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Highlights

  • Net Asset Value (NAV) stood at £697.3 million, or 117.77 pence per share, as of 30 June 2025.

  • A third interim dividend of 2.20 pence per share has been declared, payable in September 2025.

  • Full-year dividend guidance of not less than 8.90 pence per share has been reaffirmed.

Bluefield Solar Income Fund Limited (LSE:BSIF), a London-listed fund specialising in solar energy assets, has reported its unaudited net asset value (NAV) for the quarter ended 30 June 2025, alongside the declaration of its third interim dividend.

Net Asset Value

The NAV as at 30 June 2025 was £697.3 million, equating to 117.77 pence per share. This compares to an unaudited NAV of 123.01 pence per share at 31 March 2025, representing a quarterly movement of -4.26% and a total return of -2.47%.

Key valuation movements included:

  • Power prices reduced NAV by 1.99 pence per share.

  • Renewable Energy Guarantees of Origin (REGO) update reduced NAV by 0.87 pence per share.

  • Construction and development activities added 0.54 pence per share.

  • Actual generation above forecast contributed 0.45 pence per share.

  • Dividend paid reduced NAV by 2.20 pence per share.

  • Rebasing of operating expenditure (OpEx) costs lowered NAV by 0.61 pence per share.

Market Drivers

Independent power forecasts as at 30 June 2025 indicated slight quarter-on-quarter declines in electricity prices for the period 2027 to 2030, driven by lower demand expectations and growth in renewable capacity aligned with the Clean Power 2030 initiative. REGO pricing also fell, from an average of approximately £4/MWh to £1.30/MWh for 2025–2030.

Asset Performance

Newly constructed assets Yelvertoft (48.39 MW) and Mauxhall Farm (44.53 MW) are now valued on a Discounted Cash Flow (DCF) basis for the first time, with a combined valuation of £73.0 million, slightly above cost.

Construction phase assets and consented pipeline sites were valued at £37.5 million as of 30 June 2025, reflecting a £5.2 million uplift from capital expenditure during the period and the inclusion of projects achieving planning approval.

Generation for the period was 4.4% above forecast overall. Solar generation rose by 8.4% despite outages, while wind generation declined by 23.8% due to turbine issues.

Dividends and Guidance

Bluefield Solar has declared its third interim dividend of 2.20 pence per share, payable on or around 19 September 2025 to shareholders on the register as of 29 August 2025.

The Board reaffirmed guidance for a full-year dividend of not less than 8.90 pence per share for the year ended 30 June 2025, compared to 8.80 pence in the prior year. The dividend is expected to be earnings-covered after debt amortisation.

Gearing and Capital Recycling

As at 30 June 2025, the Company’s UK holding companies and subsidiaries had total debt of £581.0 million, representing leverage of approximately 45% of Gross Asset Value (31 March 2025: 44%).

After the reporting period, the Company disposed of a co-located solar and battery storage project, generating proceeds above holding value.