Investment Trusts

Bluefield Solar Income Fund Limited


Bluefield Solar Income Fund Limited

  • Price (GBX)129.60
  • Today's Change-1.80 / -1.37%
  • Shares traded525.24k
  • 1 Year change-1.07%
  • Beta0.2192
Data delayed at least 20 minutes, as of May 26 2023 16:35 BST.
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About the company

Bluefield Solar Income Fund Limited is a Guernsey-based closed-ended investment company. The Company is focused on the acquisition and long-term management of a diversified portfolio of low carbon assets in the United Kingdom. The investment objective of the Company is to provide shareholders with an attractive return, principally in the form of regular income distributions, by investing in solar energy assets located in the United Kingdom. It primarily targets utility-scale solar assets and portfolios on greenfield, industrial and/or commercial sites. The Company has invested in a diverse group of solar photovoltaic assets across the United Kingdom. It also invests a minority of its capital into wind, hydro, and energy storage assets. There are over 100 assets under operation, such as large agriculturally situated solar farms, with a small number (by energy capacity) of industrial and commercial sites. The Company's investment adviser is Bluefield Partners LLP.

  • Revenue in GBP (TTM)863.00k
  • Net income in GBP158.52m
  • Incorporated2013
  • Employees0.00
  • Location
    Bluefield Solar Income Fund LimitedFloor 2, Trafalgar Court, Les BanquesSAINT PETER PORT GY1 4LYGuernseyGGY
  • Phone+44 1 481716000
  • Website
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Management group(s)Bluefield Partners LLP
AIC sectorRenewable Energy Infrastructure
Launch date12 Jul 2013
Share typeOrdinary Share
StructureInvestment Trust
Base currencyGBP


The investment objective of the Company is to provide Shareholders with an attractive return, principally in the form of regular income distributions, by being invested primarily in solar energy assets located in the UK. The Company also invests a minority of its capital into other renewables assets including wind and energy storage.

Managed by

James Armstrong, Giovanni Terranova, Neil Wood, Michael Covington

Management & contract fees

An annual base fee of: 1) 0.80% of NAV up to and including GBP 750m; 2) 0.75% of NAV above GBP 750m up to and including GBP 1bn; and 3) 0.65% of NAV above GBP 1bn. The base fee will be payable quarterly in arrears in cash.

Mergers & acquisitions

Acquired companyDeal statusDateDate /
Deal status
BSIF:LSE since
Fengate Capital Management Ltd-46.4 Mwp Solar PortfolioDeal completed23 Dec 202223 Dec 2022Deal completed-4.71%67.44m
Data delayed at least 20 minutes, as of May 26 2023 16:35 BST.

Peer analysis

Key Information
CompanyRevenue (TTM)Net income (TTM)Market capEmployeesPrice/earnings (TTM)Price/book value (MRQ)Price/cash flow (TTM)Price/sales (TTM)EPS (excl. extraordinary items, TTM)EPS (incl. extraordinary items, TTM)Revenue per share (TTM)Book value per share (MRQ)Asset turnover (TTM)Inventory turnover (TTM)Receivables turnover (TTM)Revenues per employee (TTM)Return on avg assets (TTM)Return on avg assets (5 yr avg)Return on investment (TTM)Return on investment (5 yr avg)Gross margin (TTM)Gross margin
(5 yr avg)
Net profit margin (TTM)Net Profit margin
(5 yr avg)
Quick ratio (MRQ)Interest coverage (TTM)Total debt to capital (MRQ)Payout ratio
(5 yr avg)
(YOY change %)
(5 yr growth rate)
Net income
(YOY change %)
Net income
(5 yr growth rate)
Capital expenditure
(5 yr growth rate)
(5 yr growth rate)
GCP Infrastructure Investments Ltd157.49m140.32m714.22m0.005.110.7199--4.540.15890.15890.17831.130.1427--1,046.41--12.716.1412.756.1694.5789.3489.1081.02--30.750.089496.70104.7322.60125.0324.64---1.63
JPMorgan Japanese Investment Trust PLC-395.18m-404.07m741.49m0.00--1.03-----2.59-2.59-2.534.72-0.3645-------37.272.46-37.502.47--81.36--75.70----0.131932.33-433.55---470.42----4.40
Global Smaller Companies Trust PLC-1.60m-9.26m745.48m0.00--0.8289-----0.0189-0.0189-0.00281.72-0.0016-------0.89786.85-0.91587.03--91.70--89.47----0.054815.56-100.48---102.82----8.48
TwentyFour Income Fund Ltd-63.42m-69.84m752.73m0.00--0.9937-----0.1044-0.1044-0.10981.02-0.098-------10.795.50-11.725.78--86.61--85.52----0.0603104.56-68.32-6.71-71.41-8.05---0.5635
JLEN Environmental Assets Group Ltd192.89m185.01m768.70m0.003.841.01--3.990.30260.30260.31921.150.3035------29.1110.2329.2010.2796.5090.5195.9188.94----0.0062.311,207.4645.292,182.9148.52--2.06
Schroder AsiaPacific Fund plc-20.75m-30.14m771.89m0.00--0.8536-----0.1761-0.1761-0.12915.78-0.0214-------3.114.03-3.164.14--84.76--77.22----0.0043.39-186.57---203.80----16.47
European Opportunities Trust PLC-77.12m-88.49m772.13m0.00--0.9237-----0.8556-0.8556-0.7518.44-0.0778-------8.923.55-9.693.84--74.30--69.87----0.0013.00169.67-27.47522.13-31.85---17.40
ICG Enterprise Trust PLC187.81m164.53m782.52m0.004.790.6042--4.172.402.402.7419.030.1479--81.29--12.9615.6213.3815.7890.9492.6887.6090.12----0.047811.88-23.2017.65-27.3617.55--7.39
NB Private Equity Partners Ltd-57.84m-88.27m787.57m----0.6773-----1.89-1.89-1.2422.99-0.046-------7.0310.48-7.1710.67--87.81--74.38----0.051921.99-113.27---123.57-----1.23
Bluefield Solar Income Fund Ltd863.00k158.52m792.44m0.004.370.9101--918.240.29660.29660.00151.420.0012--78.45--21.3912.8221.4112.83-6.953.6618,368.028,227.37----0.0045.5612.707.59612.0522.21--22.32
Merchants Trust plc48.79m40.19m811.70m0.0019.030.9591--16.640.29220.29220.36255.800.0555--19.95--4.575.964.776.1586.0082.6882.3680.48----0.07673.20-74.26-10.96-77.95-11.68---2.55
Bellevue Healthcare Trust PLC-27.63m-41.42m819.00m0.00--0.8718-----0.0764-0.0764-0.04751.71-0.0251-------3.768.34-4.078.92--90.38--86.77---12.760.07740.05-127.84---147.48----13.08
Apax Global Alpha Ltd-86.99m-95.60m822.98m0.00--0.729-----0.1947-0.1947-0.17712.30-0.0714-------7.8511.41-7.8911.53------91.91---935.580.004643.88-127.64---131.90----7.12
Oakley Capital Investments Limited252.49m248.73m823.87m0.003.370.8675--3.261.391.391.405.380.2988--3,236.99--29.4320.3929.4520.6432.68--98.5194.82----0.004.98-8.9134.89-10.3637.77--0.00
Gresham House Energy Storage Fund PLC225.44m217.14m835.75m0.003.430.9929--3.710.45030.45030.4521.560.333--781.21--32.07--32.09--97.20--96.32------0.00--162.67--170.10------
Fidelity Special Values PLC105.87m96.33m888.03m0.009.220.888--8.390.29720.29720.32673.090.1091--19.63--9.924.5810.004.6493.8286.1990.9982.06--49.350.0055.31-110.59---113.20----11.00
Data as of May 26 2023. Currency figures normalised to Bluefield Solar Income Fund Limited's reporting currency: UK Pound GBX

Institutional shareholders

45.24%Per cent of shares held by top holders
HolderShares% Held
BlackRock Investment Management (UK) of 30 Apr 202388.71m18.16%
Valu-Trac Investment Management of 30 Nov 202240.84m8.36%
Newton Investment Management of 31 Dec 202224.50m5.02%
Courtiers Investment Services of 28 Apr 202315.15m3.10%
Privium Fund Management BVas of 30 Apr 202312.04m2.47%
CCLA Investment Management of 31 Dec 202211.46m2.35%
West Yorkshire Pension Fundas of 31 Mar 20238.41m1.72%
Abrdn Capital of 31 Jan 20236.72m1.38%
RM Capital Markets of 30 Nov 20226.60m1.35%
Vanguard Global Advisers LLCas of 30 Apr 20236.51m1.33%
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Data from 30 Nov 2022 - 28 Apr 2023Source: FactSet Research Systems Inc.
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