Bluefield Solar Income Fund : BSIF Factsheet December 2022

BSIF FACTSHEET

As at 31 December 2022

KEY STATISTICS

Ordinary Shares Issued

611,452,217

Share price

136.00p

Market Capitalisation

£831m

NAV1

£870.7m

NAV per Ordinary Share1

142.4p

Premium/Discount to NAV

-4.49%

AIC ongoing charges2

(based on 31 December 2022 calculation)

1.04%

Leverage (as a percentage of GAV)1

38.0%

Target Dividend per Ordinary Share

8.40p p.a.

Dividend Yield (based on Target Dividend)

6.18% p.a

COMPANY INFORMATION

BOARD OF DIRECTORS

1. Based on the unaudited NAV per Ordinary Share as at 31 December 2022
2. The on-going charges ratio is calculated in accordance with the Association of Investment Companies ("AIC") recommended methodology

INTRODUCTION

Bluefield Solar Income Fund Limited ("BSIF" or the "Company") focuses, primarily, on acquiring and managing UK-based renewable energy infrastructure assets to generate stable, long term dividends for its shareholders whilst furthering the

decarbonisation of the energy system.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

• The Company's NAV as at 31 December 2022 was £870.7 million, or 142.4 pence per Ordinary Share, compared to the unaudited NAV of 144.6 pence per Ordinary Share ('pps') as at 30 September 2022. This equates to a movement of -2.2 pps, a NAV total return for the quarter of -1.5%. The principal factor behind this movement being the cost of the Electricity Generator Levy.
• As at 31 December 2022, the Company had an operational portfolio of 812.6MW, which was made up of 754.3MW solar and 58.3MW onshore wind. This encompasses 129 solar PV projects (87 large-scale sites, 39 micro sites and 3 rooftop sites), 6 wind farms and 109 single stick wind turbines, spread across England, Wales, Scotland and Northern Ireland.
• In December 2022 the Company completed the acquisition of a 46.4MWp operational solar portfolio from Fengate Asset Management. The enterprise value of the portfolio is £56.0 million, including the economic benefit of all cashflows from May 2022. The portfolio contains £27.3 million of long-term amortising debt provided by Macquarie Bank Limited. The portfolio consists of two ground mounted solar photovoltaic ('PV') plants, a 39.3MWp plant (Raventhorpe) located in Scunthorpe, Lincolnshire and a 7.1MWp facility (Roanhead) located in Barrow-in-Furness, Cumbria. Both solar sites are accredited under the Renewable Obligation Certificate ('ROC') regime with a tariff of 1.4 ROCs.
• As at 31 December 2022 the Company had 340MW of solar and 125MW of battery storage assets fully consented and in pre-construction. The projects have connection dates between 2023 and 2028. In addition, the first development to enter the construction phase was the Yelvertoft 49MW Solar PV project, which signed a fixed price EPC contract with Bouygues in September 2022 and is targeting operation in Q4 2023.

DIVIDENDS

• On 23 January 2023 the Company announced its first interim dividend, for the financial year ending 30 June 2023, of 2.10pp, payable to Shareholders on the register as at 3 February 2023, with an associated ex-dividend date of 2 February 2023 and a payment date on or around 3 March 2023.
• The Company is pleased to reaffirm its guidance of a full year dividend of not less than 8.40 pence per Ordinary Share for the financial year ending 30 June 2023 (2022: 8.20 pence). This is expected to be covered by earnings and to be post debt amortisation.

INVESTMENT OBJECTIVE

The Company seeks to provide Shareholders with an attractive, sustainable return, principally in the form of quarterly income distributions, by investing in a portfolio of large-scale UK based renewable energy infrastructure assets.

INVESTMENT POLICY AND STRATEGY SUMMARY

The Company invests in long life UK solar energy infrastructure, as well as having the ability to invest on a minority basis in other renewable energy assets (including non-subsidised assets) and energy storage assets. Such minority exposure will be limited to a maximum of 25 per cent. of the Company's Gross Asset Value ("GAV") calculated at the time of investment.

No single asset (excluding any third party funding or debt financing in such asset) will represent, on acquisition, more than 25 per cent. of the prevailing net asset value ("NAV").

Total non-recourse financing within the portfolio will not exceed 50 per cent. of the prevailing GAV. Short term debt to facilitate the acquisition of investments (when taken together with the project finance noted above) will also be limited so as not to exceed 50 per cent. of GAV.

Please see the Company's website for the full investment policy.

Registered Office

PO Box 286, Floor 2, Trafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 4LY1 www.bluefieldsif.com

BSIF FACTSHEET 31 December 2022

OPERATIONAL

PORTFOLIO OVERVIEW

AS AT 31 DECEMBER 2022

WIND TURBINE

Registered Office

PO Box 286, Floor 2, Trafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 4LY3 www.bluefieldsif.com

BSIF FACTSHEET 31 December 2022

INVESTMENT ADVISER

CORPORATE CALENDAR

DISCLAIMER

This Factsheet ('Factsheet') in relation to the Bluefield Solar Income Fund ('BSIF') has been prepared by BSIF and is being issued by Bluefield Partners LLP ('Bluefield'), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority.

No Offer: This Factsheet is provided for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. In particular, this Factsheet is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or would require any registration or licensing within such jurisdiction. This Factsheet does not constitute or form part of, and should not be construed as, any offer for sale, placement or subscription of, or solicitation of any offer to buy or subscribe for, any interests in any fund and/or vehicle in any jurisdiction, including the United States, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever in any jurisdiction, including the United States.

Not Advice: The information contained in this Factsheet is not intended to be, and should not be construed as, investment, financial, legal, tax or other advice, and is not a recommendation, endorsement or representation as to the suitability of any investment. You should seek independent professional advice before making any investment decision.

Past performance is not indicative of future results; no representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. Capital at Risk.

No Approval By Regulatory Authorities: The contents of this Factsheet have not been approved by any supervisory authority or securities commission in any jurisdiction.

Registered Office

PO Box 286, Floor 2, Trafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 4LY4 www.bluefieldsif.com