Bluefield Solar Income Fund Ltd (LSE:BSIF, FRA:5B3) said more than 90% of its 1.34GW development pipeline has received confirmed grid connection offers under the National Energy System Operator’s (NESO) reformed connection process.
The company secured Gate 2, Phase 1 offers on 660MW of projects, meaning they will be connected between 2026 and 2030, including around 540MW of solar PV and 120MW of battery storage.
Gate 2, Phase 2 offers were received for a further 560MW of projects, due online between 2031 and 2035.
The remaining 125MW of the pipeline, which received Gate 1 offers for connection by 2030, will need to re-apply under NESO's revised criteria.
Bluefield noted that no value had been assigned to these Gate 1 projects within its net asset value.
"The success of the grid reform process is testament to the strategy designed and implemented by the investment adviser in 2020 and has resulted in the company having a highly valuable pipeline," the compay said.
The formal sale process and strategic review initiated in November 2025 remains ongoing. A further update is expected alongside interim results in early March unless material developments occur before then.
Shares in the investment trust rose almost 3% to 69.8p after the announcement.