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23 April 2026

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Update on Removal of UK Carbon Price Support and Energy Policy Update

Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, provides the following update on recent UK energy policy announcements.

On 16 April 2026, the UK Government announced that Carbon Price Support ('CPS') would be removed from April 2028.

CPS is a tax on fossil fuels used in electricity generation, introduced in 2013 to strengthen the carbon price for electricity generation above the price provided by the Emissions Trading Scheme ('ETS)'. With the UK's last coal plant having closed in 2024, CPS is deemed to have achieved its ambition of driving fossil-fuel generators off the grid. Alongside this, the ETS has matured, with a tighter cap to drive the signal for electricity generators to decarbonise.

CPS removal will also help to offset costs to all billpayers of the British Industrial Competitiveness Scheme ('BICS') which will reduce electricity bills for manufacturing sectors in the Industrial Strategy.  The Government will legislate for the removal of CPS in a future Finance Bill.

The removal of CPS will likely result decreased electricity prices in the near-term, with the influence of CPS tapering through the 2030s as renewable energy generation constitutes a greater proportion of the energy mix and fossil fuel generators set the marginal price less frequently. The Company already uses a blended power curve from the leading market forecasters, resulting in a weighted approach that saw the influence of CPS in the electricity price phased out in the 2030s.

The Investment Adviser has been in communication with the commercial market forecasters to better understand the impact to electricity prices and, based upon analysis employing early estimates of the impact to power prices, anticipates a downward impact to the NAV of c. 1.0 pence per share.

Following this announcement, on 20 April 2026, the Government announced a number of initiatives with a speech from the Energy Secretary on 21 April 2026 providing further information on planned amendments to Energy policy.

Immediate action is to be taken on the Electricity Generator Levy ('EGL'), by raising the rate from 45% to 55% and indications that it will remain in place beyond the initial 2028 conclusion. The EGL was initially established in response to record high energy prices following macro-economic events such as the period of growth following the COVID-19 pandemic and Russia's invasion of Ukraine. With gas prices at record levels in recent weeks, this tax impacts exceptional receipts from energy generation, which is currently defined as prices in excess of £82.0/MWh. The impact of this update on the NAV of the Company is minimal.

A further announcement was the introduction of voluntary fixed contracts for renewable generators, or Wholesale Contract for Difference ('WCfD'). The allocation process for this initiative is due to run in 2027 following a consultation later this year. A WCfD would see eligible generators give up their current forward wholesale revenues in exchange for a fixed power price achieved via a Contract for Difference ('CfD'). Under this proposal it is envisaged that generators accredited under the Renewables Obligation ('RO') would continue to receive support via the RO in the way they do currently, with only their wholesale revenues being exchanged for a fixed price CfD.

The Company's Investment Adviser will continue to engage with policy decision-making through participation in the announced consultation.

James Armstrong of Bluefield Partners said "Based on our current understanding of the announcement on 21 April, Bluefield Partners view the potential changes as neutral to positive for operators such as BSIF. Further to this, we support the UK Government's overarching objective of minimising the impact of gas market volatility by enabling consumers to benefit from the cost and/or price stability benefits of renewable energy assets on RO or CfD backed mechanisms. Likewise, the proposed changes to the Carbon Price Support have a minimal impact on BSIF but should also support lower consumer bills, which is to be welcomed."

- Ends -

About Bluefield Solar

Bluefield Solar is a London listed income fund focused primarily on acquiring and managing solar energy assets.  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. Bluefield Solar owns and operates a UK portfolio of 850MW, comprising 792MW of solar and 58MW of onshore wind.

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 £6.3 billion renewable funds and/or transactions in both the UK and Europe, including over £1.9 billion in the UK since December 2011.

Bluefield Partners LLP has led the acquisitions of, and currently advises on, over 100 UK based solar photovoltaic 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.

Notice related to financial advisers

Deutsche Bank AG is a joint stock corporation incorporated with limited liability in the Federal Republic of Germany, with its head office in Frankfurt am Main where it is registered in the Commercial Register of the District Court under number HRB 30 000. Deutsche Bank AG is authorised under German banking law. The London branch of Deutsche Bank AG (trading for these purposes as Deutsche Numis) ('Deutsche Numis') is registered in the register of the companies for England and Wales (registration number BR000005) with its registered address and principal place of business at 21 Moorfields, London, EC2Y 9DB, United Kingdom. Deutsche Bank AG is authorised and regulated by the European Central Bank and the German Federal Financial Supervisory Authority (BaFin). With respect to activities undertaken in the UK, Deutsche Numis is authorised by the Prudential Regulation Authority. It is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Deutsche Numis is acting for the BSIF and for no one else in connection with the subject matter of this announcement and will not regard any other person (whether or not a recipient of thereof) as its client and will not be responsible to anyone other than BSIF for providing the protections afforded to clients of Deutsche Numis or for advising any such person in connection with the subject matter of this announcement, or any transaction or arrangement referred to therein.

N.M. Rothschild & Sons Limited ('Rothschild & Co'), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for BSIF and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than BSIF for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

Publication on website

In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) on the Company's website https://bluefieldsif.com/ promptly following its publication and in any event no later than 12 noon (London time) on the business day following the release of this announcement. Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.

Additional information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Any offer, if made, will be made solely by certain offer documentation which will contain the full terms and conditions of any offer, including details of how it may be accepted. The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of BSIF who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of BSIF who are not resident in the United Kingdom will need to inform themselves about, and observe any applicable requirements.