Bluefield Solar Income Fund Limited Unaudited NAV 31/03/20 & Second Interim Dividend (4032L)
30 Abril 2020 - 1:00AM
UK Regulatory
TIDMBSIF
RNS Number : 4032L
Bluefield Solar Income Fund Limited
30 April 2020
30 April 2020
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Unaudited NAV 31 March 2020 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 2020, and the Company's second interim dividend for the
current financial year, which ends on 30 June 2020 (the 'Second
Interim Dividend'). Unless otherwise noted herein, the information
provided in this announcement is unaudited.
The Company's unaudited NAV as at 31 March 2020 was GBP418.7
million, or 113.02 pence per Ordinary Share, compared to the
audited NAV as at 31 December 2019 of GBP447.4 million, or 120.75
pence per Ordinary Share.
The Company's NAV as at 31 March 2020 reflects the adoption of
the most recent central power curves published by the Company's two
independent power forecasters (which the Company blends on a 50/50
basis). Compared to December 2019, the blended curves used by the
Company have reduced on average by 15% over the next five years
(including a 25% reduction over 2020 and 2021) and by 1% from 2025
until 2050. This corresponds to an average capture price of c.GBP41
per MWh for the period 2020-2024 and GBP48 per MWh for the period
2025-2050 (in 2019 prices).
The impact on the Company's NAV from adoption of the latest
power curves is a reduction of 6.7 pence per Ordinary Share,
reflecting the reduced independent revenue estimates, particularly
in the period 2021-2024.
The Company has 100% of its revenues contracted until 30 June
2020, 88% until 31 December 2020 and 77% until 30 June 2021.
The NAV update also includes the addition of the 13.9MWp
portfolio which the Company purchased in January 2020, generation
in the period to March 2020, a roll forward of portfolio working
capital and an increase in the corporation tax rate from 17% to
19%.
For the avoidance of doubt, the 31 March 2020 NAV does not
include a liability for the second Interim dividend of 1.95 pence
per Ordinary Share as this has been declared post 31 March
2020.
All other core valuation assumptions have remained consistent
with the NAV issued in the Company's Interim financial statements
for the period ending 31 December 2019.
The Second Interim Dividend of 1.95 pence per Ordinary Share
(April 2019: 1.90 pence per Ordinary Share) will be payable to
shareholders on the register as at 11 May 2020 with an associated
ex-dividend date of 7 May 2020 and a payment date of 29 May
2020.
Furthermore, the Board is pleased to reconfirm its guidance of a
full year dividend of 7.90 pence per Ordinary Share for the
financial year ending 30 June 2020. This will be covered by
earnings and is post debt amortisation.
The portfolio continues to perform extremely well. As at 31
March 2020, generation was 4.8% above target. In respect of the
Covid-19 pandemic and business continuity, the Company reconfirms
that its investment adviser, Bluefield Partners, and its technical
asset management provider, Bluefield Services, and its operation
and maintenance provider, Bluefield Operations, are all
successfully remote working and there are no foreseen issues around
business continuity.
As indicated in previous announcements, the Company is reviewing
the policy of increasing the dividend in line with RPI.
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 Administration (Guernsey) Limited 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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