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 £420 million, or 113.44 pence per Ordinary Share, compared to the NAV at December 2018 of £423 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
Numis Securities Limited (Company Broker)
Tel: +44 (0) 20 7260 1000
Estera International Fund Managers (Guernsey) Limited
Tel: +44 (0) 1481 742 742
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 £1.5 billion of solar PV funds and/or transactions in both the UK and Europe since 2008, including over £800 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.
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