Bluefield Solar Income Fund Limited Unaudited Net Asset Value as of 30 June 2023 (5663J)
17 Agosto 2023 - 3:00AM
UK Regulatory
TIDMBSIF
RNS Number : 5663J
Bluefield Solar Income Fund Limited
17 August 2023
17 August 2023
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
UNAUDITED NET ASSET VALUE AS OF 30 JUNE 2023
Bluefield Solar (LON: BSIF), the UK income fund primarily
focused on acquiring and managing solar assets, announces the
Company's estimated unaudited net asset value ('NAV') as of 30 June
2023 to be GBP854.2 million (31 March 2023: GBP850.2 million),
resulting in a NAV of 139.7 pence per Ordinary Share (31 March
2023: 139.1 pence per Ordinary Share).
This represents an increase of approximately 0.4% for the
quarter. Key changes include an increase in discount rate being
offset by increases in above market power price fixes in the short
term, working capital, inflation and the valuations of development
and construction projects.
The equity discount rate applied in the valuation has increased
to 8.00% (31 March 2023: 7.25%), reflecting a rise in gilt yields,
with an impact of -4.9 pence per Ordinary Share.
Positive impacts to the movement this quarter include the level
of the power sales prices achieved, with power price movement
having an impact of 3.1 pence per Ordinary Share. Whilst short term
power prices and corresponding forecasts have decreased, the
Company has benefitted from the fact that it has sold power at
levels substantially above current market prices via its PPA
hedging programme. This has resulted in a substantial increase in
working capital of 3.5 pence per Ordinary Share and a corresponding
uplift in valuation to reflect the blend between contracted power
sales and third party forecasts used in the Company's valuation
models.
A rise in inflation assumptions to 7% for 2023 and 3.5% for 2024
(31 March 2023: 5.5% for 2023 and 3% for 2024) has increased the
NAV by 2.0 pence per Ordinary Share, and the Company has also
benefitted by 2.3 pence per Ordinary Share from its active
development pipeline, recognising valuation uplifts from solar and
storage development projects that have achieved planning consent
and grid offers.
The breakdown of contributing factors is summarised in the table
below:
Pence per
Ordinary
Share
Unaudited NAV as at 31 March 2023 139.1
=================================== ==========
Power prices 3.1
Discount rate -4.9
Inflation 2.0
Development and construction 2.3
Change in working capital 3.5
Change in debt -3.1
Change in other movements -2.3
=================================== ==========
Unaudited NAV as at 30 June 2023 139.7
=================================== ==========
The unaudited NAV as of 30 June 2023 represents a movement of
-0.5% for the year (30 June 2022: GBP858.4 million, 140.4 pence per
Ordinary Share). The audited Net Asset Value will be released by
the Company with the annual results.
The Board is pleased to reconfirm its guidance of a full year
dividend of not less than 8.40 pence per Ordinary Share for the
financial year ended 30 June 2023; this dividend will be covered by
earnings and is post debt amortisation. Following the high power
price fixes achieved in the year to June 2023, the Company has
significant working capital and a substantial dividend cover,
estimated to be over 2.0x covered.
Bluefield Solar will announce its Audited Full Year Results for
the year ended 30 June 2023 on Thursday, 28 September 2023. A
briefing for analysts will be held at 9.30am (BST) on the morning
of the results announcement via a remote facility and an audio
webcast will be available on the Company's website later that
day.
To register for the analyst briefing, please contact Buchanan on
BSIF@buchanan.uk.com .
- 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
Numis Securities Limited (Company Broker) Tel: +44 (0) 20 7260
Tod Davis / David Benda / Vicki Paine 1000
www.numis.com
Ocorian Tel: +44 (0) 1481
(Company Secretary & Administrator) 742 742
Patrick Ogier 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 UK income fund primarily
focused on acquiring and managing solar 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. The majority of
the Company's revenue streams are regulated and non-correlated to
short term UK energy market fluctuations. Bluefield Solar owns and
operates an 812MWp UK portfolio, comprised of 754MWp of solar and
58MWp 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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