AUS
NZ
UK
CA
USA
IND
Highlights
-
Bluefield Solar Income Fund reports 93 MW under construction, 774 MW approved, and 375 MW in planning, contributing to a total potential capacity of 1.56 GW.
-
The fund's net asset value (NAV) decreased to £781.6 million from £854.2 million year-on-year.
-
A fourth interim dividend of 2.2p per share was announced, bringing the total dividend for the year to 8.8p per share.
Bluefield Solar Income Fund Reports Progress Amid NAV Decline
Bluefield Solar Income Fund (LSE:BSIF) Limited has made significant strides in its construction and development pipeline during the year, with 93 MW of capacity currently under construction. The fund has received approval for an additional 774 MW and has 375 MW in the planning stage, culminating in a total potential capacity of 1.56 GW. This includes 954 MW of solar projects and 603 MW dedicated to battery storage.
Despite this progress, the London-listed income fund reported a decrease in its net asset value (NAV) for the year ending June 30, falling to £781.6 million from £854.2 million in the previous year. Total underlying earnings also saw a decline, reaching £94.6 million compared to £108.4 million in 2023.
Chairman John Scott commented on the challenging market environment, noting that the company and others in the sector have continued to trade at a discount to NAV. This situation has hindered the ability to raise fresh capital necessary for diversifying the portfolio and advancing the development pipeline.
Managing Partner James Armstrong expressed satisfaction with the results, emphasizing the company’s focus on effective management during a period when equity markets remained closed.
In terms of shareholder returns, Bluefield announced a fourth interim dividend of 2.2p per share, scheduled for payment on or around November 15. This brings the total dividend for the financial year to 8.8p per share, an increase from 8.6p per share in 2023.
Additionally, the company has engaged in share buybacks, repurchasing over nine million shares at a cost of approximately £9.4 million, which contributed 0.4p per share to the NAV. This strategic approach underscores Bluefield's commitment to enhancing shareholder value while progressing its ambitious development goals.
