John Scott, Chair of Bluefield Solar, said:

“These results mark another period of sound operational performance.  The Company has raised its dividend target, continuing our record of dividend growth since inception which is once again expected to be fully covered by cash post debt amortisation.  The Company also energised two of its largest assets – Yelvertoft (48.4MW) and Mauxhall (44.5MW) – and work on the extensive and accretive development pipeline continued within the constraints of being unable to raise fresh capital.

 “As I have reported previously, the discount to which the Company’s shares trade has been a clear focus of the Board, and strategic measures to add shareholder value have continued to be executed successfully during the course of the year.  These measures include the completion of Phase Two of our innovative Strategic Partnership with GLIL Infrastructure in September 2024 which released c.£70 million to BSIF.  The completion of the Company’s £20 million share buyback programme and the reduction of the Company’s Revolving Credit Facility (‘RCF’) to £133.5 million also represented notable milestones.

“Despite these achievements, the Company’s share price discount to net asset value, whilst being among the narrowest of our peers, has continued to widen. Given this situation, the Board has concluded that it is the right time to explore strategic initiatives and options including reviewing fee arrangements, to address the share price discount and to continue to seek to maximise value for our shareholders. 

The Board is committed to reviewing all options available to the Company and we will look to update shareholders on progress as appropriate.

Dividend Target per Share

8.90pps 8.80pps(actual)