Conclusion of Audit Tender Process
7 June 2023
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Conclusion of Audit Tender Process
Bluefield Solar (LON: BSIF), a UK income fund focused on acquiring and managing UK-based renewable energy and storage projects to provide growing dividends for its shareholders whilst furthering the decarbonisation of the energy system, announces that it has concluded its audit tender process, as noted in the Interim Financial Statements for the period ended 31 December 2022.
Following an extensive, robust and competitive tender process that was overseen by the Company's Audit and Risk Committee, it is the Company's intention to re-appoint KPMG Channel Islands Limited as its external auditor for the financial year ending 30 June 2024, subject to shareholder approval at its 2023 Annual General Meeting. The selection to re-appoint KPMG was unanimously recommended by the Audit and Risk Committee and has been approved by the Bluefield Solar Board.
Paul Le Page, Chair of the Audit and Risk Committee, commented: "The Committee makes this recommendation because KPMG offered a more compelling case for the provision of a high-quality audit, while offering better value to Bluefield Solar shareholders. For these and other reasons, we determined that KPMG should be retained as our external auditor."
The Company notes that it received some votes against KPMG's appointment and remuneration at the AGM held on 29 November 2022 and confirms that it has consulted with the majority of those shareholders that voted against and confirms that the audit tender process took their concerns into account.
- Ends -
For further information:
Bluefield Partners LLP (Company Investment Adviser)
Tel: +44 (0) 20 7078 0020
Numis Securities Limited (Company Broker)
Tel: +44 (0) 20 7260 1000
Tel: +44 (0) 1481 742 742
Notes to editors:
About Bluefield Solar
Bluefield Solar is a sterling income fund focused on acquiring and managing renewable energy and storage projects in the UK, to provide long term, growing 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 other technologies, such as wind and storage. The majority of the Company's revenue streams are regulated and non-correlated to short term UK energy market fluctuations. Bluefield Solar owns and operates one of the UK's largest, diversified portfolios of solar assets with a combined installed power capacity in excess of 812 MWp.
Bluefield Solar is listed on the Main Market of the London Stock Exchange and is a member of the FTSE 250, classified within the Closed End Investments subsector.
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 £4 billion renewable funds and/or transactions in both the UK and Europe, including over £1 billion in the UK since December 2011.
Bluefield Partners LLP has led the acquisitions of, and currently advises on, over 100 UK based solar PV 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.