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2nd Interim Dividend Announcement & Acquisition

Released 07:00 19-Apr-2018

RNS Number : 3746L
Bluefield Solar Income Fund Limited
19 April 2018
 

19 April 2018

 

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

 

Second Interim Dividend Announcement

Acquisition of three new PV plants

 

Bluefield Solar (LON: BSIF), a sterling income fund that invests in UK-based solar assets, is pleased to announce the Company's second interim dividend for the financial year ending 30 June 2018 (the 'Second Interim Dividend').  Unless otherwise noted herein, the information provided in this announcement and any asset valuations underlying such information is unaudited.

 

The Second Interim Dividend of 1.80 pence per Ordinary Share will be payable to Shareholders on the register as at 27 April 2018 with an associated ex-dividend date of 26 April 2018 and a payment date of 18 May 2018.

 

Bluefield Solar and its Board of Directors sets dividend targets which are intended to grow in line with the Retail Price Index ('RPI'), using the 2014/15 financial year dividends of 7 pence per share as a base. The target dividends arising out of the financial year ending 30 June 2017 were 7.18 pence per Ordinary Share and the Company is maintaining its guidance as published in its First Interim Dividend Announcement issued on 8 January 2018 that this target will rise to 7.43 pence per Ordinary Share for the financial year ending 30 June 2018.  In respect of the past three financial years, the Company has paid dividends which have exceeded the target levels.

 

Acquisition of three new PV plants

 

Bluefield Solar is also pleased to announce that on 20 March 2018 the Company acquired three sub-5 megawatt peak ('MWp') ground-mounted solar photovoltaic ('PV') plants, all of which are located in Dorset.  The three PV plants were acquired for a total cash consideration of £19.9 million, including transaction costs and working capital, and were funded from the Company's revolving credit facility.  Each of the plants is fully operational, having been connected in March 2017, and qualifies under the 1.2 Renewable Obligation Certificate ('ROC') regime.

 

John Rennocks, Chairman of Bluefield Solar, said: "I am pleased to announce the Company's second interim dividend and that we remain on target for a full year dividend of 7.43 pence per share".

 

- Ends -

 

For further information:

Bluefield Partners LLP (Company Investment Adviser)
James Armstrong / Mike Rand / Giovanni Terranova

Tel: +44 (0) 20 7078 0020
www.bluefieldllp.com

 



 

Numis Securities Limited (Company Broker)
Tod Davis / David Benda

Tel: +44 (0) 20 7260 1000
www.numis.com

 



 

Estera International Fund Managers (Guernsey) Limited
(Company Secretary & Administrator)
Kevin Smith

Tel: +44 (0) 1481 742 742
www.estera.com

 



 

Media enquiries:
Buchanan
 (PR Adviser)
Henry Harrison-Topham / Henry Wilson

 


Tel: +44 (0) 20 7466 5000
www.buchanan.uk.com
BSIF@buchanan.uk.com

 



Notes to Editors

About Bluefield Solar

Bluefield Solar is a sterling income fund focused on acquiring and managing UK-based solar projects to generate stable renewable energy for periods of typically 25 years or longer.  The Company's primary objective is to deliver to its shareholders, stable, long term sterling income via quarterly dividends, which are linked to RPI.  The majority of the Group's revenue streams are regulated and non-correlated to traditional markets.  Bluefield Solar owns and operates one of the UK's largest, diversified portfolios of solar assets with a combined installed power capacity in excess of 460MWp.

Further information can be viewed at www.bluefieldsif.com.

 

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 £1.5 billion of solar PV funds and/or transactions in both the UK and Europe since 2008, including over £800 million in the UK since December 2011.

Bluefield has led the acquisitions of, and currently advises on, over 80 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.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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2nd Interim Dividend Announcement & Acquisition - RNS