Unaudited NAV as at 30 September 2025

14 November 2025

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Unaudited NAV as at 30 September 2025

Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, announces its net asset value ('NAV') as at 30 September 2025. Unless otherwise noted herein, the information provided in this announcement is unaudited.

The NAV as at 30 September 2025 was £675.0 million, or 114.00 pence per Ordinary Share ('pps'), compared to the audited NAV of 116.56 pps as at 30 June 2025. This equates to a movement in the quarter of -2.20% and a NAV total return for the quarter of -0.31%. 

Power prices and Renewable Energy Guarantees of Origin ('REGOs')

The power curves available from the Company's three leading independent power forecasters as at 30 September 2025 show electricity prices falling slightly in the near term with a modest increase in long-term forecasts. The near-term decline is principally attributed to stronger renewable capacity growth as the market seeks to achieve Clean Power 2030.

The portfolio is largely insulated from this downward pressure on account of the power price fixing strategy. Longer-term increases are a result of increased demand expectations resulting in a slight increase to the NAV. REGO prices were updated for the latest annual REGO curve, which has dropped from an average price of circa £1/MWh to £0.80/MWh for the period 2026 to 2030.

Actual Generation vs Forecast

Generation across the combined portfolio was slightly below forecast during the quarter, primarily due to reduced availability caused principally by turbine outages on two of the Company's wind assets.

Grid Curtailments

Several assets within the portfolio experienced both planned and unplanned grid curtailments during the period. The most significant impact occurred at West Raynham (50MW), where a scheduled curtailment for grid update works kept the site offline throughout June and July.

Other Movements

Other movements reflect the change of the calculation date of cash flows from 30 June 2025 to 30 September 2025, along with tax, degradation, debt, and working capital adjustments.

Gearing

The Company's UK holding companies and its subsidiaries have total outstanding debt of £572.0 million, with a leverage level of circa 45.9% of Gross Asset Value (30 June 2025: 45.7%).

Potential Changes to UK ROCs and FiTs Regimes

For information, please refer to the announcement on 7 November 2025:

https://www.londonstockexchange.com/news-article/BSIF/potential-changes-to-uk-rocs-and-fits-regimes/17316047

Strategic Review and Commencement of Formal Sale Process

For information, please refer to the announcement on 5 November 2025:

https://www.londonstockexchange.com/news-article/BSIF/strategic-review-and-start-of-formal-sale-process/17311609

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About Bluefield Solar

Bluefield Solar is a London listed income fund focused primarily on acquiring and managing solar energy assets. Not less than 75% of the Company's gross assets will be invested into UK solar assets. The Company can also invest up to 25% of its gross assets into other technologies, such as wind and storage. Bluefield Solar owns and operates a UK portfolio of 850MW, comprising 792MW of solar and 58MW of onshore wind.

Further information can be viewed at www.bluefieldsif.com

About Bluefield Partners

Bluefield Partners LLP was established in 2009 and is an investment adviser to companies and funds investing in renewable energy infrastructure. It has a proven record in the selection, acquisition and supervision of large-scale energy assets in the UK and Europe. The team has been involved in over £6.3 billion renewable funds and/or transactions in both the UK and Europe, including over £1.9 billion in the UK since December 2011.

Bluefield Partners LLP has led the acquisitions of, and currently advises on, over 100 UK based solar photovoltaic assets that are agriculturally, commercially or industrially situated. Based in its London office, it is supported by a dedicated and experienced team of investment, legal and portfolio executives.  Bluefield Partners LLP was appointed Investment Adviser to Bluefield Solar in June 2013.

Rule 29 of the Takeover Code (the 'Code')

Following the publication of the Company's Strategic Review and Commencement of Formal Sale Process on 5 November 2025, the Company is in an offer period for the purposes of the Code. The Unaudited NAV as at 30 September 2025 (the 30 September NAV) constitutes an asset valuation in accordance with Rule 29.1 of the Code. The Takeover Panel has confirmed that there is no requirement to publish a valuation report under Rule 29 in respect of the 30 September NAV unless and until a firm offer is announced for the Company. Accordingly, in the event of a firm offer being announced for the Company, a valuation report in accordance with Rule 29 of the Code on the 30 September NAV or any subsequent net asset value published by the Company prior to date of such offer will be published in due course and by no later than the publication of any offer document or scheme document in relation to such offer.

Publication on website

In accordance with Rule 26.1 of the Code, a copy of this announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) on the Company's website https://bluefieldsif.com/ promptly following its publication and in any event no later than 12 noon (London time) on the business day following the release of this announcement. Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.