Interim Dividend - Replacement

RNS Number : 2759M

Bluefield Solar Income Fund Limited

06 May 2015

 



This replaces announcement number 6209L released at 07.01 GMT on 29 April 2015. The original announcement incorrectly stated the payment date of the Interim Dividend and Revenue Workshop date.  All other details of the announcement remain unchanged.

6 May 2015

BLUEFIELD SOLAR INCOME FUND LIMITED

Interim Dividend

The Board of Bluefield Solar Income Fund Limited (LON: BSIF) (the "Company") is pleased to announce an interim dividend of 1.0 p per Ordinary Share in respect of the quarter ending 31 March, 2015. This will be payable to shareholders on the register as at 8 May 2015, with an associated ex-dividend date of 7 May 2015 and a payment date of 15 May 2015.

The Company has fully deployed the £131 million raised during November 2014 under the placing programme and has drawn down £18 million of the £50 million revolving credit facility (the "Acquisition Facility") from The Royal Bank of Scotland plc. The portfolio now has a combined energy capacity in excess of 250 MegaWatts Peak ("MWp") across twenty-nine acquisitions.

The Company is evaluating a robust pipeline of potential opportunities and is reviewing funding options, including the Acquisition Facility, long term financing and further equity issuance.

The Company intends to declare a further interim dividend in July 2015, reflecting the revenues from the current quarter, and can confirm that it expects to deliver against a target dividend of 7 pence per Ordinary Share in respect of the Company's current financial year, which ends on 30 June 2015, with the intention of this rising annually with RPI thereafter. On 5 December 2014 the Company paid an interim dividend for the current financial period of 3.25 pence per ordinary share.

John Rennocks, Chairman of the Company, said, "The Board is pleased with the continued excellent investment progress in this quarter, having closed or entered into binding agreements for the acquisition of all of the projects identified at the time of the placing in November 2014.  All were commissioned by 31 March 2015, qualifying for 1.4 ROC support, and are generating revenue as we enter the peak summer season. "  

Bluefield Partners, the Company's investment adviser, will be conducting a Revenue Workshop on 6 May, 2015 to explain the revenues and costs of a typical UK solar farm.  To register for the event, please contact the Company's communications agency CNC, either by email to [e-mail]  or by telephone on [phone] / [phone].

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]

Tom Karim

CNC

Tel: [phone]

Note to editors

About Bluefield Solar Income Fund Limited (BSIF)

BSIF is a Guernsey-registered investment company focusing on large scale agricultural and industrial solar assets. It had an initial public offering of shares on the main market of the London Stock Exchange in July 2013. It has, currently, over 278 million shares in issue and a market cap in excess of £300 million. In June 2014 it agreed a three-year revolving credit facility with Royal Bank of Scotland, for up to £50 million.

BSIF seeks to provide shareholders with an attractive return, principally in the form of 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 intends to pay quarterly distributions.

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 £1.4 billion of solar photovoltaic ("PV") funds and/or transactions in both the UK and Europe since 2008, including over £380m in the UK since December 2011.

Bluefield has led the acquisitions, and currently advises on over 50 UK based solar 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.

 

END

 

 

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