Bluefield Solar Income Fund (LSE:BSIF) has said it is stepping up efforts to tackle the gap between its share price and the value of its assets, promising shareholders it is working with advisers on ways to boost returns.
In an update, it said it is “committed to addressing” the discount and is spending significant time on the issue alongside Bluefield Partners, Deutsche Numis and Rothschild. It added that updates will follow “in due course”.
At the same time, the London-listed renewable energy fund reaffirmed its full year dividend target of no less than 8.90p per share for the year to 30 June 2025.
A third interim dividend of 2.20p has also been declared, matching last year's, and will be paid in September.
Bluefield reported a net asset value of £697.3 million, or 117.77p per share, at the end of June.
That was down 4.26% from March, reflecting softer power price forecasts, weaker Renewable Energy Guarantees of Origin values and the latest dividend payment.
The company’s two newest solar farms, Yelvertoft and Mauxhall, were valued slightly above cost at £73 million.
Overall generation across the portfolio was 4.4% ahead of forecast, with solar output up 8.4% despite network outages, while wind generation was almost a quarter below expectations.
Debt stood at £581 million at the end of the period, equal to about 45% of gross asset value.
Bluefield also announced that John Scott will step down as chair after the publication of the annual report, to be succeeded by Michael Gibbons.
Scott, who has been on the board since the fund’s flotation in 2013, will stay on as a non-executive director until the end of November to help with the handover.
Further changes include Glen Suarez taking over as senior independent director, Meriel Lenfestey becoming chair of the remuneration committee, and Gibbons leading the nomination committee.