Bluefield Solar has announced its end June NAV and it has risen from 139.1p to 139.7p. There are a lot of moving parts that drove this:
- Bluefield Solar has increased its discount rate by 0.75% to 8.0% and this took 4.9p per share off the NAV.
- Even though power prices have fallen, the fund was able to secure attractive prices via power purchase agreements and this added 3.1p per share to the modelled NAV plus an additional 3.5p of extra working capital.
- Higher inflation assumptions added 2.0p per share.
- Progress with the development pipeline added 2.3p per share (recognising valuation uplifts from solar and storage development projects that have achieved planning consent and grid offers).
BSIF is paying a full-year dividend of 8.4p for the year ended 30 June 2023 which could be more than 2x covered. We’ll get the results for the company for the 12 months ended 30 June 2023 on Thursday 28 September.
BSIF : Bluefield Solar posts positive NAV move