Bluefield Solar’s results, covering the year to the end of June 2015, are out. Over the year the fund generated a return on net assets of 6.7% and a return to shareholders of 13.0%. The total dividend for the year was 7.25p – ahead of their target of 7p.
The report says the portfolio has performed strongly during the year to 30 June 2015, with generation and revenue both ahead of expectations by 3.2% and 3.9% respectively. The Directors are particularly pleased with this performance in light of the continuing decline in power prices over the last 12 months.
During the period, the Company completed 8 acquisitions for a total committed consideration of £138.6m.
They say they are seeing secondary assets coming to the market and think this opportunity should be viewed as complementary to their new project builds. They say there remains a very substantial and immediate opportunity to acquire primary assets and a growing base of secondary assets. A key area of focus for the Company is to review its long term leverage and the Board is working with the Investment Adviser to consider the optimum structure for longer term debt within the preferred strategy of a long-term target of 25%-30% of our net asset value, other than in exceptional circumstances.
BSIF : Bluefield Solar dividend exceeds expectations