Bluefield Solar sticks to dividend targets, buys Dorset assets

UK-based solar asset investor Bluefield Solar announced its second interim dividend for the financial year ending 30 June on Thursday.

The London-listed sterling income fund said the second interim dividend of 1.80p per ordinary share would be payable to shareholders on the register as at 27 April, with an associated ex-dividend date of 26 April and a payment date of 18 May.

Its board said it sets dividend targets which were intended to grow in line with the retail price index, using the 2014/15 financial year dividends of 7p per share as a base.

The target dividends arising out of the financial year ending 30 June 2017 were 7.18p per ordinary share, and the company said it was maintaining its guidance as published in its first interim dividend announcement on 8 January that the target would rise to 7.43p per ordinary share for the financial year ending 30 June.

For the past three financial years, the company had paid dividends which exceeded its target levels.

Bluefield Solar also announced that on 20 March, it acquired three sub-5 megawatt peak ground-mounted solar photovoltaic plants, all of which are located in Dorset.

The three PV plants were acquired for a total cash consideration of £19.9m, including transaction costs and working capital, and were funded from the company's revolving credit facility.

Each of the plants was fully operational, having been connected in March last year, and qualified under the 1.2 Renewable Obligation Certificate regime.

“I am pleased to announce the company's second interim dividend and that we remain on target for a full year dividend of 7.43p per share,” said chairman John Rennocks in his very short statement.