Bluefield Solar Income Fund Limited General Update (4677H)
March 25 2020 - 2:00AM
UK Regulatory
TIDMBSIF
RNS Number : 4677H
Bluefield Solar Income Fund Limited
25 March 2020
25 March 2020
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
COVID-19 Contingency Planning and General Update
Bluefield Solar (LON: BSIF), a sterling income fund that invests
in UK-based solar assets, reconfirms its guidance of a full year
dividend of 7.90pps for the financial year ending June 2020. This
will be fully covered by earnings and post debt amortisation. Based
on yesterday's closing share price the dividend yield on the
forecast full year dividend was 7.05%.
COVID-19 Contingency Planning
The Company's key service providers have all successfully
implemented remote working policies for the individuals working on
Bluefield Solar.
Bluefield Partners, the London based Investment Adviser, has
moved ten Bluefield Solar focused personnel out of its London
office and they are now working remotely overseeing the investment
performance of the existing assets, portfolio enhancement
(including lease extensions) and the Company's power sales
strategy. Bluefield Services, the Bristol-based business that
oversees asset monitoring, reporting, technical asset management
and financial reporting has 28 employees successfully working
remotely. Bluefield Operations has 19 employees who are regionally
based and focused on the operation and maintenance of the assets.
It is anticipated that a number of these employees will be
categorised as 'Key Workers' as defined by the Government's recent
announcement, a status that should enable them to carry out their
activities effectively.
In addition, as part of the winter maintenance programme,
Bluefield Services has undertaken a major review of the status of
the portfolio's spare parts and has ordered replacements where
necessary. Bluefield Operations has been working on general
maintenance across the portfolio and transformer and inverter
replacement on specific sites.
General Update: Visibility of Earnings and Financial
Headroom
Over 60% of the Company's revenues are regulated and
non-correlated to market based power prices, increasing in line
with RPI and with an average duration remaining of 15 years. The
balance of revenues is derived from the sale of electricity via
power purchase agreements (PPAs). The Company has 94% of its
revenues contracted until the end of the current financial year,
88% of its revenues contracted until the calendar year end and 77%
until the end of the financial year 2021, providing excellent
visibility of earnings over the current and next financial year.
The PPAs providers are investment grade entities. The Company has
no subsidy free assets and no assets are in construction.
The Company's current leverage level is 32% (a combination of
long term debt and short term credit facility) to Gross Asset
Value. All long term debt is fully amortising over an average tenor
of 14 years and is without the requirement for refinancing. The
debt service cover ratio is over 2.5 times covered. The Company has
also drawn GBP44 million from its short-term credit facility and is
in place until 30 September 2022 (if the facility's one year
extension is exercised by the Company).
As indicated in previous announcements the Company's policy of
increasing the dividend in line with RPI in future financial years
remains under review, especially in light of the recent fall in
power prices.
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 1000
www.numis.com
Ocorian Tel: +44 (0) 1481
(Company Secretary & Administrator) 742 742
Kevin Smith www.ocorian.com
Media enquiries:
Buchanan (PR Adviser) Tel: +44 (0) 20
Henry Harrison-Topham / Victoria Hayns 7466 5000
/ Henry Wilson www.buchanan.uk.com
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 478
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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