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
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(pps)
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Audited NAV as at 30 June 2024
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129.75
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Power prices
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0.00
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Operational updates
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0.28
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FY24 third interim dividend
announced and paid
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-2.20
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FY24 fourth interim dividend
announced
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-2.20
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Share buyback accretion
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0.18
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Other movements
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0.33
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Unaudited NAV as at 30 September 2024
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126.14
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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
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For
further information:
Bluefield Partners LLP (Company Investment
Adviser)
James Armstrong / Neil
Wood / Giovanni Terranova
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Tel: +44
(0) 20 7078 0020
www.bluefieldllp.com
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Deutsche Numis (Company Broker)
Tod Davis / David Benda / Matt Goss
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Tel: +44
(0) 20 7260 1000
www.dbnumis.com
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Ocorian
(Company Secretary & Administrator)
Chezi Hanford
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Tel: +44
(0) 1481 742 742
www.ocorian.com
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Media enquiries:
Burson Buchanan (PR Adviser)
Henry Harrison-Topham / Henry Wilson
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Tel: +44 (0) 20 7466 5000
www.bursonbuchanan.com
BSIF@buchanan.uk.com
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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
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.