Half Yearly Report

RNS Number : 1581B

Bluefield Solar Income Fund Limited

28 February 2014

 



28 February 2014

BLUEFIELD SOLAR INCOME FUND LIMITED

Half Year results

Unaudited Condensed Consolidated Interim Financial Statements for the period from incorporation on 29 May 2013 to 31 December 2013

Operational Highlights

§ Bluefield Solar Income Fund Limited (the "Company") is a sector specialist infrastructure fund focused on the acquisition and optimisation of UK based large scale solar energy assets;

§ The Company was listed on the Premium Segment of the London Stock Exchange on 12 July 2013 raising £130m;

§ The objective of the Company is to deliver long-term, stable dividends growing in-line with the Retail Price Index;

§ Between listing and 31 December 2013, the Company announced seven acquisitions and committed over 75% of the proceeds of the Initial Public Offering ("IPO");

§ Since 31 December 2013, a further two acquisitions were made, thus bringing the total acquisitions to nine and fully committing the IPO proceeds;

§ The Company has committed to a diversified portfolio of assets using four different contractors and the portfolio as at 31 December 2013 is expected to deliver a capacity of 81 megawatts peak ("MWp") at an average investment of £1.16m per MWp;

§ Attractively priced acquisitions and strong contractual protections give the Directors comfort that the portfolio will achieve the target return of 7 pence per share annually, rising with RPI. The Company will seek to increase annual distributions after the successful execution of management strategies;

§ First interim dividend of 2 pence per share was declared on 19 February 2014;

§ Raised a further £13.2m on 21 February 2014, through a placing under the authority granted at launch.

Financial Highlights

As at 31 December 2013

Number of Ordinary Shares in Issue	130,290,000
Market Capitalisation/Share Price	£130,290,000/100.00p
Net Asset Value ("NAV")/NAV per share	£126,785,315/97.31p
Target dividend	7.0 pence per share per annum, rising in line with RPI inflation

Chairman John Rennocks said: "We have made very good progress to date, acquiring a diverse group of high quality assets at attractive prices. The Company is laying the foundations to deliver its market leading dividend".

A copy of the interim financial statements has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM. The interim financial statements will also shortly be available on the Company's website at www.bluefieldsif.com where further information on the Company can also be found.

Enquiries:

James Armstrong / Mike Rand / Giovanni Terranova

Bluefield Partners LLP - Company Investment Adviser

Tel: [phone]

Tod Davis / David Benda

Numis Securities Limited - Company Broker

Tel: [phone]

Kevin Smith

Heritage International Fund Managers Limited - Company Secretary & Administrator

Tel: [phone]

Note to editors:

About Bluefield Solar Income Fund Limited (the "Company" or "BSIF")

BSIF is a Guernsey-registered investment company focusing on large scale agricultural and industrial solar assets. The Company raised gross proceeds of £130m in July 2013 through an initial public offering ("IPO") of shares on the main market of the London Stock Exchange. It raised further capital via a tap issue in February 2014.

The Company seeks to provide shareholders with an attractive return, principally in the form of semi-annual income distributions, by investing in a diversified portfolio of solar energy assets, each located within the UK, with a focus on utility scale assets and portfolios on greenfield, industrial and/or commercial sites. The Company's target dividend is 4 pence per share in relation to the first financial year ending 30 June 2014, and 7 pence per share in respect of the Company's second financial year, rising with RPI thereafter.

About Bluefield Partners LLP ("Bluefield")

Bluefield was established in 2009 and is a specialist investment adviser to funds and companies investing in solar energy infrastructure. Bluefield's team has a proven track record in the selection, acquisition and management of large scale energy and infrastructure assets in the UK and Europe.

The managing partners have been involved in over £350m of solar photovoltaic ("PV") funds and/or transactions in both the UK and Europe since 2008, including over £170m in the UK since December 2011. Bluefield has led the acquisitions, and currently advises, on over 50 UK based solar assets.

Bluefield was appointed Investment Adviser to the Company in June 2013.

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