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11 May 2017
BLUEFIELD SOLAR INCOME FUND LIMITED
Unaudited 31 March 2017 NAV & Interim Dividend Announcement
Bluefield Solar Income Fund Limited (LON: BSIF) (the "Company") announces its second interim dividend in respect of the financial year ended 30 June 2017 (the "Current Financial Year")and its net asset value ("NAV") as at 31 March, 2017. Unless otherwise noted herein, the information provided in this announcement is unaudited.
The Company is declaring an unchanged second interim dividend in respect of the financial year ended 30 June 2017 of 1 penny per Ordinary share (the "Dividend"). The Dividend is to be paid on 9 June, 2017 to shareholders on the register as at 19 May 2017 with an associated ex-dividend date of 18 May, 2017. Including the Dividend, total dividends paid or announced in the current financial year are 4.25 pence per Ordinary share and are in line with the dividends paid for the same period during the financial year ended 30 June 2016.. The Company can confirm that it intends to meet or exceed its target dividend of 7.18 pence per Ordinary share in respect of the current financial year, with the intention of this target rising annually with RPI thereafter.
The Company's NAV at 31 March 2017 was £385.5 million, or 104.26 pence per Ordinary Share, compared to the NAV at 31 December 2016 of £388.5 million, or 105.07 pence per Ordinary Share. The change in NAV is due to the adoption of the most recent power curves from the Company's two independent power forecasters, whose forecasts have been blended on a 50/50 basis. All other core assumptions have remained consistent with the NAV issued in the Company's interim financial statements for the period ending 31 December, 2016.
John Rennocks, the Chairman of the Company, said, "The Company is on target, for the third year running, to deliver dividends at least in line with our target of 7.18 pence per share for our current financial year, thereby continuing to provide our shareholders with attractive levels of income. These are supported by low cost, fully amortising, long term financing and a low operating cost base".
James Armstrong / Mike Rand / Giovanni Terranova
Bluefield Partners LLP - Company Investment Adviser
Tel: +44 (0)20 7078 0020
Tod Davis / David Benda
Numis Securities Limited - Company Broker
Tel: +44 (0)20 7260 1000
Heritage International Fund Managers Limited - Company Secretary & Administrator
Tel: +44 (0)1481 716000
Tel: +44(0)20 3219 8820 / +44(0)7923 293 399
Note to editors
About Bluefield Solar Income Fund Limited
The Company 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 and currently has over 369 million shares in issue.
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 £1.25 billion of solar PV funds and/or transactions in both the UK and Europe since 2008, including over £500m in the UK since December 2011.
Bluefield has led the acquisitions, and currently advises on over 70 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.
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