REG - Bluefield Solar Inc. - Unaudited NAV, Dividend & Director Role Changes

Bluefield Solar Income FundAnnouncement

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RNS Number : 8018V  Bluefield Solar Income Fund Limited  19 August 2025

19 August 2025

 

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

 

Unaudited NAV, Third Interim Dividend and Changes to Director Roles and
Responsibilities

 

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 June 2025, the Company's third interim dividend
for the financial year which ended on 30 June 2025 and changes to its Board
and Committee composition, which will take effect following the approval and
signing of the Company's Annual Report and Financial Statements (the "Annual
Report"). Unless otherwise noted herein, the information provided in this
announcement is unaudited.

 

Unaudited Net Asset Value as of 30 June 2025

The NAV as at 30 June 2025 was £697.3 million, or 117.77 pence per Ordinary
Share ('pps'), compared to the unaudited NAV of 123.01 pps as at 31 March
2025. This equates to a movement in the quarter of -4.26% and a NAV total
return for the quarter of -2.47%.

 

                                                    (pps)
   Unaudited NAV as at 31 March 2025                123.01

   Power prices                                     -1.99
   REGO Update                                      -0.87
   Construction and Development Uplift              0.54
   Actual Generation vs Forecast                    0.45
   Dividend Paid                                    -2.20
   Rebasing of OpEx Costs                           -0.61
   Other movements                                  -0.56

   Unaudited NAV as at 30 June 2025                 117.77

 

 

 

Power prices and Renewable Energy Guarantees of Origin ('REGOs')

The power curves available from the Company's three leading independent power
forecasters as at 30 June 2025 report electricity prices falling slightly
quarter-on-quarter, particularly in the period 2027 to 2030. The decline is
attributed to a combination of factors, including downward revisions to power
demand expectations and stronger renewable capacity growth as the market seeks
to achieve Clean Power 2030. REGO prices were updated for the latest annual
REGO curve, which has dropped significantly from an average price of circa
£4/MWh to £1.30/MWh for the period 2025 to 2030.

 

Newly Constructed Sites, Construction and Development Valuation

The Company's newly constructed assets, Yelvertoft (48.39 MW) and Mauxhall
Farm (44.53 MW), have now been operating for over a year and are therefore
being included on a Discounted Cash Flow ('DCF') basis for the first time.
Their DCF valuation of £73.0 million is slightly above cost.

 

The Company's construction phase assets, together with its consented
development pipeline, are valued at £37.5 million in the 30 June 2025 NAV.
The £5.2 million upward movement reflects CAPEX incurred in the period
together with the inclusion of sites that have recently achieved planning
permission.

 

Actual Generation vs Forecast

Combined generation for the period was 4.4% above forecast. Whilst solar
generation had a very strong quarter (+8.4%), poor generation across the wind
assets (-23.8%) led to combined generation being lower than expected. Although
irradiation was above forecast (+18.3%), solar generation was dampened during
the period by DNO outages, with the most material being a 2 month outage at
West Raynham (50MW). Whilst wind speeds improved during the quarter (+2.2%),
availability was negatively impacted by several turbine outages.

 

Third Interim Dividend

The Third Interim Dividend of 2.20 pence per Ordinary Share (August 2024: 2.20
pence per Ordinary Share) will be payable to Shareholders on the register as
at 29 August 2025, with an associated ex-dividend date of 28 August 2025 and a
payment date on or around 19 September 2025.

 

Rebasing of OpEx Costs

This is an update following the annual review of the cost base over the life
of the assets, which also accounts for actual inflation.

 

Gearing

The Company's UK holding companies and its subsidiaries have total outstanding
debt of £581.0 million, with a leverage level of circa 45% of Gross Asset
Value (31 March 2025: 44%).

 

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 (30 June 2024: 8.80 pence). This is expected to be covered by earnings
and to be post debt amortisation.

 

Post-Period end, 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. The Fund received net proceeds above
holding value and details will be included in the Annual Report.

 

Changes to Director Roles and Responsibilities

 

Chair of the Board

Mr John Scott, who joined the Board on the Company's flotation in 2013 and
became Chair in December 2022, will step down from that position following the
publication of the Company's Annual Report. He will be succeeded by Mr Michael
Gibbons CBE, who was appointed a non-executive director of the Company in
October 2022.

 

Mr Scott, who announced last year that he would not stand for re-election at
the 2025 AGM, will remain a non-executive director of the Company until 30
November 2025 to assist in the process of succession. As a consequence of Mr
Gibbons being appointed Chair of the Board, the following changes to the
Board's various committees will also take place:

 

Senior Independent Director ("SID")

Mr Glen Suarez will be appointed as the Company's SID, succeeding Mr Michael
Gibbons.

 

Nomination Committee

Mr Michael Gibbons will be appointed as Chair of the Nomination Committee,
succeeding Ms Meriel Lenfestey.

 

Remuneration Committee

Ms Meriel Lenfestey will be appointed as Chair of the Remuneration Committee,
succeeding Mr Michael Gibbons.

 

Audit and Risk Committee

The composition of the Audit and Risk Committee remains unchanged, with Ms
Libby Burne continuing as Chair.

 

Environmental, Social and Governance ("ESG") Committee

The composition of the ESG Committee remains unchanged, with Ms Meriel
Lenfestey continuing as Chair.

 

Management Engagement and Service Providers Committee ("MESPC")

The composition of the MESPC remains unchanged, with Mr Chris Waldron
continuing as Chair.

 

Following the signing of the Annual Report, a further announcement will be
made confirming the effective date of the above noted changes. This internal
reorganisation will not distract the Board of Bluefield Solar from its
continued commitment to addressing shareholder concerns over the discount
which exists between the prices at which the Company's shares are trading
compared to its prevailing NAV. The Board continues to commit very significant
time and effort to this and has been working closely with Bluefield Partners,
Deutsche Numis and Rothschild on the best way to maximise shareholder value in
the current market. The Board will update the market in due course.

 

There is no further information required to be disclosed in accordance with UK
listing rule 6.4.6.

 

 

- Ends -

 

 For further information:

 Bluefield Solar Board                                 Tel: +44 (0) 1481 742 742

                                                     bluefieldteam@ocorian.com (mailto:bluefieldteam@ocorian.com)
 To be contacted via Ocorian

                                                     Tel: +44 (0) 20 7078 0020
 Bluefield Partners LLP (Company Investment Adviser)   www.bluefieldllp.com (http://www.bluefieldllp.com/)
 James Armstrong / Neil Wood / Giovanni Terranova

 Deutsche Numis (Company Broker)                       Tel: +44 (0) 20 7260 1000
 Tod Davis / Hugh Jonathan / 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 825MW 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 £6.3
billion renewable funds and/or transactions in both the UK and Europe,
including over £1.9 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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