Company Announcements

15 August 2022

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company') 

62.4MW Planned Solar Contracts for Difference Secured

Bluefield Solar (LON: BSIF), the sterling income fund focused on acquiring and managing UK-based renewable energy assets, is pleased to announce that it has successfully secured additional solar contracts in the UK.  The Company has been awarded contracts on 62.4MW of planned additional capacity through the fourth Contracts for Difference ('CfD') Allocation Round ('AR4') announced last month.

AR4 is the first allocation round since AR1 in 2015 in which solar has been able to participate, with contracts over 2.2GW being offered. The CfD scheme is the UK government's main mechanism for supporting low-carbon electricity generation and helps facilitate the UK's ambition to reach net-zero emissions by 2050.

The CfDs have been secured for 100% of the generating capacity of Yelvertoft (49.9MW), Romsey (6.5MW) and Oulton (6.0MW), the Company's latest new-build UK solar projects.  The CfD contracts have a 15 years' duration, are index linked to inflation (CPI) annually, and are scheduled to commence from 31 March 2025 at the AR4 solar PV strike price of £45.99/MWh - set in 2012 equivalent prices - or £57.48/MWh in 2022 equivalent prices.

Yelvertoft is located in Northamptonshire, while Romsey and Oulton are located in Hampshire and Norfolk, respectively.

John Rennocks, Chairman of Bluefield Solar, commented:

"We are delighted to have secured 62.4MW capacity in this round and are excited about continuing to play a leading role in the UK's energy transition. It is also significant that the solar power sector was awarded 2.2GW of CfD contracts in AR4 at prices that represent roughly half of the cost of new nuclear investments and a quarter the current price of gas-generated electricity. This underlines the significant role that solar can, and should, play in being a solution to the energy crisis whilst adding to the UK's energy security. We believe that we could be entering the next phase of new ground mounted solar investment in the UK and that the Company is perfectly poised to capitalise on this growth opportunity."

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Notes to Editors

About Bluefield Solar

Bluefield Solar is a London listed income fund focused on acquiring and managing renewable energy and storage projects in the UK, to provide long term, growing dividends for its shareholders whilst furthering the decarbonisation of the energy system.  Not less than 75% of the Company's gross assets will be invested into UK solar assets.  The Company can also invest up to 25% of its gross assets into other technologies, such as wind and storage.  The majority of the Company's revenue streams are regulated and non-correlated to short term UK energy market fluctuations.  Bluefield Solar owns and operates one of the UK's largest, diversified portfolios of solar assets with a combined installed power capacity in excess of 766 MWp.

Further information can be viewed at www.bluefieldsif.com

About Bluefield Partners

Bluefield Partners LLP was established in 2009 and is an investment adviser to companies and funds investing in renewable energy infrastructure.  It has a proven record in the selection, acquisition and supervision of large-scale energy assets in the UK and Europe.  The team has been involved in over £4 billion renewable funds and/or transactions in both the UK and Europe, including over £1 billion in the UK since December 2011.

Bluefield Partners LLP has led the acquisitions of, and currently advises on, over 100 UK based solar PV assets that are agriculturally, commercially or industrially situated.  Based in its London office, it is supported by a dedicated and experienced team of investment, legal and portfolio executives.  Bluefield Partners LLP was appointed Investment Adviser to Bluefield Solar in June 2013.