Bluefield Solar Income Fund's (LSE:BSIF) news that its board is exploring "strategic initiatives to address the share price discount" drew the attention of analysts at Stifel.
The board said it was "committed to reviewing all options available to the company".
Stifel's Iain Scouller said he assumed this "includes sale of parts, or all, of the portfolio including any takeover offers for the company that may appear".
Some of these issues in the sector have been on the minds of investors and analysts recently after infrastructure fund BBGI agreed to be bought by Canadian pension fund manager British Columbia Investment Management, and another Canadian heavyweight, Brookfield Asset Management, was reported to be looking to buy listed sustainable energy producers.
"In the case of Bluefield, there is a complex debt structure, which any bidder will need to navigate round," said Scouller.
In the event of a takeover, the analyst said he assumed that there would be a provision to compensate debt holders for early repayment, while management's notice termination period is 12 months, equivalent to circa 0.8% of NAV.
The shares at 87p are on a 31% discount, which when combined with the dividend yield of 10% "offers some value", Scouller said.
"The board are clearly committed to seeking ways of enhancing shareholder value and whilst this may take time, we would not rule out a takeover bid given the board will look at all options.
"Given the costs associated with any resultant debt restructuring, management termination and the likelihood of opportunistic buyers, we think a bid at NAV would be optimistic - but we do think one half-way between the current price and NAV could work for shareholders."
Stifel retained a 'positive' recommendation with a fair valuation of 110p, the mid-range of a 10% to 15% discount to NAV.