Bluefield Solar Income Fund Limited
(‘Bluefield Solar’ or the ‘Company’)
Unaudited NAV as at 30 September 2025
Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, announces its net asset value (‘NAV’) as at 30 September 2025. Unless otherwise noted herein, the information provided in this announcement is unaudited.
The NAV as at 30 September 2025 was £675.0 million, or 114.00 pence per Ordinary Share (‘pps’), compared to the audited NAV of 116.56 pps as at 30 June 2025. This equates to a movement in the quarter of -2.20% and a NAV total return for the quarter of -0.31%.
| (pps) | |||||||
| Audited NAV as at 30 June 2025 | 116.56 | ||||||
| Power prices | 0.01 | ||||||
| REGO Update | -0.10 | ||||||
| Actual Generation vs Forecast | -0.16 | ||||||
| Grid Curtailments | -0.22 | ||||||
| Dividend Paid | -2.20 | ||||||
| Other movements | 0.11 | ||||||
| Unaudited NAV as at 30 September 2025 | 114.00 | ||||||
Power prices and Renewable Energy Guarantees of Origin (‘REGOs’)
The power curves available from the Company’s three leading independent power forecasters as at 30 September 2025 show electricity prices falling slightly in the near term with a modest increase in long-term forecasts. The near-term decline is principally attributed to stronger renewable capacity growth as the market seeks to achieve Clean Power 2030.
The portfolio is largely insulated from this downward pressure on account of the power price fixing strategy. Longer-term increases are a result of increased demand expectations resulting in a slight increase to the NAV. REGO prices were updated for the latest annual REGO curve, which has dropped from an average price of circa £1/MWh to £0.80/MWh for the period 2026 to 2030.
Actual Generation vs Forecast
Generation across the combined portfolio was slightly below forecast during the quarter, primarily due to reduced availability caused principally by turbine outages on two of the Company’s wind assets.
Grid Curtailments
Several assets within the portfolio experienced both planned and unplanned grid curtailments during the period. The most significant impact occurred at West Raynham (50MW), where a scheduled curtailment for grid update works kept the site offline throughout June and July.
Other Movements
Other movements reflect the change of the calculation date of cash flows from 30 June 2025 to 30 September 2025, along with tax, degradation, debt, and working capital adjustments.
Gearing
The Company’s UK holding companies and its subsidiaries have total outstanding debt of £572.0 million, with a leverage level of circa 45.9% of Gross Asset Value (30 June 2025: 45.7%).
Potential Changes to UK ROCs and FiTs Regimes
For information, please refer to the announcement on 7 November 2025:
Strategic Review and Commencement of Formal Sale Process
For information, please refer to the announcement on 5 November 2025:
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