Bluefield Solar Income Fund focused on maximising revenues

Bluefield Solar Income Fund Ltd (LON:BSIF) said it remains focused on maximising revenues from its existing portfolio as it announced interim results today.

The fund investing in UK solar assets has a portfolio of 446.5 MWp as at December 31, 2017, spread across 83 sites. It added 5 MWp during the six-month period from one acquisition.

The company said that in the six months through December its portfolio outperformed operational expectations by 2.7% against the backdrop of irradiation levels being significantly below expectations. As a result, the energy yield per MWp of installed capacity was only 1.8% below expectations.

Net asset value (NAV) per share increased to GBP 1.124 from GBP 1.1049 at June 30, 2017, due in part to a slight 0.25% reduction to the company's WACC discount rate, "reflecting continued pricing pressure within the UK solar market."

Underlying earnings increased to GBP 13 million (USD 18.1m/EUR 14.7m) from GBP 11.7 million a year ago.

Chairman John Rennocks said the firm is on track to meet its full-year target dividend of GBP 0.0743 per share.

(GBP 1 = USD 1.392/EUR 1.132)

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