LONDON, UK: Bluefield Solar (LON: BSIF) announced the acquisition of the development rights for a 20 MW battery storage project, and the Company’s first interim dividend for the financial year which ends on 30 June 2022
The acquisition represents the development rights, grid connection costs and the leasehold of land of a ready to build 20 MW battery storage project for approximately £1.5 million from Shaw-Energi Ltd. The project is based in Liverpool and construction is expected to begin during 2022.
The First Interim Dividend of 2.03 pence per Ordinary Share (2021: 2.00 pence) will be payable to Shareholders on the register as at 11 February 2022 with an associated ex-dividend date of 10 February 2022 and a payment date on or around 10 March 2022.
Furthermore, the Board is pleased to reaffirm its guidance of a full year dividend of 8.12 pence per Ordinary Share for the financial year ending 30 June 2022 (2021: 8.00 pence). This is expected to be covered by earnings and be post debt amortisation.
John Rennocks, Chairman of Bluefield Solar said: “We are pleased to reaffirm our dividend guidance of 8.12 pence per Ordinary Share for the financial year ending 30 June 2022 and importantly, this dividend is also expected to be fully covered by the Company’s earnings. We are also pleased to announce the Company’s second battery storage acquisition and the first such asset not co-located to a solar project.
Energy storage has enormous growth potential in the UK and offers an exceptionally attractive additional revenue stream, diversifying the Company’s income from our majority solar portfolio with its predictable regulated revenue profile.”
Bluefield Solar is a UK income fund focused on acquiring and managing UK-based renewable energy and storage projects to generate stable, long term dividends for its shareholders whilst furthering the decarbonisation of the energy system. 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 wind, hydro and storage technologies. The majority of the Company’s group’s revenue streams are regulated and non-correlated to the UK energy market. Bluefield Solar owns and operates one of the UK’s largest, diversified portfolios of solar assets with a combined installed power capacity now in excess of 673 MWp.