Bluefield Solar Income Fund

Key Information Document

Purpose

This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.

Product

Product: Bluefield Solar Income Fund – GBP Ordinary Shares

PRIIP Manufacturer: Bluefield Solar Income Fund Limited

ISIN: GG00BB0RDB98

Website:www.bluefieldsif.com

Telephone number for more information: +44 (0) 1481 742 742

Document valid as at: 16/11/2022

Bluefield Solar Income Fund Limited is a non-cellular company limited by shares incorporated in Guernsey under the Law on 29 May 2013 with registered number 56708. Bluefield is regulated by the Guernsey Financial Services Commission as a registered closed-ended collective investment scheme. For more information write to us at PO Box 286, Floor 2, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 4LY.

You are about to purchase a product that is not simple and may be difficult to understand.

What is this product?

Type

The Bluefield Solar Income Fund Limited (the Fund, “we” or “us“) is a closed-ended investment company. You can invest in the Fund by purchasing Ordinary Shares in the Fund (the Shares or product). The Fund will pool together the capital raised through the sale of the Shares to investors and use this to invest in a diversified basket of financial or other assets. The Fund is self-managed by the Board Of Directors (the Board), advised by Bluefield Partners LLP (Bluefield or Investment Adviser) and administered by Ocorian Administration (Guernsey) Limited, who together control where investments are made.

By purchasing the Shares, you will be exposed to the value of the underlying investments of the Fund as well as market volatility. If the value of the underlying investments increases, the value of your Shares may increase, and you may also receive dividends. Conversely, if the value of the underlying investments decreases, you may make a loss, and the value of your Shares may decrease, and you may lose your initial investment.

Objective

The Fund seeks to provide investors with an attractive return, principally in the form of regular sterling income distributions, by being invested primarily in solar energy assets located in the UK. It also has the ability to invest a minority of its capital into wind, hydro and energy storage assets. The Fund, via its UK holding company, owns a large, diversified portfolio of operational solar energy assets, each located within the UK, with a focus on utility scale assets with high levels of regulated income. The Fund will continue to be, primarily, invested in long life UK solar energy infrastructure, alongside a minority exposure to 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 Fund’s Gross Asset Value calculated at the time of investment. The Fund’s portfolio is expected to generate attractive returns over a 25 year, or greater, asset life.

Intended retail investor

The Fund is not primarily targeted at retail investors. The Shares are intended for sophisticated investors and private clients who understand and are willing to assume the potential risk of capital loss and understand that there may be limited buyers for the underlying investments of the Fund and who have sufficient resources to be able to bear losses (which may equal the whole amount invested).

The Shares do not have a maturity or expiry date. There is no recommended holding period, but in order to make the product comparable to others a period of 5 years has been adopted in this document with performance scenarios illustrated below based on past price history, including reinvestment of the dividends that have been paid. You may be able to sell your Shares on the London Stock Exchange on any London business day between 8am and 4.30pm. Typically, at any given time on any given day, the price you pay to buy the Shares will be higher than the price at which you could sell them.

What are the risks and what could I get in return?

Risk Indicator

1

2

3

4

5

6

7

Lower risk

Higher risk

The risk indicator assumes you keep the Shares for the recommended holding period of 5 years.

The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.

We have classified this product as 4 out of 7, which is a medium risk class.

This rates the potential losses from future performance at a medium level, and poor market conditions could impact our capacity to pay you.

The value of the shares is sensitive to changes in legislation and UK Government policy relating to benefits, tax based or otherwise, provided to operators of renewable energy projects and assets.

Purchasing shares does not include any protection from future market performance so you could lose some or all of your investment.

5 years

(Recommended holding

Investment of £10,000

1 year

3 years

period)

Stress scenario

What you might get back after costs

£2,316

£5,718

£4,776

Average return each year

-76.84%

-17.00%

-13.74%

Unfavourable scenario

What you might get back after costs

£8,746

£8,746

£9,180

Average return each year

-12.54%

-4.37%

-1.70%

Moderate scenario

What you might get back after costs

£10,819

£12,633

£14,750

Average return each year

8.19%

8.10%

8.08%

Favourable scenario

What you might get back after costs

£13,328

£18,169

£23,600

Average return each year

33.28%

22.02%

18.74%

This table shows the money you could get back over the next 1, 3 and 5 years under different scenarios, assuming that you invest GBP 10,000.

The scenarios shown illustrate how your investment could perform. You can compare them with the scenarios of other products.

The scenarios presented are an estimate of future performance based on evidence from the past, and are not an exact indicator. What you get will vary depending on how the market performs and how long you keep the investment.

The stress scenario shows what you might get back in extreme market circumstances, and it does not take into account the situation where we are not able to pay you.

The figures shown include all the costs of the product itself, but may not include the costs of your advisor or distributor. The figures do not take into account your personal tax situation, which may also affect how much you get back.

What happens if the Fund is unable to pay out?

The Company is not required to make any payment to you in respect of your investment. If the Company were liquidated, you would be entitled to receive a distribution equal to your share of the Company’s net assets, i.e. after payment of all of its creditors. No service provider to the Company has any obligation to make any payment to you in respect of the Ordinary Shares. There is no compensation or guarantee scheme in place that applies to the Company and, if you invest in the Company, you should be prepared to assume the risk that you could lose all of your investment.

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What are the costs?

The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs take into account one-off, ongoing and incidental costs.

The amounts shown here are the cumulative costs of the product itself, for three different holding periods. They include potential early exit penalties. The figures assume you invest GBP10,000. The figures are estimates and may change in the future.

Costs over time

The person selling you or advising you about this investment may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time.

If you cash in at the end of the

Investment of £10,000

If you cash in after 1 year

If you cash in after 3 years

recommended holding period

Total Costs

£180

£641

£1,268

Impact on return (RIY) per year

1.80%

1.80%

1.80%

Composition of costs

The table below shows:

  • The impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period;
  • The meaning of the different cost categories.

This table shows the impact on return per year

One-off costs

Entry costs

N/A

The impact of costs you pay when you enter into your investment. No

entry costs are payable when you acquire Ordinary Shares, although

you may be required to pay brokerage fees or commissions.

Exit costs

N/A

The impact of costs you pay when you exit your investment. No exit

costs are payable when you dispose of Ordinary Shares, although you

may be required to pay brokerage fees or commissions.

Ongoing costs

Portfolio transaction costs

0.29%

These costs relate to the purchase of the Fund’s underlying solar farms.

Other on-going costs

1.51%

These costs relate to the ongoing expenses of running the Fund,

including the finance costs of third party borrowing at portfolio level.

Incidental costs

Performance fees

0.00%

The variable fee previously payable to the Investment Adviser is no

longer applicable.

Carried interest

N/A

No carried interest is payable in respect of the Ordinary Shares.

How long should I hold it, and can I take money out early?

The Shares do not have a maturity or expiry date, however, for the purposes of this document a recommended holding period of 5 years has been used for calculations. Shares are tradeable (in accordance with the Fund’s Articles of Association) on the London Stock Exchange on any London business day between 8am and 4.30pm. There are no exit costs for selling the Shares, however you may have to pay brokerage fees, commissions and other related costs, payable to entities other than the Fund, as a result of selling the Shares.

How can I complain?

If you have any complaints about the product or the conduct of the product manufacturer, you may make a complaint by visiting our website, which lists our contact information, at www.bluefieldsif.com, by email at [email protected] or write to us at PO Box 286, Floor 2, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 4LY.

Other relevant information

If you wish to find out further information in relation to the Fund, please visit our website at www.bluefieldsif.com or to view the Prospectus for the Fund go to www.bluefieldsif.com/investor-relations/publications. The cost, performance and risk calculations included in this KID follow the methodology prescribed by EU rules.

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Disclaimer

Bluefield Solar Income Fund Limited published this content on 13 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2023 23:34:07 UTC.