Bluefield Solar Income Fund’s net asset value stood at £291.7m at the end of September, up from £288.4m at the end of June.
The NAV is based upon the directors’ valuation as at 30 June 2015. It is adjusted for the movements in the period, including investments made, an increase in the amounts drawn under the company’s revolving credit facility with the Royal Bank of Scotland, earnings from investments and operational costs, as well as the results of the independent valuation.
The amount drawn under the RBS facility as at 30 September 2015 was £27.1m out of £50m available.
The company said the September NAV reflects the addition of net investment earnings in the quarter of circa 2.75 pence per ordinary share, as well as the full impact of the termination of Levy Exemption Certificates announced in the UK’s July 2015 budget.
Because of conservative assumptions built into the 30 June 2015 NAV the budget decision only a £0.6m negative impact, when the concurrent announcement of corporation tax changes was taken into account.
The company said that during the third quarter of this year it completed four new investments, meaning that all of the assets in its portfolio are currently operational.
Bluefield Solar’s total portfolio consists of of 263.9MWp across 20 solar photovoltaic projects and 40 industrial solar projects, principally on Thames Water properties.
The company’s investment adviser, Bluefield Partners is currently working on other investment opportunities and has “signed exclusivity agreements related to a significant amount of capacity across projects”.
Due diligence is currently being conducted on these projects, as well as negotiations over relevant transaction documentation.
Bluefield Solar chairman John Rennocks said: “The value of our high quality and diversified portfolio can now clearly be seen. We have delivered a strong performance for our shareholders through robust earnings and further growth in our NAV.
“This improvement is despite the backdrop of falling power prices in 2015. We continue to be excited about the potential of the UK solar market, despite the recent regulatory changes, and are exploring a range of attractive prospects which give us plenty of opportunity.”
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