Bluefield Solar Income Fund Ltd on Monday said its annual net asset value has fallen, following a year of wet weather and planned outages.
The London-based fund is focused on solar investments with a portfolio of more than 200 operational assets across the UK, and is now responsible for 5% of all UK solar power.
The company reported a net asset value of £781.6 million for the year-end at June 30, down 8.5% from £854.2 million the year prior. Its net asset value per share was 129.75 pence, falling 7.1% from 139.70p last year.
Bluefield Solar posted a total return of minus 0.83% at June 30, compared to 5.5% at the same time last year.
During the year, the company generated 810,602 megawatt hours of renewable energy, falling 3.1% from 836,231 year-on-year. It said its operating performance was affected by planned outages, as it replaced inverters with newer and more reliable designs, and that it was affected by the weather, with irradiation levels 4.3% below expectations and ‘water-logged months’ in July and August 2023, as well as May and June 2024.
Bluefield Solar also announced a fourth interim dividend of 2.20 pence per share, down 4.3% from 2.30p at the same time last year. This brought the total dividend for the year to 8.80p per share, increasing 2.3% from 8.60p per share year-on-year. The company announced it was aiming to deliver a total dividend of at least 8.90p per share for the year due to end June 30, 2025.
Chair John Scott said: ‘The year under review saw the company and all others in our sector continue to trade at a discount to net asset value, preventing us from raising fresh capital to diversify the company’s portfolio and aid the progression of our considerable development pipeline. In response, the company has sought to deliver the optimum allocation of capital resources available as well as finding innovative ways of accessing new sources of capital. Most important of these new measures is the broad partnership with GLIL Infrastucture LLP announced in December 2023 which, in addition to providing the company with fresh capital to invest in new developments, has also allowed us to prudently reduce our debt position.
‘Further, between March and the end of June, the company has brought back over 9 million of its own shares at a cost of approximately £9.4 million and adding 0.4p per share to the company’s net asset value, demonstrating our commitment to taking a proactive approach to managing the discount to net asset value where we can and adding value for our shareholders.’
Shares in Bluefield Solar were down 1.2% at 108.50 pence each in London on Monday morning.
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