Bluefield Solar Income Fund Limited Unaudited NAV 31/03/2019 & Second Interim Dividend (3232X)
April 29 2019 - 1:02AM
UK Regulatory
TIDMBSIF
RNS Number : 3232X
Bluefield Solar Income Fund Limited
29 April 2019
29 April 2019
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Unaudited NAV 31 March 2019 and Second Interim Dividend
Bluefield Solar (LON: BSIF), a sterling income fund that invests
in UK-based solar assets, announces its net asset value ("NAV") as
at 31 March 2019, and the Company's second interim dividend for the
current financial year, which ends on 30 June 2019 (the 'Second
Interim Dividend'). Unless otherwise noted herein, the information
provided in this announcement is unaudited.
The Company's NAV at 31 March 2019 was GBP420 million, or 113.44
pence per Ordinary Share, compared to the NAV at December 2018 of
GBP423 million, or 114.41 pence per Ordinary Share. This equates to
a NAV total return (including dividends paid in the period of 1.90
pence per Ordinary share) for the quarter of 0.8%.
The Company's NAV at 31 March 2019 reflects the adoption of the
most recent power curves published by the Company's two independent
power forecasters (which the Company blends on a 50/50 basis). The
NAV update further includes the application of Ofgem confirmed ROC
buyout prices from April 2019 and a roll forward of portfolio
working capital.
All other core valuation assumptions have remained consistent
with the NAV issued in the Company's financial statements for the
period ending 31 December 2018.
The Second Interim Dividend of 1.90 pence per Ordinary Share
(April 2018: 1.80 pence) will be payable to shareholders on the
register as at 10 May 2019 with an associated ex-dividend date of 9
May 2019 and a payment date of 31 May 2019.
Bluefield Solar and its Board of Directors set annual dividend
targets which are intended to grow in line with the Retail Price
Index ('RPI'), using the 2014/15 financial year dividend of 7 pence
per share as a base. The total dividend for the financial year
ending 30 June 2018 was 7.43 pence per Ordinary Share. The target
dividend for the financial year ending 30 June 2019 remains at 7.68
pence per Ordinary Share, as published in the Company's latest
annual report for the financial year ending 30 June 2018.
For further information:
Bluefield Partners LLP (Company Investment Adviser) Tel: +44 (0) 20 7078 0020
James Armstrong / Mike Rand / Giovanni Terranova www.bluefieldllp.com
Numis Securities Limited (Company Broker) Tel: +44 (0) 20 7260 1000
Tod Davis / David Benda www.numis.com
Estera International Fund Managers (Guernsey) Limited Tel: +44 (0) 1481 742 742
(Company Secretary & Administrator) www.estera.com
Kevin Smith
Media enquiries: Tel: +44 (0) 20 7466 5000
Buchanan (PR Adviser) www.buchanan.uk.com
Henry Harrison-Topham / Henry Wilson / Victoria Hayns BSIF@buchanan.uk.com
Notes to Editors
About Bluefield Solar
Bluefield Solar is a sterling income fund focused on acquiring
and managing UK-based solar projects to generate renewable energy
for periods of typically 25 years or longer. The Company's primary
objective is to deliver to its shareholders, stable, long term
sterling income via quarterly dividends, which are linked to RPI.
The majority of the Group's revenue streams are regulated and
non-correlated to traditional markets. 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 465
Megawatt peak (MWp). Further information can be viewed at
www.bluefieldsif.com
About Bluefield Partners LLP ('Bluefield')
Bluefield was established in 2009 and is an investment adviser
to companies and funds investing in solar energy infrastructure. It
has a proven record in the selection, acquisition and supervision
of large-scale energy and infrastructure assets in the UK and
Europe. The team has been involved in over GBP1.5 billion of solar
PV funds and/or transactions in both the UK and Europe since 2008,
including over GBP800 million in the UK since December 2011.
Bluefield has led the acquisitions of, and currently advises on,
over 85 UK based solar PV assets that are agriculturally,
commercially or industrially situated. Based in its London office,
Bluefield's partners are supported by a dedicated and highly
experienced team of investment, legal and portfolio executives.
Bluefield was appointed Investment Adviser to the Company in June
2013.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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