26th Feb 2019 14:08
LONDON (Alliance News) - Bluefield Solar Income Fund Ltd on Tuesday said its revenue increased in its most recent half year, benefiting from above average irradiation and higher power prices.
For the six months to December 31, Bluefield's portfolio generated total revenue of GBP60.13 per megawatt peak including liquidated damages, versus GBP52.80 per megawatt peak in for the year ago period.
Portfolio revenue for the period was GBP28.9 million versus GBP24.7 million year-on-year. Liquidated damages totalled GBP100,000, contracting from GBP300,000, which gave a portfolio income of GBP29.0 million for the half year versus GBP25.0 million the year before.
UK power prices hit an eight-year high in September 2018 with an average price of GBP67 per megawatt hour, boosting net asset value and irradiation was up 10% over the forecast and 15% over the first half of its previous year.
The solar asset investor net asset value on December 31, the end of its first half, was 114.41 pence per share, versus 113.28p per share on June 30.
Bluefield Solar Chair John Rennocks said: "Over the first six months of the financial year, the company has laid the foundations for another strong year. Higher than average irradiation and higher power prices have been matched by a high performing portfolio, producing above expected generation.
"We have sought to maximise revenues in the existing portfolio, have continued to amortise our long term financing and have continued to elect not to expand our asset base due to high valuations and/or poor quality portfolios.
"We expect that this patience and discipline will soon be rewarded with the potential arrival of an economic UK market for solar assets without subsidy, for which the company is well prepared to apply its highly effective investment model for primary market assets by funding through construction."
Post period end, on January 24, Bluefield Solar declared a first interim dividend of 1.90p per share, up from 1.80p per share the year before. This was paid on Friday last week.
Shares in Bluefield Solar were down 0.4% at 128.00 pence on Tuesday.
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