Bluefield Solar Income Fund : BSIF Factsheet December 2022

BSIF FACTSHEET

As at 31 December 2022

KEY STATISTICS

Ordinary Shares Issued

611,452,217

Share price

136.00p

Market Capitalisation

£831m

NAV1

£870.7m

NAV per Ordinary Share1

142.4p

Premium/Discount to NAV

-4.49%

AIC ongoing charges2

(based on 31 December 2022 calculation)

1.04%

Leverage (as a percentage of GAV)1

38.0%

Target Dividend per Ordinary Share

8.40p p.a.

Dividend Yield (based on Target Dividend)

6.18% p.a

COMPANY INFORMATION

Listing	London Stock Exchange
	Premium Segment
Index Inclusion	FTSE 250
Promotion to the FTSE 250 came into effect
at market close on 16 September 2022
SEDOL	BB0RDB9
ISIN	GG00BB0RDB98
Registered Number	56708
Ticker	BSIF.L
Dividend Payments	Quarterly
Financial Year End	30 June
Website	www.bluefieldsif.com

BOARD OF DIRECTORS

Chair	John Scott
Senior Independent Director	Michael Gibbons
Chair of Audit Committee	Paul Le Page
Director	Meriel Lenfestey
Director	Elizabeth Burne
Director (Retired 22 February 2023)	John Rennocks

1. Based on the unaudited NAV per Ordinary Share as at 31 December 2022
2. The on-going charges ratio is calculated in accordance with the Association of Investment Companies (“AIC”) recommended methodology

INTRODUCTION

Bluefield Solar Income Fund Limited (“BSIF” or the “Company”) focuses, primarily, on acquiring and managing UK-based renewable energy infrastructure assets to generate stable, long term dividends for its shareholders whilst furthering the

decarbonisation of the energy system.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

• The Company’s NAV as at 31 December 2022 was £870.7 million, or 142.4 pence per Ordinary Share, compared to the unaudited NAV of 144.6 pence per Ordinary Share (‘pps’) as at 30 September 2022. This equates to a movement of -2.2 pps, a NAV total return for the quarter of -1.5%. The principal factor behind this movement being the cost of the Electricity Generator Levy.
• As at 31 December 2022, the Company had an operational portfolio of 812.6MW, which was made up of 754.3MW solar and 58.3MW onshore wind. This encompasses 129 solar PV projects (87 large-scale sites, 39 micro sites and 3 rooftop sites), 6 wind farms and 109 single stick wind turbines, spread across England, Wales, Scotland and Northern Ireland.
• In December 2022 the Company completed the acquisition of a 46.4MWp operational solar portfolio from Fengate Asset Management. The enterprise value of the portfolio is £56.0 million, including the economic benefit of all cashflows from May 2022. The portfolio contains £27.3 million of long-term amortising debt provided by Macquarie Bank Limited. The portfolio consists of two ground mounted solar photovoltaic (‘PV’) plants, a 39.3MWp plant (Raventhorpe) located in Scunthorpe, Lincolnshire and a 7.1MWp facility (Roanhead) located in Barrow-in-Furness, Cumbria. Both solar sites are accredited under the Renewable Obligation Certificate (‘ROC’) regime with a tariff of 1.4 ROCs.
• As at 31 December 2022 the Company had 340MW of solar and 125MW of battery storage assets fully consented and in pre-construction. The projects have connection dates between 2023 and 2028. In addition, the first development to enter the construction phase was the Yelvertoft 49MW Solar PV project, which signed a fixed price EPC contract with Bouygues in September 2022 and is targeting operation in Q4 2023.

DIVIDENDS

• On 23 January 2023 the Company announced its first interim dividend, for the financial year ending 30 June 2023, of 2.10pp, payable to Shareholders on the register as at 3 February 2023, with an associated ex-dividend date of 2 February 2023 and a payment date on or around 3 March 2023.
• The Company is pleased to reaffirm its guidance of a full year dividend of not less than 8.40 pence per Ordinary Share for the financial year ending 30 June 2023 (2022: 8.20 pence). This is expected to be covered by earnings and to be post debt amortisation.

INVESTMENT OBJECTIVE

The Company seeks to provide Shareholders with an attractive, sustainable return, principally in the form of quarterly income distributions, by investing in a portfolio of large-scale UK based renewable energy infrastructure assets.

INVESTMENT POLICY AND STRATEGY SUMMARY

The Company invests in long life UK solar energy infrastructure, as well as having the ability to invest on a minority basis in other renewable energy assets (including non-subsidised assets) and energy storage assets. Such minority exposure will be limited to a maximum of 25 per cent. of the Company’s Gross Asset Value (“GAV”) calculated at the time of investment.

No single asset (excluding any third party funding or debt financing in such asset) will represent, on acquisition, more than 25 per cent. of the prevailing net asset value (“NAV”).

Total non-recourse financing within the portfolio will not exceed 50 per cent. of the prevailing GAV. Short term debt to facilitate the acquisition of investments (when taken together with the project finance noted above) will also be limited so as not to exceed 50 per cent. of GAV.

Please see the Company’s website for the full investment policy.

Registered Office

PO Box 286, Floor 2, Trafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 4LY1 www.bluefieldsif.com

BSIF FACTSHEET 31 December 2022

OPERATIONAL

PORTFOLIO OVERVIEW

AS AT 31 DECEMBER 2022

WIND TURBINE

	WIND FARM
SOLAR PV	MICRO SITES
	<5MWp
	5 – 10MWp
	10 – 45MWp
	>45MWp

Registered Office

PO Box 286, Floor 2, Trafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 4LY3 www.bluefieldsif.com

BSIF FACTSHEET 31 December 2022

INVESTMENT ADVISER

Bluefield Partners LLP	Bluefield Partners LLP was established in 2009 and is an investment adviser to companies and funds
6 New Street Square	investing in renewable energy infrastructure. It has a proven record in the selection, acquisition and
London, EC4A 3BF	supervision of large-scale energy assets in the UK and Europe.
T: +44 (0) 207 078 0020	The Bluefield team has been involved in over £6.5 billion renewable funds and/or transactions in both
E: [email protected]	the UK and Europe, including over £1 billion for BSIF in the UK since December 2011.
W: www.bluefieldllp.com	Bluefield Partners LLP has led the acquisitions of, and currently advises on, over 200 solar PV and wind
Key Contact:	assets in the UK and Europe that are agriculturally, commercially, or industrially situated. Based in its
James Armstrong	London office, it is supported by a dedicated and experienced team of investment, legal and portfolio
Managing Partner	executives. Bluefield Partners LLP was appointed Investment Adviser to Bluefield Solar in June 2013.

Sponsor, Broker & Financial Adviser	Administrator & Company Secretary	Public relations
Numis Securities Limited	Ocorian Administration (Guernsey) Limited	Buchanan
45 Gresham Street	PO Box 286, Floor 2, Trafalgar Court,	107 Cheapside
London, EC2V 7BF	Les Banques, St Peter Port,	London, EC2V 6DN
	Guernsey GY1 4LY
Contact:	Contact:	Contact:
Tod Davis / David Benda	Kevin Smith	Henry Harrison-Topham / Henry Wilson
T: +44 (0)207 260 1000	T: +44 (0)1481 742 742	T: +44 (0)207 466 5000
E: [email protected]	E: [email protected]	E: [email protected]

Registrar	Receiving Agent & UK Transfer Agent	Principal Bankers
Link Market Services (Guernsey) Limited	Link Asset Services Limited	NatWest International plc
Mont Crevelt House	Corporate Actions	35 High Street
Bulwer Avenue, St Sampson	The Registry	St Peter Port
Guernsey, GY2 4LH	34 Beckenham Road	Guernsey, GY1 4BE
	Beckenham, Kent, BR3 4TU
HELPLINE:
0871 664 03000
+44 (0) 20 3219 8800 (OVERSEAS)

CORPORATE CALENDAR

Company Financial Half-Year	31 December 2022
First interim dividend to be declared in respect to the financial year ending 30 June 2023	23 January 2023
Announcement of Interim Results in respect to the financial year ending 30 June 2023	28 February 2023
Second interim dividend to be declared in respect to the financial year ending 30 June 2023	May 2023
Company Financial Year End	30 June 2023
Third interim dividend to be declared in respect to the financial year ending 30 June 2023	July 2023
Announcement of Annual Results in respect to the financial year ending 30 June 2023	September 2023
Fourth Interim dividend to be declared in respect to the financial year ending 30 June 2023	September 2023

DISCLAIMER

This Factsheet (‘Factsheet‘) in relation to the Bluefield Solar Income Fund (‘BSIF‘) has been prepared by BSIF and is being issued by Bluefield Partners LLP (‘Bluefield‘), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority.

No Offer: This Factsheet is provided for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. In particular, this Factsheet is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or would require any registration or licensing within such jurisdiction. This Factsheet does not constitute or form part of, and should not be construed as, any offer for sale, placement or subscription of, or solicitation of any offer to buy or subscribe for, any interests in any fund and/or vehicle in any jurisdiction, including the United States, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever in any jurisdiction, including the United States.

Not Advice: The information contained in this Factsheet is not intended to be, and should not be construed as, investment, financial, legal, tax or other advice, and is not a recommendation, endorsement or representation as to the suitability of any investment. You should seek independent professional advice before making any investment decision.

Past performance is not indicative of future results; no representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. Capital at Risk.

No Approval By Regulatory Authorities: The contents of this Factsheet have not been approved by any supervisory authority or securities commission in any jurisdiction.

Registered Office

PO Box 286, Floor 2, Trafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 4LY4 www.bluefieldsif.com