverage level of circa
43% of Gross Asset Value.

 

Dividend Guidance Reaffirmed

 

The Board is pleased to reaffirm its guidance of a full year dividend of not
less than 8.90 pence per Ordinary Share for the financial year ended 30 June
2025 (2024: 8.80 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

Burson Buchanan (PR Adviser)                         www.bursonbuchanan.com (http://www.bursonbuchanan.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 883MW, comprising 824.7MW
of solar and 58.3MW 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 £1.6 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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