© 2022. ALL RIGHTS RESERVED

COMPANY REGISTRATION NO: 56708

Annual

Report and

Financial

Statements

FOR THE YEAR ENDED

30 JUNE 2022

ANNUAL REPORT AND FINANCIAL STATEMENTS

Table of Contents

02 General Information

03 Highlights

05 Corporate Summary

06 Chair's Statement

09 Analysis of the Company's Operational

Investment Portfolio

10 Strategic Report

20 Report of the Investment Adviser

38 Environmental, Social and Governance Report

57 Task Force for Climate-related Financial Disclosures (TCFD)

64 Report of the Directors

67 Board of Directors

68

69

70

75

79

84

85

86

87

88

101

104

Directors' Statement of Responsibilities

Responsibility Statement of the Directors in Respect of the Annual Report

Corporate Governance Report

Report of the Audit Commitee

Independent Auditor's Report

Statement of Financial Position

Statement of Comprehensive Income

Statement of Changes in Equity

Statement of Cash Flows

Notes to the Financial Statements for the year ended 30 June 2022

Glossary of Defined Terms

Alternative Performance Measures

01

General Information

Board of Directors (all non-executive)

Registered Office

PO Box 286,

Floor 2, Trafalgar Court,

Les Banques,

St Peter Port,

Guernsey, GY1 4LY

JOHN RENNOCKS

JOHN SCOTT

ELIZABETH BURNE

(Chair)

(Senior Independent

(appointed 7 October 2021)

Director)

PAUL LE PAGE

MERIEL LENFESTEY LAURENCE MCNAIRN

(Chair of Audit

(retired 17 February 2022)

Committee)

Investment Adviser

Bluefield Partners LLP

6 New Street Square

London, EC4A 3BF

JAMES ARMSTRONG

GIOVANNI TERRANOVA

NEIL WOOD

Managing Partner

Managing Partner

Partner

ANNUAL REPORT AND FINANCIAL STATEMENTS

Administrator, Company Secretary & Designated Manager

Ocorian Administration (Guernsey) Limited

Floor 2, Trafalgar Court, Les Banques,

St Peter Port, Guernsey, GY1 4LY

Independent Auditor

KPMG Channel Islands Limited

Glategny Court, Glategny Esplanade

St Peter Port, Guernsey, GY1 1WR

Registrar

Link Market Services (Guernsey) Limited

Mont Crevelt House

Bulwer Avenue, St Sampson

Guernsey, GY2 4LH

Receiving Agent & UK Transfer Agent

Link Asset Services Limited

The Registry

34 Beckenham Road

Beckenham, Kent, BR3 4TU

Sponsor, Broker & Financial Adviser

Numis Securities Limited

45 Gresham Street

London, EC2V 7BF

Legal Advisers to the Company (as to English law)

Norton Rose Fulbright LLP

3 More London Riverside

London, SE1 2AQ

Legal Advisers to the Company (as to Guernsey law)

Carey Olsen

PO Box 98, Carey House

Les Banques, St Peter Port

Guernsey, GY1 4BZ

Principal Bankers

NatWest International plc

35 High Street, St Peter Port

Guernsey, GY1 4BE

02

Highlights

As at 30 June 2022 / 30 June 2021

Net Asset Value (NAV)

NAV per Share

£858.4m £471.4m

140.39p 115.83p

Dividend Target per Share

Actual Dividend Declared

8.16pps 8.00pps

8.20pps 8.00pps

Underlying

Underlying Earnings

Underlying Earnings per

Earnings1

per share1

share 1

(pre amortisation of debt)

(pre amortisation of debt)

(post amortisation of debt)

£66.8m £48.6m

12.04p 11.34p

9.54p 9.16p

Total Shareholder

Total Return3

Total return to

Return2

28.16% 5.83%

Shareholders since IPO

14.55% (3.79)%

92.45% 74.79%

57% of revenues are indexed linked over life of the subsidies

  1. Underlying earnings is an alternative performance measure employed by the Company to provide insight to the Shareholders by linking the underlying financial performance of the operational projects to the dividends declared and paid by the Company. Further detail is provided on page 30.
  2. Total Shareholder Return is based on share price movement and dividends paid in the year. It is defined in the Alternative Performance Measure appendix.
  3. Total Return is based on the NAV movement and dividends paid in the year. It is defined in the Alternative Performance Measure appendix.

ANNUAL REPORT AND FINANCIAL STATEMENTS

Environmental, Social

and Governance (ESG)

ESG KPIs

  • Over 624,000,000 kWh of renewable energy generated
  • Over 120,000 tonnes of CO2e savings achieved
  • Equivalent of 215,000 homes powered with renewable energy
  • Over £154,000 paid to community benefit schemes

ESG Highlights

  • Developed a robust ESG strategy, including an ESG vision, commitments & KPIs
  • Published the Company's first TCFD disclosure
  • Aligning with Article 8 of the Sustainable Finance Disclosure Regulation (SFDR)

Forward Focus

Further investment into the Company's solar and battery development pipeline has increased it to a combined total of C.900MW

In July 2021, the Company completed its maiden wind investment, acquiring 109 small scale UK onshore wind turbines with the potential for future re-powering with larger turbines for an initial consideration of £63m.

03

ANNUAL REPORT AND FINANCIAL STATEMENTS

Results Summary

For the year ended

For the year ended

30 June 2022

30 June 2021

Total operating income

£176,141,970

£25,921,639

Total comprehensive income before tax

£174,572,832

£24,517,576

Total underlying earnings (pre amortization of debt)1

£66,750,110

£48,663,667

Earnings per share (per page 46)

34.91p

6.25p

Underlying EPS available for distribution2

11.92p

11.09p

Total declared dividends per share for year

8.20p

8.00p

Earnings per share carried forward (See Page 46)

3.39p

2.67p

NAV per share

140.39p

115.83p

Share price at 30 June

131.00p

121.40p

Total return3

28.16%

5.83%

Total Shareholder Return4

14.55%

(3.79)%

Total Shareholder Return since inception5

92.45%

74.79%

Dividends per share paid since inception

61.45p

53.39p

1. Underlying earnings is an alternative performance measure employed by the Company to provide insight to the Shareholders by linking the underlying financial performance of the operational projects to the dividends declared and paid by the Company. Further detail is provided on page 30.

2. Underlying EPS is calculated using underlying earnings available for distribution divided by the average number of shares.

3. Total return is based on NAV per share movement and dividends paid in the year.

4. Total Shareholder Return is based on share price movement and dividends paid in the year.

5. Total Shareholder Return since inception is based on share price movement and dividends paid since the IPO.

04

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Bluefield Solar Income Fund Limited published this content on 01 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2022 07:03:02 UTC.