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Bluefield Solar Income Fund Limited (BSIF) investor relations material
Bluefield Solar Income Fund Limited H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Focused on strategic partnerships, notably the GLIL joint venture, advancing a proprietary pipeline with over 400MW of CFD approvals, and supporting capital recycling and growth.
Achieved over a decade of sustainable returns, with a focus on UK solar and complementary renewables.
Board transition with Michael Gibbons becoming Chair and John Scott stepping down.
Continued disciplined capital allocation, deploying over £1bn since IPO.
Strong ESG performance, including avoided CO₂ emissions and community engagement.
Financial highlights
Gross asset value declined to £1,271m (from £1,389m), mainly due to lower power prices and dividend payouts.
NAV per share dropped from 129.8p to 116.6p, reflecting dividends and market conditions.
Operational cash flow remained robust at £95.3m, with dividend cover at 1.2x (1.7x including carry forward).
Dividend yield stands at 10.8% due to share price movements.
Leverage increased to 46%, influenced by buybacks and Lyceum gearing.
Outlook and guidance
Dividend target for the period ending June 2026 increased to 9p per share, among the highest in the infrastructure sector.
High visibility of future cash flows, with 68% of revenue fixed and inflation-linked out to 2035.
Emphasis on transitioning to a self-funded growth model with lower payout and higher reinvestment.
Expectation of low double-digit total returns with the new strategy, leveraging the proprietary pipeline.
Strategic initiatives under review, including potential internalisation to enhance long-term value.
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