Bluefield Solar Income Fund Limited Unaudited NAV as at 30 September 2023 (6178T)
November 16 2023 - 1:00AM
UK Regulatory
TIDMBSIF
RNS Number : 6178T
Bluefield Solar Income Fund Limited
16 November 2023
16 November 2023
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
UNAUDITED NET ASSET VALUE AS OF 30 SEPTEMBER 2023
Bluefield Solar (LON: BSIF), the London listed UK income fund
focused primarily on acquiring and managing solar energy assets,
announces the Company's net asset value ('NAV') as at 30 September
2023. Unless otherwise noted herein, the information provided in
this announcement is unaudited.
The Company's NAV as at 30 September 2023 was GBP834 million, or
136.4 pence per Ordinary Share, compared to the audited NAV of
139.7 pence per Ordinary Share ('pps') as at 30 June 2023. This
equates to a movement of -3.3 pps and a NAV return for the quarter
of -2.4%.
The 30 September 2023 NAV is stated after deducting the
FY2022/23 fourth Interim dividend of 2.30 pps announced on 28
September 2023 and paid on 6 November 2023. Excluding the deduction
of the fourth interim dividend would result in a NAV total return
for the quarter of -0.7%.
The principal factors behind the movement in the NAV from 30
June 2023 are: additional value recognised in our development and
construction projects following planning consent being achieved on
a co-located 70MW solar and 40MW storage project; continued
investment into solar PV construction sites Yelvertoft and
Mauxhall; and the ongoing programme of repowering selected wind
turbines in Northern Ireland. The ROC inflation assumption for
April 2024 has also been updated from 7.0% to 9.8%, with all other
inflation assumptions remaining as per 30 June 2023.
Offsetting these positive movements is a decrease from
operational updates, which includes a slight underperformance in
generation during the quarter, due to lower than expected
irradiation, and advanced quarterly payments connected to
corporation tax and the Electricity Generator Levy.
Whilst power curves from the Company's three independent
forecasters reported lower price forecasts for the near term, there
were slight increases in the curves further out, compared to those
used in the 30 June 2023 valuation. As a result of over 81% of the
Company's revenues being fixed until June 2024 there has been no
overall impact from these updates on the valuation.
All other core valuation assumptions have remained consistent
with the NAV issued in the Company's financial statements for the
period ended 30 June 2023.
The breakdown of contributing factors is summarised in the table
below:
Pence
per Ordinary
Share
Audited NAV as at 30 June 2023 139.7
================================== ==============
Development and construction 1.1
ROC Inflation 1.9
Power prices 0.0
Operational Updates -4.0
FY23 fourth interim dividend -2.3
================================== ==============
Unaudited NAV as at 30 September
2023 136.4
================================== ==============
Development update
In the period since 30 June 2023, the Company has achieved
planning permission for 70MW of solar PV and 40MW of battery
storage, and Bluefield Solar achieved allocations of Contracts for
Difference ('CfD') on all four projects submitted to CfD Allocation
Round 5.
Dividend target
The Board has set a target dividend for the 2023/24 financial
year of not less than 8.80 pence per Ordinary Share. This is
expected to be covered by earnings and to be post debt
amortisation.
- 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
Deutsche Numis (Company Broker) Tel: +44 (0) 20 7260
Tod Davis / David Benda / Matt Goss 1000
www.dbnumis.com
Ocorian Tel: +44 (0) 1481
(Company Secretary & Administrator) 742 742
Chezi Hanford www.ocorian.com
Media enquiries:
Buchanan (PR Adviser) Tel: +44 (0) 20 7466
Henry Harrison-Topham / Henry Wilson 5000
www.buchanan.uk.com
BSIF@buchanan.uk.com
For further information:
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 812MW, comprising 754MW of solar and
58MW 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 GBP6.5 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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