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Bluefield Solar comments on LEC changes

09 July 2015 10:54

Bluefield Solar Income Fund has noted yesterday's announcement by the Chancellor of the Exchequer in the Summer Budget 2015 regarding the removal of the exemption for renewably sourced electricity from the Climate Change Levy from which many renewables projects in the UK benefit by way of the sale of Levy Exemption Certificates (LECs).

This will be effective from 1 August 2015. The Budget also proposed future reductions in UK corporation tax.

Bluefield Partners LLP, the Company's Investment Adviser, has reviewed the Company's portfolio and has confirmed that LECs make up 3-4% of total revenues in the Company's portfolio.

The impact of the loss of LEC revenue will be partially offset by the expected reduction in corporation tax.

It added that the Company's revenues are derived from the regulated revenue from the Renewable Obligation Scheme, which remains unchanged, and by selling the generated electricity under power purchase agreements.

At 10:54am: (LON:BSIF) Bluefield Solar Income Fund Ltd share price was -1.5p at 106.5p

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