Shares in Bluefield Solar Income Fund rose 8% to 77.4p after the renewable energy investor said it had launched a full strategic review and formal sale process following opposition from shareholders to its proposed shift into an integrated power producer model.
The London-listed trust had planned to work more closely with its investment manager, the Bluefield Group, to combine asset ownership with development and operational expertise, a move it said would help address persistent share price underperformance despite strong operational results.
However, after two weeks of consultation, the board said “a majority of shareholders expressed a clear preference for alternative value-maximising options,” including a potential sale of the company or its assets.
To make the process more attractive, Bluefield Partners, the investment adviser, has agreed to participate in the review by offering its own management and development businesses for sale alongside the fund’s solar and battery storage assets.
This approach is designed to appeal to potential bidders looking for integrated renewable energy platforms.
Bluefield Solar said it has not yet received any approaches but is now in an offer period under UK takeover rules. The board said it will update shareholders “as appropriate” as the review progresses.