BSIF: March NAV 104.52p/sh; sale process ongoing

Research evidence excerpt

BSIF: March NAV 104.52p/sh; sale process ongoing

EQUITY RESEARCH QUICK TAKE

RBC Europe Limited

Joseph Pepper (Analyst)

Alexander Wheeler (Analyst)

Fernando Garcia (Analyst)

Charlotte Mettyear (Analyst)

Ziyad Jasimuddin (Senior Associate)

May 14, 2026

Bluefield Solar Income Fund Limited

March NAV 104.52p/sh; sale process ongoing

LSE: BSIF | GBp 78.60 | Sector Perform | Price Target GBp 85.00

Sentiment: Neutral

Bluefield Solar has reported its latest NAV at 104.52p/sh as of 31 March, a 3.28p/sh (-3.0%) decline in the quarter (31 December 25:

107.80p/sh). Key movements include the quarterly dividend payment (-2.25p/sh), change in ROC/FiT subsidy inflation indexation

(-1.56p/sh) and below budget generation (-7.1%) due to low solar irradiation (-0.37p/sh). There is no new detail on the ongoing

fund sale process, with the transaction continuing to 'progress in line with expectations'.

We expect a neutral reaction this morning, given the key NAV movement in the quarter (the ROC/FiT indexation impact) was

expected and similar to initial guidance at a c.-2p/sh impact. Meanwhile, investor focus is on the fund sale process where there is

no material update today. We think a lack of material downward revisions to NAV/sh during the sale process this quarter remains

encouraging for potential realisable value, given other renewable funds have previously reduced asset valuations in response to

pricing / demand during specific asset sales processes. Inframation has reported that four bidders (Octopus Energy, I Squared

Capital, Icon Infrastructure, and GLIL) remain involved in the process, with USS dropping out in late April. BSIF currently trades

at a ~25% discount to its newly reported NAV, versus a ~36% average for solar funds, which in our view reflects the probability