Executing on revised objective
Since we last published on Bluefield Solar Income Fund (BSIF), the company has raised £105.1m in an oversubscribed share issue, and completed on the purchases of its first wind and battery storage investments. The company’s financial results, covering the 12-month period ended 30 June 2021, were encouraging. BSIF hit its 8p per share dividend target comfortably, maintaining its record of sector-leading distributions that are well-covered by underlying earnings (after paying back debt as it falls due for repayment).
A high proportion of government subsidy income (designed to encourage the development of solar power in the UK) means that BSIF’s revenues already have a high degree of predictability and inflation-linkage. In addition, as we discuss on page 5 of this note, soaring power and carbon prices create the potential to lock in higher revenue from sales of power over the next few years.
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