Bluefield Solar Income Fund : BSIF Interim Report for December 2020

INTERIM REPORT AND UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED

31 DECEMBER

2020

INTERIM REPORT AND CONDENSED FINANCIAL STATEMENTS

Table of Contents

General Information	2
Highlights	4
Corporate Summary	7
Chairman's Statement	9
The Company's Investment Portfolio	14
Analysis of the Company's Investment Portfolio	16
Report of the Investment Adviser	19
Environmental, Social and Governance Report	62
Statement of Principal Risks and Uncertainties
for the Remaining Six Months of the year to 30 June 2021	64
Directors' Statement of Responsibilities	65
Independent Review Report to Bluefield Solar Income Fund Limited	69
Unaudited Condensed Statement of Financial Position	70
Unaudited Condensed Statement of Comprehensive Income	71
Unaudited Condensed Statement of Changes in Equity	72
Unaudited Condensed Statement of Cash Flows	73
Notes to the Unaudited Condensed Interim Financial Statements	74
Glossary of Defined Terms	86
Alternative Performance Measures	91

1

General

Information

Board of Directors (all non-executive)

JOHN RENNOCKS	JOHN SCOTT	PAUL LE PAGE
(Chairman)	(Senior Independent	(Chairman of Audit
	Director)	Committee)

Registered Office

PO Box 286,

Floor 2,

Trafalgar Court,

Les Banques,

St Peter Port,

Guernsey,

GY1 4LY

LAURENCE MCNAIRN

MERIEL LENFESTEY

Investment Adviser

Bluefield Partners LLP

6 New Street Square

London, EC4A 3BF

JAMES ARMSTRONG	GIOVANNI TERRANOVA	NEIL WOOD
Managing Partner	Managing Partner	Partner

2

INTERIM REPORT AND CONDENSED 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 & Reporting Accountants

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

The London Stock Exchange Building

10 Paternoster Square

London, EC4M 7LT

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

3