Bluefield Solar Income Fund (BSIF) H2 2024 earnings summary

Executive summary

• Achieved strategic goals including a 50% asset sale to GLIL, releasing £70m and underpinning NAV.

• Delivered over a decade of sustainable returns, focusing on UK solar PV and complementary renewables.

• Maintained a robust, diversified, subsidy-backed UK portfolio with 834MW operational capacity and 200+ assets.

• Strategic partnership with GLIL Infrastructure and disciplined capital allocation underpin growth.

• Continued operational efficiency and progressive dividend policy, with high visibility of future cash flows.

Financial highlights

• Gross asset value just under £1.4bn; NAV per share at 129.75p, down from 139.7p.

• Operational cash flow at £94.6m, down from a record prior year but still robust.

• Dividend yield increased to 8.3%; dividend per share raised to 8.9p for FY25.

• NAV total return reached 104% since IPO, with over £328m paid in dividends.

• Portfolio gearing at 30% (long-term debt as % of gross asset value); 44% overall gearing.

Outlook and guidance

• Expectation of dividend cover rising to 1.8x in coming years, supported by higher contracted power prices.

• Plans to further reduce RCF from £134m and sell over 300 MW of assets in FY25.

• Strategic partnership with GLIL to construct ~10% of the development pipeline; 17MW of CfD AR4 assets expected to be grid connected within 12 months.

• Optimism driven by favorable political climate and anticipated market recovery.

• FY25 dividend target set at 8.90p per share.