Bluefield Solar Income Fund (LSE:BSIF) continued to progress its construction and development pipeline this year, with 93 MW of capacity under construction, 774 MW approved, 375 MW in planning and a total potential capacity of 1.56 GW.
This includes 954 MW of solar and 603 MW of battery projects.
The London-listed income fund reported a decrease in its net asset value (NAV) for the year ended 30 June, down to £781.6 million from £854.2 million the previous year.
Bluefield’s total underlying earnings stood at £94.6 million, a decline from £108.4 million in 2023.
Chair John Scott stated: “The year under review saw the company and all others in our sector continue to trade at a discount to NAV, preventing us from raising fresh capital to diversify the company’s portfolio and aid the progression of our considerable development pipeline.”
Managing partner James Armstrong added: “I’m pleased to deliver another strong set of results for Bluefield Solar. We have focused on managing the company whilst the equity markets have been closed”.
Bluefield announced a fourth interim dividend of 2.2p per share, to be paid to shareholders on or around 15 November. This brings the total dividend for the financial year to 8.8p per share, up from 8.6p per share in 2023.
Additionally, Bluefield bought back over nine million of its own shares, costing around £9.4 million and adding 0.4p per share to the company's NAV.