TIDMBSIF
RNS Number : 1338H
Bluefield Solar Income Fund Limited
22 November 2022
22 November 2022
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
UNAUDITED 30 SEPTEMBER 2022 NET ASSET VALUE, AUTUMN STATEMENT
UPDATE AND
DEVELOPMENT UPDATE
Bluefield Solar (LON: BSIF), the sterling income fund focused on
acquiring and managing UK-based renewable energy assets, announces
the Company's net asset value ('NAV') as at 30 September 2022.
Unless otherwise noted herein, the information provided in this
announcement is unaudited.
The Company's NAV as at 30 September 2022 was GBP884.0 million,
or 144.6 pence per Ordinary Share, compared to the audited NAV of
140.4 pence per Ordinary Share ('pps') as at 30 June 2022.
This equates to a movement of +4.2 pps, a NAV total return for
the quarter of 3.0% and gearing (based on the Gross Asset Value of
the Company) of 34%. The major factors behind this change are the
increase in the sale price of electricity in the UK, offset to an
extent by the Company's adoption of a higher discount rate.
The 30 September 2022 NAV is stated after deducting the
FY2021/22 fourth Interim dividend of 2.09 pps announced on 30
September 2022 and paid on 4 November 2022. Excluding the deduction
of the fourth interim dividend would result in a NAV total return
for the quarter of 4.5%.
Following the Chancellor's Autumn Statement on 17 November 2022,
the NAV as at 30 September 2022 has been updated to reflect the
potential impact of the Electricity Generator Levy ("the Levy").
This results in an estimated reduction of 3pps in the NAV.
Item pps effect
NAV at 30 June 2022 (audited) 140.4
-----------
Q3 Power forecasts (inc. contingency to 2025) +9.6
-----------
Discount rate (6.75% to 7.25%) -3 .8
-----------
Inflation (2023 - 3.4% to 5.5%) +0.8
-----------
Operational updates -0.3
-----------
FY21/22 fourth Interim dividend paid -2.1
-----------
NAV at 30 September 2022 (unaudited) 144.6
-----------
Autumn Statement impact - the impact of removing
the power price contingency, and including the
Electricity Generators Levy -3.0
-----------
UPDATED NAV at 30 September 2022 (unaudited) 141.4
-----------
The original 30 September 2022 NAV used the power curves
available at that time from the Company's three independent
forecasters. However, at that date considerable uncertainty
surrounded Government policy around the UK energy market, so
contingency adjustments were made to such projections at the time,
of approximately 65% in 2023, 50% in 2024 and 25% in 2025 in
relation to unhedged power for that period.
The 30 September 2022 NAV included an increase in the equity
discount rate to 7.25% (an increase of 0.50% from 6.75% as at 30
June 2022), reflecting increases in both the Bank of England Base
Rate and 15 year Gilt yields since the 30 June 2022 NAV. Inflation
for 2023, applied only on subsidies and costs, has been amended to
5.5% in line with expectations from forecasters that decreases from
the highs of 2022 will be more gradual than previously
expected.
All other core valuation assumptions have remained consistent
with the NAV issued in the Company's financial statements for the
period ended 30 June 2022.
Autumn Statement Update - Impact on 30 September 2022 NAV
On 17 November 2022, as part of the Autumn Statement, the
Chancellor of the Exchequer announced the introduction of a new
levy on excess profits produced by electricity generators.
The Levy will take effect from 1 January 2023 until 31 March
2028 and will apply a rate of 45% to 'Exceptional Generation
Receipts', which are determined by revenue from power sales that
exceed a benchmark price of GBP75/MWh, resulting in a combined 70%
tax rate on these earnings from those revenues above GBP75/MWh for
the period the Levy applies.
A GBP10 million per year allowance will apply, such that
Exceptional Generation Receipts below this threshold will be
exempt.
Revenue earned under Feed in Tariffs ('FiT'), Renewable
Obligation Certificates ('ROCs') or Contracts for Differences
('CfDs') will be exempt.
As the Autumn Statement has provided material confirmation of
the Government's approach to energy policy, the Directors have
attempted to estimate what the impact of this would have been on
the Company's 30 September 2022 NAV.
This follows two steps; removal of the contingency applied to Q3
power forecasts until 2025 (increasing the September NAV by
11.0pps) and application of the Levy (reducing the September NAV by
14.0pps). The combined effect of these changes results in a
prospective reduction of 3.0pps and an adjusted 30 September 2022
NAV of 141.2pps.
Development update
In the period since 30 June 2022, the Company has achieved
planning permission on a further four PV projects, totalling
215MWp. The expected connection dates for these projects run from
H1 2025 to H1 2026.
These projects are in addition to Yelvertoft, a 50MWp PV plant,
which has started construction and is expected to connect in Q4
2023, and Mauxhall Farm, a combined 44MWp PV and 25MWp battery
plant, targeting connection in Q1 2024. The projected cost of these
projects is c.GBP70 million, which the Company has the option to
fund through further debt issuance.
In the light of the levy, the Board will in due course consider
the economic position on those projects where planning consent is
secured but dates for connection to the grid are yet to be
confirmed.
Dividends
The first interim dividend for FY2022/23 will be declared in
January 2023. Target dividends for FY2022/23 are not less than 8.40
pence per Ordinary share.
Sell-side analyst briefing
A briefing for sell-side analysts will be held today at 1.00pm
via a remote call facility. To register for the briefing, please
contact Buchanan on BSIF@buchanan.uk.com . No new material
information will be disclosed during the call.
- Ends -
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 / Vicki Paine 1000
www.numis.com
Ocorian Tel: +44 (0) 1481 742
(Company Secretary & Administrator) 742
Patrick Ogier www.ocorian.com
Media enquiries: Tel: +44 (0) 20 7466
Buchanan (PR Adviser) 5000
Henry Harrison-Topham / Henry Wilson www.buchanan.uk.com
BSIF@buchanan.uk.com
About Bluefield Solar
Bluefield Solar is a sterling income fund focused on acquiring
and managing renewable energy and storage projects in the UK, to
provide long term, growing dividends for its shareholders whilst
furthering the decarbonisation of the energy system. 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. The majority of
the Company's revenue streams are regulated and non-correlated to
short term UK energy market fluctuations. 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 766
MWp.
Bluefield Solar is listed on the Main Market of the London Stock
Exchange and is a member of the FTSE 250, classified within the
Closed End Investments subsector.
Further information can be viewed at 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 GBP4 billion
renewable funds and/or transactions in both the UK and Europe,
including over GBP1 billion in the UK since December 2011.
Bluefield Partners LLP 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 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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END
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