Bluefield Solar Income Fund Limited Half Yearly Report (1581B)
February 28 2014 - 1:03AM
UK Regulatory
TIDMBSIF
RNS Number : 1581B
Bluefield Solar Income Fund Limited
28 February 2014
28 February 2014
BLUEFIELD SOLAR INCOME FUND LIMITED
Half Year results
Unaudited Condensed Consolidated Interim Financial Statements
for the period from incorporation on 29 May 2013 to 31 December
2013
Operational Highlights
-- Bluefield Solar Income Fund Limited (the "Company") is a
sector specialist infrastructure fund focused on the acquisition
and optimisation of UK based large scale solar energy assets;
-- The Company was listed on the Premium Segment of the London
Stock Exchange on 12 July 2013 raising GBP130m;
-- The objective of the Company is to deliver long-term, stable
dividends growing in-line with the Retail Price Index;
-- Between listing and 31 December 2013, the Company announced
seven acquisitions and committed over 75% of the proceeds of the
Initial Public Offering ("IPO");
-- Since 31 December 2013, a further two acquisitions were made,
thus bringing the total acquisitions to nine and fully committing
the IPO proceeds;
-- The Company has committed to a diversified portfolio of
assets using four different contractors and the portfolio as at 31
December 2013 is expected to deliver a capacity of 81 megawatts
peak ("MWp") at an average investment of GBP1.16m per MWp;
-- Attractively priced acquisitions and strong contractual
protections give the Directors comfort that the portfolio will
achieve the target return of 7 pence per share annually, rising
with RPI. The Company will seek to increase annual distributions
after the successful execution of management strategies;
-- First interim dividend of 2 pence per share was declared on
19 February 2014;
-- Raised a further GBP13.2m on 21 February 2014, through a
placing under the authority granted at launch.
Financial Highlights
As at 31 December 2013
Number of Ordinary Shares in
Issue 130,290,000
Market Capitalisation/Share GBP130,290,000/100.00p
Price
Net Asset Value ("NAV")/NAV GBP126,785,315/97.31p
per share
Target dividend 7.0 pence per share per annum, rising
in line with RPI inflation
Chairman John Rennocks said: "We have made very good progress to
date, acquiring a diverse group of high quality assets at
attractive prices. The Company is laying the foundations to deliver
its market leading dividend".
A copy of the interim financial statements has been submitted to
the National Storage Mechanism and will shortly be available for
inspection at www.morningstar.co.uk/uk/NSM. The interim financial
statements will also shortly be available on the Company's website
at www.bluefieldsif.com where further information on the Company
can also be found.
Enquiries:
James Armstrong / Mike Rand / Giovanni Terranova
Bluefield Partners LLP - Company Investment Adviser
Tel: +44 (0)2070780020
Tod Davis / David Benda
Numis Securities Limited - Company Broker
Tel: +44 (0)2072601000
Kevin Smith
Heritage International Fund Managers Limited - Company Secretary
& Administrator
Tel: +44 (0)1481716000
Note to editors:
About Bluefield Solar Income Fund Limited (the "Company" or
"BSIF")
BSIF is a Guernsey-registered investment company focusing on
large scale agricultural and industrial solar assets. The Company
raised gross proceeds of GBP130m in July 2013 through an initial
public offering ("IPO") of shares on the main market of the London
Stock Exchange. It raised further capital via a tap issue in
February 2014.
The Company seeks to provide shareholders with an attractive
return, principally in the form of semi-annual income
distributions, by investing in a diversified portfolio of solar
energy assets, each located within the UK, with a focus on utility
scale assets and portfolios on greenfield, industrial and/or
commercial sites. The Company's target dividend is 4 pence per
share in relation to the first financial year ending 30 June 2014,
and 7 pence per share in respect of the Company's second financial
year, rising with RPI thereafter.
About Bluefield Partners LLP ("Bluefield")
Bluefield was established in 2009 and is a specialist investment
adviser to funds and companies investing in solar energy
infrastructure. Bluefield's team has a proven track record in the
selection, acquisition and management of large scale energy and
infrastructure assets in the UK and Europe.
The managing partners have been involved in over GBP350m of
solar photovoltaic ("PV") funds and/or transactions in both the UK
and Europe since 2008, including over GBP170m in the UK since
December 2011. Bluefield has led the acquisitions, and currently
advises, on over 50 UK based solar assets.
Bluefield was appointed Investment Adviser to the Company in
June 2013.
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