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    BSIF Interim Results Presentation December 2025

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Offer from Drax

Read and download offer related documents

Offer Materials

Confidentiality Undertaking

Confidentiality Agreement

 

Consent Letters

DN- Consent Letter

JPM – Consent Letter

Rothschild – Consent Letter

 

Deeds of Irrevocable Undertaking

Deed of Irrevocable Undertaking – Director (Christopher Waldron)

Deed of Irrevocable Undertaking – Director (Elizabeth Burne)

Deed of Irrevocable Undertaking – Director (Glen Suarez)

Deed of Irrevocable Undertaking – Director (Meriel Lenfestey)

Deed of Irrevocable Undertaking – Director (Michael Gibbons)

 

Inducement Fee Arrangement

Inducement Fee Letter

 

R2.11 Communications

Rule 2.11 (2.7)(Email)

Rule 2.11 (2.7)(Letter)

 

R2.7 Announcement

Rule 2.7 Announcement

 

Scheme Financing Documents

Facility Agreement (Part 1)

Facility Agreement (Part 2)

Intra Group Loan Agreement

 

Bluefield Solar Income Fund – Interim Results Audiocast
Form 8 OPD

Rule 2.11 (FSP Announcement) (Letter)

Rule 2.11 (FSP Announcement) (Email)

Strategic Review and Start of Formal Sale Process

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ATTENTION: DISCLAIMER AND IMPORTANT NOTICE

IMPORTANT NOTICE: THIS WEBSITE IS NOT INTENDED FOR, AND HAS NOT BEEN DESIGNED FOR, RETAIL INVESTORS.

IMPORTANT NOTICE AND RISK WARNING REGARDING BLUEFIELD SOLAR INCOME FUND AND OTHER FUNDS ADVISED BY BLUEFIELD PARTNERS LLP (BLUEFIELD), INCLUDING TRACK RECORD AND PAST PERFORMANCE INFORMATION

This Website includes track record information and performance data regarding the Bluefield Solar Income Fund Limited (BSIF), to which Bluefield is the Investment Adviser, or any other fund advised by Bluefield (together, the Funds). Such information is not necessarily comprehensive and users should not consider such information to be indicative of the possible future performance of the Fund. Past performance of BISF or other funds previously or currently advised by Bluefield are not a reliable indicator and cannot be relied upon as a guide to future performance of the Funds or Bluefield. Capital at Risk.

The following information applies to this Website and any related materials and you are therefore advised to read this disclaimer carefully before reading, accessing, or making any other use of, this website and any related information.  The information contained within this Website and any related materials is indicative and may change without notice.  Electronic versions of the materials you are looking to access are being made available on this Website in good faith and are for information purposes only.

Any person accessing the Website should carefully review its Terms of Use. By using the Website, you indicate that you accept the Terms of Use and that you agree to them. If you do not agree to the Terms of Use, please do not use this Website.

WARNING:  This Website and the materials within it are not directed at or accessible by persons in the:

  • United States or persons resident or located in the United States;
  • Australia;
  • Canada;
  • Japan;
  • the Republic of South Africa;
  • any member state of the European Economic Area, with the exception of any such other member states where marketing is permitted under the Alternative Investment Fund Managers Directive (AIFMD) (together the “Eligible Member States”); or
  • any other jurisdiction where the extension of availability of the materials to which you are seeking access would breach any applicable law or regulation.

This website and certain documents contained within it have been prepared and issued by Bluefield Partners LLP (Bluefield or the Investment Adviser), which is authorised and regulated by the Financial Conduct Authority (the FCA) in the United Kingdom with FCA Firm Reference Number 507508.   Bluefield is a Limited Liability Partnership registered in England and Wales with registered company number OC348071.  Bluefield’s registered office address is 40 Queen Anne Street, London, W1G 9EL and its VAT registration number is GB 157803494.  You can contact Bluefield by email to compliance@bluefieldllp.com or by post to our registered office address.

IMPORTANT NOTICE AND RISK WARNING REGARDING BLUEFIELD SOLAR INCOME FUND AND OTHER FUNDS ADVISED BY BLUEFIELD PARTNERS LLP (BLUEFIELD), INCLUDING TRACK RECORD AND PAST PERFORMANCE INFORMATION

This Website includes track record information and performance data regarding the Funds. Such information is not necessarily comprehensive and users should not consider such information to be indicative of the possible future performance of the Fund. Past performance of BISF or other funds previously or currently advised by Bluefield are not a reliable indicator and cannot be relied upon as a guide to future performance of the Funds or Bluefield. Capital at Risk.

No Offer: This material and any related materials may not have been verified and is not and do not constitute or form part of, and should not be construed as, an offer or solicitation to issue, buy or sell any securities, or any interest in any securities, in any jurisdiction or an inducement to enter into any contract or commitment or investment or underwriting activity whatsoever in relation to any securities, which shall all, if relevant, be subject to Bluefield’s internal approvals.

No Approval By A Regulatory Authority: Unless otherwise expressly stated in this Website, this material or any related materials have not been reviewed or approved by any rating agencies or by the FCA or any other regulatory agency.

No Advice: No part of the information contained in this Website is 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, fund or any other financial product. You should seek independent professional advice before making any investment or financial decision.
Third Party Websites: This Website may contain links and/or references to websites operated by third parties. Any references to such third-party websites are in no way an endorsement by Bluefield of these sites. Bluefield does not monitor, edit or control such third-party sites and is not responsible in any way for the suitability of their content or for the quality of the products or services offered therein. Your choice to visit such websites is at your risk. If you have any questions regarding a website referenced within this Website, please direct them to the administrator of the relevant website.

IMPORTANT: The funds advised by Bluefield, including Bluefield Solar Income Fund, are not primarily targeted at retail investors.

The shares in the fund are intended for sophisticated investors, institutional 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).

You should seek independent professional advice before making any investment or financial decision.

The contents of this Website are not a financial promotion and none of the information on this Website should constitute an invitation or inducement to engage in investment activity. If and to the extent that this Website or any of its contents are deemed to be a financial promotion, Bluefield is relying on the exemption provided by Article 69 (Promotion of securities already admitted to certain markets) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005/1529 (the Order) in respect of the restriction at section 21 of the Financial Services and Markets Act 2000, or such other applicable exemption under the Order which may apply.

BY CLICKING “ACCEPT” BELOW YOU CONFIRM THAT YOU:

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ATTENTION: DISCLAIMER AND IMPORTANT NOTICE

IMPORTANT NOTICE: THIS WEBSITE IS NOT INTENDED FOR, AND HAS NOT BEEN DESIGNED FOR, RETAIL INVESTORS.

IMPORTANT NOTICE AND RISK WARNING REGARDING BLUEFIELD SOLAR INCOME FUND AND OTHER FUNDS ADVISED BY BLUEFIELD PARTNERS LLP (BLUEFIELD), INCLUDING TRACK RECORD AND PAST PERFORMANCE INFORMATION

This Website includes track record information and performance data regarding the Bluefield Solar Income Fund Limited (BSIF), to which Bluefield is the Investment Adviser, or any other fund advised by Bluefield (together, the Funds). Such information is not necessarily comprehensive and users should not consider such information to be indicative of the possible future performance of the Fund. Past performance of BISF or other funds previously or currently advised by Bluefield are not a reliable indicator and cannot be relied upon as a guide to future performance of the Funds or Bluefield. Capital at Risk.

The following information applies to this Website and any related materials and you are therefore advised to read this disclaimer carefully before reading, accessing, or making any other use of, this website and any related information.  The information contained within this Website and any related materials is indicative and may change without notice.  Electronic versions of the materials you are looking to access are being made available on this Website in good faith and are for information purposes only.

Any person accessing the Website should carefully review its Terms of Use. By using the Website, you indicate that you accept the Terms of Use and that you agree to them. If you do not agree to the Terms of Use, please do not use this Website.

WARNING:  This Website and the materials within it are not directed at or accessible by persons in the:

  • United States or persons resident or located in the United States;
  • Australia;
  • Canada;
  • Japan;
  • the Republic of South Africa;
  • any member state of the European Economic Area, with the exception of any such other member states where marketing is permitted under the Alternative Investment Fund Managers Directive (AIFMD) (together the “Eligible Member States”); or
  • any other jurisdiction where the extension of availability of the materials to which you are seeking access would breach any applicable law or regulation.

This website and certain documents contained within it have been prepared and issued by Bluefield Partners LLP (Bluefield or the Investment Adviser), which is authorised and regulated by the Financial Conduct Authority (the FCA) in the United Kingdom with FCA Firm Reference Number 507508.   Bluefield is a Limited Liability Partnership registered in England and Wales with registered company number OC348071.  Bluefield’s registered office address is 40 Queen Anne Street, London, W1G 9EL and its VAT registration number is GB 157803494.  You can contact Bluefield by email to compliance@bluefieldllp.com or by post to our registered office address.

IMPORTANT NOTICE AND RISK WARNING REGARDING BLUEFIELD SOLAR INCOME FUND AND OTHER FUNDS ADVISED BY BLUEFIELD PARTNERS LLP (BLUEFIELD), INCLUDING TRACK RECORD AND PAST PERFORMANCE INFORMATION

This Website includes track record information and performance data regarding the Funds. Such information is not necessarily comprehensive and users should not consider such information to be indicative of the possible future performance of the Fund. Past performance of BISF or other funds previously or currently advised by Bluefield are not a reliable indicator and cannot be relied upon as a guide to future performance of the Funds or Bluefield. Capital at Risk.

No Offer: This material and any related materials may not have been verified and is not and do not constitute or form part of, and should not be construed as, an offer or solicitation to issue, buy or sell any securities, or any interest in any securities, in any jurisdiction or an inducement to enter into any contract or commitment or investment or underwriting activity whatsoever in relation to any securities, which shall all, if relevant, be subject to Bluefield’s internal approvals.

No Approval By A Regulatory Authority: Unless otherwise expressly stated in this Website, this material or any related materials have not been reviewed or approved by any rating agencies or by the FCA or any other regulatory agency.

No Advice: No part of the information contained in this Website is 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, fund or any other financial product. You should seek independent professional advice before making any investment or financial decision.
Third Party Websites: This Website may contain links and/or references to websites operated by third parties. Any references to such third-party websites are in no way an endorsement by Bluefield of these sites. Bluefield does not monitor, edit or control such third-party sites and is not responsible in any way for the suitability of their content or for the quality of the products or services offered therein. Your choice to visit such websites is at your risk. If you have any questions regarding a website referenced within this Website, please direct them to the administrator of the relevant website.

These materials are only addressed to and directed at persons in Eligible Member States who are ‘‘qualified investors’’ within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/ EU, to the extent implemented in the Relevant Member State)) (‘‘Qualified Investors’’).

By accessing this website you are representing to Bluefield Partners LLP (the “Company”) and its advisers that you are not: (i) a US Person (within the meaning of Regulation S under the US Securities Act of 1933, as amended the “Securities Act”) and are not acting on behalf of a US Person (within the meaning of Regulation S under the Securities Act), nor purchasing with a view to re-sale in the US or to or for the account of a US Person, and that you are not an employee benefit plan subject to the United States Employee Retirement Income Security Act of 1974 and the regulations promulgated thereunder (in each case as amended) (“ERISA”) (whether or not subject to the provisions of Title 1 of ERISA) or similar US laws or an individual retirement account as defined in section 408 of the US Internal Revenue Code; or (ii) a resident of Australia, Canada, Japan, the Republic of South Africa or a jurisdiction where the extension of availability of the materials to which you are seeking access would breach any applicable law or regulation, and that you will not: (x) offer, sell, renounce, transfer or deliver, directly or indirectly, Shares in the Company subscribed for by you in the United States, Australia, Canada, Japan, the Republic of South Africa, or any EEA State other than the Eligible Member States or in any jurisdiction in which such offers or sales are unlawful (“Excluded Territories”) or to any US Person or resident of Australia, Canada, Japan, the Republic of South Africa or any Excluded Territories, or: (y) release or otherwise forward, distribute or send any materials on this website in or into the United States, Australia, Canada, Japan, the Republic of South Africa or any Excluded Territories.

Shares offered by the Company have not been and will not be registered under the Securities Act or with any securities regulatory authority of any State or other jurisdiction of the United States and, subject to certain exceptions, may not be offered or sold within the United States or to, or for the account or benefit of, US Persons. The Company has not been and will not be registered as an “investment company” under the United States Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. In addition, relevant clearances have not been, and will not be, obtained from the securities commission (or equivalent) of any province of Australia, Canada, Japan, the Republic of South Africa or any Excluded Territories and, accordingly, unless an exemption under any relevant legislation or regulations is applicable, none of the Shares may be offered, sold, renounced, transferred or delivered, directly or indirectly, in Australia, Canada, Japan, the Republic of South Africa or any Excluded Territories.

BY CLICKING “ACCEPT” BELOW YOU CONFIRM THAT YOU:

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  • are not investing or otherwise acting for the account or benefit of a US Person or a resident of Australia, Canada, Japan, the Republic of South Africa or any Excluded Territory.
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DISCLAIMER

Recommended all cash offer for Bluefield Solar Income Fund Limited (the Company) by Drax Smart Generation Holdco Limited (Bidder) (the Offer).

THIS SECTION OF THE WEBSITE (THE MICROSITE) CONTAINS ANNOUNCEMENTS, DOCUMENTS AND INFORMATION RELATING TO THE OFFER (TOGETHER, THE INFORMATION) PUBLISHED BY THE COMPANY AND/OR BIDDER RELATING TO THE ACQUISITION IN COMPLIANCE WITH THE CITY CODE ON TAKEOVERS AND MERGERS (THE CODE). THE INFORMATION IS BEING MADE AVAILABLE IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY. THE AVAILABILITY OF THE INFORMATION IS SUBJECT TO THE TERMS AND CONDITIONS SET OUT BELOW.

ACCESS TO THE MICROSITE MAY BE RESTRICTED UNDER THE SECURITIES LAWS OF CERTAIN JURISDICTIONS. THIS NOTICE REQUIRES YOU TO CONFIRM CERTAIN MATTERS (INCLUDING THAT YOU ARE NOT RESIDENT IN SUCH A JURISDICTION), BEFORE YOU MAY OBTAIN ACCESS TO THE INFORMATION ON THIS MICROSITE. THESE MATERIALS ARE NOT DIRECTED AT OR INTENDED TO BE ACCESSIBLE BY PERSONS RESIDENT IN ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION OR WOULD RESULT IN A REQUIREMENT TO OBTAIN A CONSENT OR COMPLY WITH ANY OTHER FORMALITY WHICH THE COMPANY REGARDS AS UNDULY ONEROUS (A RESTRICTED JURISDICTION).

Basis of access to the Micro-Site

Please read this notice carefully before clicking “I agree” or “I disagree” below. This notice applies to all persons who view the Microsite. This notice may be amended or updated by the Company from time to time and accordingly it should be read carefully in full each time you wish to view the Microsite. In addition, the contents of the Microsite, and its availability to persons resident in certain jurisdictions, may be amended at any time in whole or in part at the sole discretion of the Company.

Any person seeking access to the Microsite represents and warrants to the Company that they are doing so for information purposes only. Making the Information available does not constitute an offer to sell or the solicitation of an offer to buy shares in the Company. Further, it does not constitute a recommendation by the Company or any other party to sell or buy securities in the Company.

Company shareholders should seek advice from an independent financial adviser as to the suitability of any action for the individual concerned in connection with the Offer. Any shareholder action required in connection with the Offer will be set out in documents sent to or made available to the Company’s shareholders and any decision made by such shareholders should be made solely and only on the basis of information provided in those documents.

Overseas persons

Viewing the Information in jurisdictions other than the United Kingdom may be prohibited or restricted by applicable law and regulation. In some jurisdictions, only certain categories of person are allowed to view the Information. Any person resident outside the United Kingdom who wishes to view the Information must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so.

You should not download, mail, forward, distribute, send or share the Information contained in this Microsite with any person. In particular, you should not mail, forward, distribute or send the Information contained on this Microsite to any Restricted Jurisdiction.

The Microsite contains Information that has been prepared for the purposes of complying with the laws of England and Wales and the Code and the Information disclosed may not be the same as that which would have been disclosed if this Information had been prepared in accordance with the laws and regulations of any jurisdiction outside of England and Wales.

If you are not permitted to download or view the Information, or if downloading or viewing the Information would result in a breach of the above, or if you are in any doubt as to whether you are permitted to download or view the Information, please exit this webpage by clicking on the “I disagree” box below.


Forward looking statements

The Information may contain “forward-looking statements” relating to the Company and Bidder and the business sectors in which they operate. Generally, the words will, may, should, continue, believes, expects, intends, anticipates, forecast, plan and project or similar expressions identify forward-looking statements. Such statements reflect the relevant company’s current views with respect to future events and are subject to risks, assumptions and uncertainties that could cause the actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks, assumptions and uncertainties relate to factors that are beyond the companies’ abilities to control or estimate precisely, such as future market conditions, changes in general economic and business conditions and the behaviour of other market participants. The Company cannot give any assurance that the forward-looking statements will prove to have been correct. The reader should not, therefore, place undue reliance on these forward-looking statements, which speak only as of the date of the relevant document(s). The Company does not undertake any obligation to update or revise publicly any of the forward-looking statements set out in the Information, whether as a result of new information, future events or otherwise, except to the extent legally required.

Responsibility

In relation to any Information, the only responsibility accepted by the directors of the Company is for the correctness of its reproduction, unless the responsibility statement in any relevant document expressly provides otherwise.

Neither the Company nor its affiliated companies have reviewed and none of them is responsible for, or accepts any liability in respect of, any information on any other website that may be linked to this website by a third party.

If you are in any doubt about the contents of the Microsite or the action you should take, you should seek your own financial advice from an independent financial adviser authorised under the Financial Services and Markets Act 2000 or, if you are located outside the United Kingdom, from an appropriately authorised independent financial adviser.

The Company’s financial advisers, N.M. Rothschild & Sons Limited and Deutsche Bank AG are acting exclusively for the Company and no-one else in connection with the Offer and will not be responsible to anyone other than the Company for providing the protections afforded to clients of the Company’s financial advisers or for providing advice in relation to the Offer or any other matter referred to in the Information.

Neither N.M. Rothschild & Sons Limited, Deutsche Bank AG nor any of their subsidiaries, affiliates or branches owes or accepts any duty, liability or responsibility whatsoever (whether direct, indirect, consequential, whether in contract, in tort, under statue or otherwise) to any person who is not a client of either N.M. Rothschild & Sons Limited or Deutsche Bank AG in connection with this information, any statement contained in this information or otherwise.


THE DOCUMENTS IN THE MICROSITE MAY NOT BE DOWNLOADED, FORWARDED, TRANSMITTED OR SHARED WITH ANY OTHER PERSON EITHER IN WHOLE OR IN PART WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

This notice shall be governed by, and interpreted in accordance with, English law.

Confirmation of understanding and acceptance of this notice

By clicking on “I agree” below, you:

· confirm that you have read, understood and agree to be bound by the terms of the notice set out above;
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· agree that you will not transmit or otherwise send (directly or indirectly) any Information to any person in any jurisdiction if to do so would breach any applicable law or regulation.

If you click I disagree below, we will be unable to provide you with access to the Information and you will be redirected to the Company’s homepage.

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