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Bluefield Solar is a UK income fund focused, primarily, on acquiring and managing UK-based solar projects to generate renewable energy for periods of typically 25 years or longer. Not less than 75% of the Company s gross assets will be invested into UK solar assets. The Company can also invest up to 25% of its gross assets into onshore wind, hydro and storage technologies. Its primary objective is to deliver to its shareholders stable, long term sterling income via quarterly dividends. The majority of the Group s revenue streams are regulated and non-correlated to the UK energy market. 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 543 Megawatt peak.
Published: 2 Mar 2021, 11:12
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Image: Bluefield.
Bluefield Solar Income Fund has posted strong results for the six months ending 31 December 2020, with net asset value (NAV) growing to £476.7 million.
This marked a £43.2 million jump from the first half of last year, with new project acquisitions, an oversubscribed share placing and the beginning of a broader focus on renewable expansion key highlights of the period.
With NAV up, NAV per share grew to 117.12p from 117.01p and the company’s dividend target for FY21 grew to 8.00p per share.
Compared with the six months to 31 December 2019, underlying earnings were down slightly to £18.7 million from £20.7 million. This was driven by lower generation – which was down by 6% – and lower power purchase agreement pricing – which was down by 8%.
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The battery storage would be mainly co-located with existing operational solar sites.
Foresight Solar Fund is looking to diversify its portfolio with the addition of utility-scale battery storage systems.
If approved by shareholders, up to 10% of the company’s Gross Asset Value (GAV) could be invested into the technology, which would predominantly be located adjacent to Foresight’s existing solar PV sites, although this will be subject to available grid connection capacity and existing land lease agreements.
The company pointed to how the renewable technology markets in which it operates have continued to grow since it launched in 2013, supported by worldwide commitments to decarbonise and the falling cost of solar. This trend, it said, is expected to create an attractive environment for further investments into both UK and international solar through support mechanisms and subsidy-free developments.