Unaudited NAV and Second Interim Dividend

Bluefield Solar Income Fund Limited

14 May 2026

 

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14 May 2026

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Unaudited NAV and Second Interim Dividend

Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, announces its net asset value ('NAV') as at 31 March 2026, and the Company's second interim dividend for the current financial year, which ends on 30 June 2026. Unless otherwise noted herein, the information provided in this announcement is unaudited.

Unaudited Net Asset Value as at 31 March 2026

The NAV as at 31 March 2026 was £618.8 million, or 104.52 pence per Ordinary Share ('pps'), compared to the unaudited NAV of 107.80 pps as at 31 December 2025. This equates to a NAV total return for the quarter of -0.96%.

					(pps)
Unaudited NAV as at 31 December 2025					107.80
Power prices					0.52
ROC & FiT Inflation Update from RPI to CPI					-1.56
Actual Generation vs Forecast					-0.37
Dividend Paid					-2.25
Other movements					0.38
Unaudited NAV as at 31 March 2026					104.52

Power prices

The blended power curve from the Company's three leading independent power forecasters, published as at 31 March 2026, reported higher short-term power prices, driven primarily by geopolitical tensions in the Middle East and concerns over global gas markets supply. These gains were partially offset by slight dips in medium to long-term price forecasts.

ROC & FiT Inflation Update

On 28 January 2026 the UK's Department for Energy Security and Net Zero ('DESNZ') published a response to the consultation regarding changes to the indexation of Renewable Obligation Certificates ('ROCs') and Feed-in Tariffs ('FiTs'), confirming that the switch from RPI to CPI-based indexation for both ROCs and FiTs will be implemented from April 2026.

The actual 1.56 pps negative impact on the Company's NAV from this policy change represents a slight improvement from the Company's previous estimated guidance in January of a c. 2 pps reduction.

Carbon Price Support ("CPS")

On 23 April 2026, the Company announced the expected impact of the proposed withdrawal of the CPS which was published on 16 April 2026. This has not been included in the Company's NAV as at 31 March 2026 as the announcement occurred after the relevant period end.

Actual Generation Vs Forecast

Combined generation for the period was 7.1% below forecast. Solar generation was 11.1% below forecast, reflecting a lower-than-expected irradiance. Wind generation was 1.6% above forecast largely due to improved wind resource, despite availability being below expectations.

Other Movements

Other movements reflect the change of the calculation date of cash flows from 31 December 2025 to 31 March 2026, along with tax, degradation, debt and working capital adjustments. The NAV has been prepared in line with consistent assumptions and methodology.

Gearing

The Company's UK holding companies and its subsidiaries have total outstanding debt of £551.2 million, with a leverage level of 47.1% of Gross Asset Value (31 Dec 2025: 46.4%).

Second Interim Dividend

The Second Interim Dividend of 2.25 pence per Ordinary Share (May 2025: 2.20 pence per Ordinary Share) will be payable to Shareholders on the register as at 22 May 2026, with an associated ex-dividend date of 21 May 2026 and a payment date on or around 15 June 2026.

Formal Sale Process

The Formal Sale Process continues to progress in line with expectations, and the Board will make further updates when appropriate. There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.

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For further information: Bluefield Solar Board To be contacted via Ocorian Bluefield Partners LLP (Company Investment Adviser) James Armstrong / Neil Wood / Giovanni Terranova	Tel: [phone] [e-mail] Tel: [phone] www.bluefieldllp.com
Deutsche Numis (Joint Financial Adviser & Broker) Hugh Jonathan / Matt Goss Rothschild & Co (Joint Financial Adviser) Emmet Walsh / Jack Vellacott	Tel: [phone] Tel: [phone]
Ocorian (Company Secretary & Administrator) Chezi Hanford	Tel: [phone] www.ocorian.com
Media enquiries: Burson Buchanan (PR Adviser) Henry Harrison-Topham / Henry Wilson	Tel: [phone] www.bursonbuchanan.com [e-mail]

About Bluefield Solar

Bluefield Solar is a London listed income fund focused primarily on acquiring and managing solar energy 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. Bluefield Solar owns and operates a UK portfolio of 850MW, comprising 792MW of solar and 58MW 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 £6.3 billion renewable funds and/or transactions in both the UK and Europe, including over £1.9 billion in the UK since December 2011.

Bluefield Partners LLP has led the acquisitions of, and currently advises on, over 100 UK based solar photovoltaic 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.

Rule 29 of the Takeover Code (the 'Code')

Following the publication of the Company's Strategic Review and Commencement of Formal Sale Process on 5 November 2025, the Company is in an offer period for the purposes of the Code.   The Unaudited NAV as at 31 March 2026 (the 31 March NAV) constitutes an asset valuation in accordance with Rule 29.1 of the Code.   The Takeover Panel has confirmed that there is no requirement to publish a valuation report under Rule 29 in respect of the 31 March NAV unless and until a firm offer is announced for the Company.  Accordingly, in the event of a firm offer being announced for the Company, a valuation report in accordance with Rule 29 of the Code on the 31 March NAV or any subsequent net asset value published by the Company prior to date of such offer will be published in due course and by no later than the publication of any offer document or scheme document in relation to such offer.

Publication on website

In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) on the Company's website https://bluefieldsif.com/ promptly following its publication and in any event no later than 12 noon (London time) on the business day following the release of this announcement. Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.

 

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