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Bluefield Solar Income Fund Limited (BSIF) investor relations material

Bluefield Solar Income Fund Limited H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary27 Feb, 2025

Executive summary

  • Strategic partnerships with GLOW and GLIL enhanced liquidity, enabled £70m in asset disposals, and supported new investments and capital recycling, including £20m in share buybacks and over £50m in RCF repayments.

  • Announced and completed disposals of up to 700MW of solar and battery assets, optimizing the proprietary pipeline and generating over €90m in proceeds.

  • Returned £91m to shareholders, maintained a progressive dividend policy, and established diversified operational partnerships.

  • Achieved over a decade of sustainable returns, with a focus on UK solar PV and complementary renewables.

  • Continued focus on initiatives to protect and enhance value amid a persistent discount to NAV.

Financial highlights

  • NAV per share declined to 126.03p as of 31 Dec 2024, with Gross Asset Value at £1,312m and NAV at £746.5m.

  • Dividend yield at 10.3% with a cover ratio of 1.1x for the period, rising to 1.5x with reserves; FY25 dividend target set at 8.90p per share.

  • Operational cash flow for H1 FY25 was £40.4m, supporting sector-leading, risk-adjusted returns.

  • Gearing at 43% of GAV, with an average cost of debt at 3.4% and weighted average maturity of 11.7 years.

  • EBITDA for H1 2024/25 was £56.5m, down from £69.6m year-over-year.

Outlook and guidance

  • Ongoing strategic review to address the persistent discount to NAV, with multiple options and fee arrangement reviews under consideration.

  • Ongoing capital recycling and pipeline optimization, with 568MW–700MW of solar and battery developments flagged for disposal in FY25/26.

  • Future stability underpinned by high proportion of fixed, inflation-linked revenues and robust PPA strategy.

  • Development pipeline of 1.5GW, with 182MW of planning permissions secured post period-end.

  • Dividend for FY24/25 expected to be fully covered by cash generation.

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Frequently asked questions

Bluefield Solar Income Fund (BSIF) is an investment company that specializes in acquiring and managing a diverse range of low carbon assets in the United Kingdom for the long term. The primary focus of BSIF is to target utility scale solar assets and portfolios situated on greenfield, industrial, or commercial sites. This approach is aimed at generating consistent and stable dividends over an extended period.

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