Bluefield Solar Income Fund Limited 2nd Interim Dividend Announcement & Acquisition (3746L)
April 19 2018 - 2:00AM
UK Regulatory
TIDMBSIF
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 GBP19.9 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 Tel: +44 (0) 20
Investment Adviser) 7078 0020
James Armstrong / Mike Rand www.bluefieldllp.com
/ Giovanni Terranova
Numis Securities Limited (Company Tel: +44 (0) 20
Broker) 7260 1000
Tod Davis / David Benda www.numis.com
Estera International Fund Managers Tel: +44 (0) 1481
(Guernsey) Limited 742 742
(Company Secretary & Administrator) www.estera.com
Kevin Smith
Media enquiries:
Buchanan (PR Adviser) Tel: +44 (0) 20
Henry Harrison-Topham / Henry 7466 5000
Wilson 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 GBP1.5 billion of solar
PV funds and/or transactions in both the UK and Europe since 2008,
including over GBP800 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
END
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