Good morning, ladies and gentlemen, and welcome to the Bluefield Solar Income Fund Limited full year results presentation for the year ending 30th of June 2021. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time using the Q&A tab situated on the right-hand corner of your screen. Please just simply type in your question and press send. The company may not be in a position to answer every question it receives during the meeting itself. The company will review all questions submitted today and publish responses where it's appropriate to do so. These will be available via your Investor Meet Company dashboard, and we'll notify you by email when they are ready for your review. I'd also like to remind you that this presentation is being recorded. Before we begin, we would like to submit the following poll. If you would give that your kind attention, we would be most grateful. I'd now like to hand over to Neil Wood and James Armstrong. Good morning to you both. Good morning, Mark. Thanks very much. Yes, good morning. James Armstrong here, Managing Partner of Bluefield Partners. We're the Investments Adviser to the Bluefield Solar Income Fund and joined by Neil, who's actually in our London office today, who is Partner at Bluefield. Neil, thank you very much for joining us this morning. We're delighted to talk about the results for the company ending June 2021. What we'll do is we just go over to the first slide. Neil and I will break this into thirds. The first part we'll have will be a summary of the year just gone. Neil will talk in the second section about the earnings evaluation. The third part, we'll talk about the future, really what we perceive to be the emerging opportunities for the fund and also some of the challenges that we're seeing. In terms of jumping into the results, I'll give a bit of a summary for those who are not so familiar with Bluefield Solar. We were one of the first of, the second of the renewable companies to IPO in July 2013. We've been going for over eight years now. In a sector which has really grown, the U.K. and London particularly should be given real credit for the investment company sector and the renewables market, because it's now very large. When we IPO'd, it was about GBP 150 million of money had been raised at that point. It's now about over GBP 12 billion. It's grown very significantly, as has Bluefield Solar. In an area for investors of increasingly complex fund strategies, we are really delighted with the outperformance of Bluefield Solar on an earnings and a dividend basis in what remains a very simple and lower risk investment strategy. We invest primarily in the lowest risk renewable technologies. That means we invest primarily in solar. We also look to have the highest level of visibility in terms of our earnings. What does that mean? We have assets which have high levels of regulated revenues. We also have a very defensive power strategy, which has worked extremely well for the company in the past eight years, which Neil will talk about as we go through. The third element is that we have a very active management strategy. The business is quite, in some ways, quite old-fashioned that way. We have a real focus on operational tech capability within the business. That means that we have the ability to enhance and protect returns for investors. What that's resulted in is year in, year out, we have the highest covered dividend in the sector. We have the highest earnings. Coming from an asset class which is U.K.- focused and with high levels of regulated revenue. At the moment, we're offering a dividend yield of about 6.5%, which from a very defensive portfolio, we think is good value for the shareholders. If we go into the period highlights. Talking about that focus on dividends. That GBP 0.08 per share, as I say, equates to circa about a 6.5% dividend yield. It is covered by in year earnings and also post debt amortization. We have an amortization schedule for our bank debt, which we think is important. As you'll see, again, a fairly defensive approach in terms of our financing strategy. We've also carried forward over GBP 0.025 per share. All in, it was a very good earnings period for us. Again, against the backdrop of obviously COVID, it's been a very strong performance. NAV held up very well. Neil will talk about that in some detail, but it's just slightly lower than it was 12 months ago in terms of previous reporting period. It's held up particularly well, not least as we've taken into account some of the sort of headwinds like change to corporation tax. The period has been very busy. We've made two major solar acquisitions. These are operational regulated solar assets. When we talk about regulated, they've got circa 60% regulated revenues. The balance is selling the power. There are two big acquisitions made which have sort of complemented the existing portfolio. We've got a big pipeline of solar developments. We've got over 700 MW of solar, which is in development. Pre-planning with 150 MW, which has got planning consent. A big area for investors and for the markets generally is around ESG, and we spoke about having a materiality assessment to try and create some structure around the reporting of ESG to shareholders. We have completed, as promised, a materiality assessment, which I'll talk about in just a few moments. Last but not least, we had a shareholder approval to slightly broaden the mandate, which was to invest into wind and storage. I'll talk about that in terms of why we broadened it. It means that we have an allocation of about 25%, which can go into non-solar technology. It remains a minority, but it's an exciting development for the company. Post-period, we made our first acquisition into a portfolio of operational wind assets, which was very interesting. Neil, again, will talk about that in just a few moments. The only sort of disappointment was the overall total return. The renewable sector broadly had a bit of a re-rating over the past 12 months, and so the share prices were down from highs in previous periods. That meant that the total return was slightly lower. As I say, it's now offering a very interesting opportunity for investors when you think about the defensive nature of the revenues and the capital structure to be able to, excuse me, buy in at a very interesting yield of about 6.5%. Okay. On the following page, we've got the operational highlights. For those of you who have watched Bluefield Solar over the past eight years, you'll have heard me say this before. Solar is a really predictable way of earning income, so of generating electricity, and then earning income. The reason being, this is fundamentally different to other renewables, is it's a very low volatility because it's daylight hours driven. The vast majority of your earnings are going to come through the basis of the fact your power source comes on in the morning and turns off at night. It's matched with very simple technology, no moving parts. It's why Bluefield was set up 11 years ago in terms of the Investment Adviser, because we recognized this characteristic if you're looking for a really stable income. Yet again, you've got that array on the right-hand side, the irradiation, that's less than 1% down over the 12 months. That's based around the long-term forecast about what the irradiation levels will be wherever the particular solar farm is in the portfolio and you put that all together. Generation was a little bit down. The portfolio performs extremely well. It's very good at converting the irradiation. That was a little bit down on the forecast, and there are various areas, nothing which was particularly concerning, but areas which we're working on over the winter, o ur winter works programme. The interesting news obviously, which is very topical at the moment is the revenue side. Revenues for the periods were up, and that is taking into account some of the uptick that we started to see from the lows in mid-year 2020 when the pandemic was biting. The power markets obviously dropped and what we have is, and Neil will talk about this in detail so you can understand our power strategy. The electricity that we're selling to the market, we restrike periodically. We've seen, obviously, now that we're restriking contracts, they are achieving higher prices than what was in our forecast. That only tells really a bit of the story because we have a lot of the good news about higher power prices, and we'll come back to that. The higher power prices that we're seeing at the moment haven't really been factored into our earnings and revenue generation for this reporting period. The benefit of those is really going to be seen by our shareholders in the coming months and years. A few things we can pick up from that. In terms of a real snapshot of what we've done in terms of earnings, and then what we've done with those earnings. If you look at the highlighted blue chart, which is the period of the 2021, u nderlying earnings of GBP 0.1134 per share. That's very close to our record earnings. If you just go to the right-hand side with GBP 0.1203, which was the previous financial year. Those two financial years we have reported in are full financial years, which both take into account the pandemic. We have delivered very close, well, record earnings last year and close to record earnings this year. It shows the maturity, I think, of the business. It shows the robust nature of the revenue streams. Obviously, you have these high levels of regulated revenues that we have in the portfolio, but also a very successful power sales strategy. That has been a very good feature, and I think it shows a very solid operating model. I mentioned a few moments ago, we amortize debt. We pay down a whole bunch of our debt as we do each year, and we brought forward some reserves from the previous year. We had over GBP 0.11, which was available for distribution. Then you've got the dividend of GBP 0.08 per share. We've carried forward again, a record level, actually, of reserves. Now, if you're trying to work out, you're just doing a simple subtraction. It won't quite tally, because we've had shares issued in the period. There's been a kind of re-weighting. That all kind of works through, so hopefully it's a very good way of understanding what we're doing with the money. Neil will actually give you a little bit of another look at that in terms of where those funds have come from and how we've obviously used them. As I said, the NAV has held up pretty well with some headwinds around the long-term forecast power markets, but also some negative changes to some tax rates. Overall, again, a very solid position. Okay. On this slide, it's just about ESG. It's obviously a very, very key part for every business. Just because we invest in renewables doesn't mean we don't have to look at the S and the G part of that. On the environmental side, obviously, there's some very good stats. A nicer, I suppose, measure of what we are doing is on that houses powered, which is 187,000 houses, and that gives, if you do the calculation of how many people that is serving. We're actually powering a city the size now of Bristol with renewable energy, which is, as we have a Bristol-based business. That's been a source of great pride to them. Just to give you another context. On a sunny day in the afternoon, in the summer, we are providing about 3% of the U.K.'s electricity in those peak times between midday and 3:00 P.M. We're building that, and obviously that's an important part of the decarbonization story in the U.K. Following on from that, what I mentioned in my opening comments were about ESG and how important it is obviously to everyone in the market and our shareholders. One of the things we observed when looking at it ourselves and talking to shareholders was we found that it's quite a difficult area to navigate through, because it's changing a lot. There's a lot of information flying around, and it's quite difficult to work out what is important and what isn't. In order to address this, we undertook this materiality assessment over the past few months. With a third-party consultant, we looked to key topics. Having done that, we then went out and spoke to all the key stakeholders in the business. These are shareholders, Board, advisors, power sales consultants. Everyone who would be involved in the periphery of the business, to look, to identify of each of these 16 topics is important, but what really needs immediate active management that says there. Some which are sort of lower priority. It identified half a dozen, which you can see as you go to the top right there, human rights, and health and safety, and things which you probably think are quite sensible. This has come from a very robust process, which has taken a number of months. The next step in terms of actioning this is that we will look at addressing each of these issues with a strategy, and then obviously we will report that to the market as we go through. We hope that is creating some sort of sensible structure for investors and for the market to understand where we're making decisions around ESG. With that, I will turn the page over. Then, I will hand over to Neil, who will talk about some of our recent acquisitions and then look at the valuation in a little bit of detail. Neil. Thank you, James. This slide is illustrating a number of key themes of our acquisitions over the last year. There's a bar chart at the bottom, which is showing the capacity and the value. Then, there's donut charts on the right showing the impact on the portfolio of those acquisitions. I think really taking a step back, this slide is showing a tremendous period of acquisition activity for the fund. Really it starts just before the period in question that we're talking about in January 2020, where we purchased 13 MW of ground-mounted solar assets. That was followed up in the period by, as James has mentioned, two material solar acquisitions, which are shown on the bar chart in the bottom left. A 64 MW portfolio that we completed in August 2020, and then a 70 MW standalone asset in January 2021. That's England's largest solar farm. Beyond those highly successful acquisitions, over close to GBP 200 million in capital deployed into operating regulated revenue-backed solar. We followed up after the period end with two material firsts, a maiden investment into wind, on onshore wind in a 12-MW portfolio of 109 single-stick turbines. The attraction of that portfolio is that they're all backed by feed-in tariff schemes. The regulated revenue aspects of that wind portfolio is close to 92%. In August of this year, August 2021, we completed a maiden acquisition into co-location, where we purchased the project rights to a consented 45-MW solar and 25-MW battery project. Beyond the number of the acquisitions and the quantum, excuse me, of investment that we've made into our renewable assets. There are two fundamental points to take away from this. Firstly is that the acquisitions during the period and then crucially post year-end have been done on a highly selective basis. They've enhanced the revenue base of the fund, certainly from a regulated perspective. They've enhanced the technology aspects as the wind acquisition has done. I guess bringing that all together is the immediate repayment of faith that the shareholders showed in July 2020, when they approved the change in mandate for the fund to invest into, as James was saying, at 25% into complementary non-solar technologies. I think as a final point on this slide, which is shown in narrative in the middle, is that the regulated revenue base of the fund has moved up to over 65%, close to 68% at the time of acquisition of the wind portfolio. That's fundamental for the business in giving it a fantastic platform as it assesses opportunities into the future and the very likely mix that they'll form of unsubsidized, say merchant revenue-backed assets, as well as likely corporate PPA-backed or CfD-backed assets. It's a fantastic platform for the fund to continue to grow from. If we just move on to the next slide, please. Perfect. The next section of the presentation covers earnings and valuation. I think the first aspect of that is to look at what's happened in the power markets over the last 18 months. It's a key topic that's making a lot of headlines at the moment, including the 10 o'clock news on BBC One. I guess it's worth pausing for a moment to just talk about the key themes that have happened. It's been well documented that there's been volatility in the power markets, effectively starting at the point where the world first went into lockdown in March 2020. At that point, there was an immediate effect of a dramatic drop in electricity demand. That resulted in day ahead power prices falling to below GBP 24 per megawatt hour. There was then a rise steadily during the remaining quarters of 2020, and actually a brief moment where power was above pre-pandemic levels in December 2020. I guess the big story is that as the economic recovery has gathered pace following spring 2021, lockdown measures have began to ease. There's been a dramatic demand for gas, and that's driven in particular from Asia. That's coupled with low storage levels in Europe following a cold winter in 2020. That's brought certainly into the U.K. market, in Europe in general, concerns around gas levels ahead of winter 2021. That's driving the rise, the significant rise you can see on the far right of the top chart. This has all been compounded as well by low wind generation during summer 2021. Of course, carbon pricing has risen as there's been a switch to a greater degree of thermal generation. Power for winter 2021 and into summer 2022 is continuing to be seen at record highs. I guess that's fantastic for generators like ourselves. Of course, it does bring consequences for some of the energy supply companies as they're struggling to match rising wholesale prices with tariffs that they promised their customers. Unfortunately, this has obviously resulted in a number of newer and smaller energy suppliers entering administration. I think it is important just to reference at this point that the company and the contracts that it has with its energy suppliers. They are over 80% with two of the largest energy companies in the world, and the remainder are with investment-grade counterparties. The business and the fund is highly insulated from a risk of supplier default. Sorry, just, James, stay on this slide. I guess the final bit to run over is that despite the dramatic level of volatility over the past year, one of the key elements for the business is the careful application of its rolling hedging strategy. For completeness, that is where on average, 25% of the portfolio is fixed each quarter for typically two to three years. What that's meant is that the average price achieved by the company over the period, which is shown in the bottom left-hand graph, has remained relatively stable. I guess the impact of that is that, as James has outlined, the company has delivered close to record earnings through a period of significant market turbulence. It's done that without exposing shareholders to the risk attached to this highly volatile power markets. I guess looking into the future, as James will outline a little bit more further on, is that the flexibility of the hedging approach has meant that the company has also been capturing value from rising power markets during 2021. Between January 2021 and to date, we fixed over 312 MW. The average pricing for those fixes, which are starting throughout the latter of 2021 and then on into 2022, has been between GBP 61 per megawatt hour and GBP 68 per megawatt hour. I guess in doing this, we've not only created revenue certainty, as shown by the chart in the bottom right. Whereas at 30th of June 2021, 88% of the revenue for the 12-month period to June 2022 has been secured. We've also created value for shareholders in the coming financial year by fixing at levels that are above previous forecast estimates. If we move on to the next slide. Consolidated portfolio earnings. This slide continues to build on themes that we have spoken to those that have followed us for many years, a number of times, and that's that the company's financial performance continues to be built on the three central tenets. Consistent portfolio operational performance, a power fixing strategy that smooths out market volatility, which we've just been talking about, and obviously prudent management of operational cost. I think the key element of this slide is to be able to draw detail out for shareholders and analysts around the financial performance of the underlying businesses. The operational assets through to the cost incurred by the funds, and then how that relates to the dividends available for distribution ultimately to shareholders. I think rather than going through every line item in the table, it's worth pausing on a couple of two to three themes. I guess the first is that the material acquisitions completed in the period of 64 MW and 70 MW of solar respectively have contributed a very pleasing net income benefit of GBP 5.1 million to the company. That's the result of the timing of the acquisitions and the way they were structured. Outside of the acquisitions, what we're seeing, as James has mentioned, is that the operating portfolio has had revenues just slightly ahead of budget. Costs, as we look down the table, have been effectively in line with expectations in prior year. If you are looking at the portfolio and project finance investment cost, that rise from GBP 14 million to GBP 19 million is the result of the enlarged portfolio. That's a very natural increase in operating costs. Running through the table after we take off operating costs and interest costs attached to the financing that we have in place, you're left with underlying earnings of GBP 48.6 million. As the bar chart at the bottom of the slide shows, that then after taking off debt repayments in the period that James has mentioned, the dividends that we've declared and paid of GBP 0.08, and then a correlating or a correction for new shares that we raised post period end in our GBP 150 million equity raise. You're left with GBP 0.0267 per share as a carry forward distribution for future periods. It's been a very successful year on the earnings and finance front for the portfolio. In the same way that earnings are crucial for distributions to shareholders, the other significant figure that makes up the annual accounts is the Directors' Valuation. Obviously that's the single most important number for the company's NAV. I think what we've seen in this slide is outlining in the bubble chart and also the bar chart at the bottom is that, as people on the call will be familiar since Bluefield Solar Income Fund first listed in 2013, there's been a significant increase in demand for renewable, non-correlated, sustainably generated income. There's been increasing familiarity with the sector and greater comfort with the technologies. What that's seen has effectively been a decompression in discount rates, and that's shown in the bar chart at the bottom where in the top left-hand side of the chart running through to the right. You can see that discount rates have effectively been falling. Where we place our NAV and where we place the Directors' Valuation is in relation to market activity. We completed on a willing buyer, willing seller basis. For us, it's important that at the end of each period, we're able to accurately reflect its position against market transactions. The bubble chart at the top of the slide is just doing that. You can see the polo-shaped dark blue dot is where on a pound per megawatt basis, the Directors' Valuation sits as at the 30th of June 2021. There are a number of assumptions that underpin that. Firstly is the discount rate of 6%, which we've held flat with June 2020. We brought in the latest forecast, the power curves. We use a blend of three leading forecasters. We have increased our inflation assumption by one year to 2025 at 3%. Thereafter, we are remaining at 2.75%. As James mentioned, there is an increase to tax assumptions, where we've changed from 2023 or April 2023 at 19% to 25%. That runs out for the life of the assets. As a reflection of success achieved within the company's asset life extension programme, and respective to market assumptions that we're seeing in transactions, 80% of the portfolio is now valued on a 30-year to 40-year asset life basis, which on a weighted metric is an average life of portfolio of 30.2 years remaining, as shown in the bottom right of the slide. This slide is more for the numerical purists out there, and it's translating NAV movement in the period against portfolio valuation movements and NAV movement being the top graph and portfolio valuation movement being the bottom graph. I think that again, rather than looking at each bar item in turn, it's important to just cover a couple of key themes. One is, as James has mentioned, that the NAV has remained effectively flat between the periods, GBP 1.17 in June 2020, and GBP 1.158 in June 2021. A marginal drop of about 1%. That only tells a part of the story because within that NAV movement is a change in valuation of the portfolio of about GBP 90 million. That's inherently been driven by three key themes, of which I've discussed a little bit on the previous slide. Ultimately, it's the inclusion of updated power forecast curves, which, whilst they've risen in the near term quite significantly, they're continuing to show a medium and long-term deduction as a result of expectations of lower commodity prices and increased renewable deployment. That's reduced the valuation a little bit. The tax change where we have, as I was talking about and James has referenced, we've moved our long-term tax rate assumption after April 2023 to 25%. Those two negative impacts have been offset by the positive benefit of increasing the asset life on a further section of the portfolio. As already alluded to, we are valuing 80% of the portfolio now between 30 and 40 years of asset life. Finally, yes, sorry, onto the next slide, please. Finally to wrap up the section on sensitivity analysis and valuations is the standard tornado chart showing the impact flexing key assumptions within the valuation make on the Directors' Valuation. I guess perhaps an important point to make here is that in a world where inflation continues to rise, and that's obviously a big topic at the moment as well, that has a positive impact on the company. Not just from an earnings, but also a valuation perspective. The reason behind that is simply the regulated revenue base that the company has will rise at a faster rate relative to the operational cost. It's a net beneficiary in an inflationary environment. That's the final bit of earnings evaluation. Great. Thank you, Neil. On to the final section. The future. What does the future hold? Well, I think we'll start from talking about the past. A lot of what we're going to do going forward is going to be very similar to what we've done in the past, because it's been very successful. There's lots of charts you can look at there. In terms of the top left, I think, again, just repeating. This is about defensive income, very predictable earnings. If you look across the past eight years, we had our first year when we had IPO, where we had a lower dividend, and then we have been GBP 0.07 per share and rising. We've covered by earnings and now obviously carrying quite a lot forward. We've announced what's very important is announced that the Boards, that there is an increase in dividend for the current year, which is ending June 2022, which is GBP 0.0812 per share. A very strong, there's not only track record, but there's also a clear distance in terms of our dividend relative to sector. We think it's one of the most attractive dividends we've got in the infrastructure space, not just in renewables. In terms of what the next sort of steps will be. We will continue to focus very heavily on solar. We broaden the mandate, but we are going to focus on solar. It's not less than 75% will be into solar. As I say, we've got those points which I spoke about in my opening comments, is that you have this very high level of predictability, you've got a simple technology, and then we've matched that to having very high levels of regulated income. Solar, just by dint of the support mechanisms that it had, historically has the highest regulated revenue. You have that really stable backdrop. We've got over 600 MW of operational solar at the moment, typically in the southern half of England and Wales. We're building out. The big sort of news in terms of that solar development is that we're pushing a big portfolio of new builds, which will come through really in terms of timing, will be coming through at the end of 2022 and then really starting to be built out in 2023 onwards. We're very much backing the next phase of growth for the U.K. solar market. Where we'll, just as a point. What we're going to do with that portfolio in terms of the new developments, is it will be at the moment we are anticipating a mix of three options really, in terms of what we'll do with that. One will be subsidy-free. We're very comfortable with that in terms of the DNA of the business and the way that we've driven out very high returns for shareholders historically, is that we have a very active management strategy. We have construction engineers. We obviously have a development pipeline, which is proprietary. We have the ability to, we've demonstrated over a number of years, the ability to be able to really drive out good returns. We're also starting, it should be said, we're starting with, at the moment, with the highest level of regulated revenues in the sector. We can feed in a portion of subsidy-free assets into the portfolio, which will increase diversity. Demonstratively, we've demonstrated how we can drive out high earnings from those types of assets, but we'll still end up with either the same or the highest amount of regulated revenue in the sector. We think that's a sensible option. We'll also, beyond the first CfD auctions, we're just starting actually with the various technologies we're going to see at the auctions. Not so much the immediate one, the following auctions. We expect solar to play a more significant part and we would look to be a participant in that, and that would be a good balance, as we think, between that and some of the subsidy-free assets. Also we are looking, and we will explore whether it would be appropriate for investors, for our shareholders, whether we sell a portion as well. I mean, of that 770 MWp, I should say that not all of it will come through. Anyone who's been involved with any type of development, know all of those things will come through, of course. It's a very good and very high-quality pipeline that we're dealing with at the moment. That's the first part of the next phase. We've also, and we've talked about this with the market before. There is also, why have we broadened the mandate when you've had so much success? We thought about this very hard because we broadened the mandate and we got very good support from shareholders over the summer last year, is that we've looked at the market in terms of where there are other technologies that would be complementary to a solar portfolio, but also that are offering reasonable value on a risk-reward basis. One of the things we have said to the market before is that the renewable sector is, and increasingly you have this choice with 17 or 18 different funds, is you have a wide spectrum of funds which are all underneath the umbrella of renewables. But the risk profile is becoming increasingly different because of different technologies, because of different geographies, because of different capital structures, because of different debt structures. What starts out being a really simple business in 2013, 2014, is increasingly complex for investors and for analysts. Where we have looked in terms of that broadening of the mandate was to look at technology that we felt would complement the existing portfolio. That's why we've made an acquisition into subsidized onshore wind. It's complementary in terms of geography. Typically, those portfolios are in the north. Our portfolio of solar is typically in the south. You have complementary generation. It's kind of winter to summer. Also, obviously, the Gladiator deal that Neil spoke about has very high levels of regulated revenue, which we like. We've now got above 2/3 of regulated revenues in the portfolio. The pricing both for subsidized solar and the pricing for subsidized wind, we think remain pretty fair value particularly when you've got those kind of characteristics. We also obviously like the opportunity for subsidy-free solar, again, within a [large-scale portfolio only one] can guess, can get higher returns. We think that fits well. Where there are challenges for people is where there is, if you were thinking about these little circles, is clearly the further you are over to the left. The high left is where you don't want to be. Certainly, we're seeing when you've got technologies which have enormous complexity relative to something like solar, like something like anaerobic digestion, for example. Investors should be demanding and actually receiving higher returns. Indeed, something like batteries. Now, we like batteries, but batteries need to deliver double-digit returns. For investors, you need to see that you're getting that partly through yield, and also that there is something being done accretively with the balance. If a battery is going to deliver a 10%-12% annual return project, IRR, our view is investors should get the benefit of that rather than just being put into a kind of 5% yield product. There is a big, sort of, for us, there's always been this sort of analysis in terms of where do we really see that there is fair value. Just because solar relatively offers a lower return, it should offer a lower return because it's far lower risk than other technologies. It doesn't mean that it's mispriced. Okay. In terms of, I'm very happy to come back on any of that, obviously, with questions at the end. In terms of a key differentiator for Bluefield, or one of the reasons we've performed consistently well, is in the area of this very granular operational management. We try to illustrate it here on this page, which is that when you're thinking about a life cycle of an asset, we view this as that we will be lifetime owners of the assets. Since the get-go, that's how we tried to set up Bluefield as a business. There are four complementary businesses, all that are dealing with different parts of the value chain. You start on the left-hand side where you can control development pipeline, going through investment, and then what often surprises people, and this is where it's very different from traditional fund management groups. You've got Bluefield Services and Bluefield Operations, where of the 66-odd people that are working day-to-day on the Bluefield Solar Income Fund, over 50 at the moment when we've got the LCP development, are not involved in investment work. You've got this very heavy amount. There are people involved in every aspect of the management and the optimization of the performance of the portfolio. Just to bring out a couple of things here, just two to three points is within the investment team. When Neil and the investment team were going in to make an acquisition, Neil will be accompanied by a portfolio team who are obviously looking at how the assets might work and also technical capability because we have an engineering team that will go in on site immediately. That allows us to be able to move very fast. We can make decisions very efficiently. We also have a construction engineering business. When we build that new capacity, we have people that go on site to observe the build-out of these assets because they only take about three months to build. They've got to operate for 30 years. We've had that since IPO. Operation and maintenance, just to pull out a few ideas. Within the asset management business where you've got the monitoring reporting, we have proprietary technology. They have something like 150,000 bits of data coming into a business every 15 minutes from the portfolio. There's a lot of information which you have to kind of cut through to be able to translate it into useful information. You've got operation and maintenance. Since the end of 2019, or around about 2019, that team has driven something like 750,000 mi to and from the portfolio. It's very active management. They've driven to the moon and back in terms of distance on looking after the portfolio. They've produced something like 20,000 on-site reports feeding back into the asset management business, which then gets pushed up to the investment team to make sure that we are comfortable that we have all the information about the performance of the portfolio. That's why it works well. It's not a sort of mystery. There's no alchemy to it. It's just a lot of hard work. Okay, last couple of slides from me. I'm just going to very briefly talk about the sort of the good news coming down the line in respect of the power strategy. Neil's mentioned it's very defensive in nature, but we obviously at the bottom of this chart here. It's slightly underplayed, actually. We restruck quite a lot more. You've got the blue dots there, which are the restrikes of when we have recontracted some of the power contracts within different assets. What you can see if you go to the right-hand side is you can see that we're obviously tiering up where you've got that. We're tracking upwards the average weighted power price, which is obviously a reflection of the market. We have the ability to be able to be fairly flexible with that, and that obviously is beneficial for shareholders. If you go to the top right where you've got the GBP 49.88 per megawatt hour, that's fantastic. That was the average price of power contracts at the end of the financial year, June, which is a great performance considering the undulations of COVID. We've ridden out, say two full financial years. Well, not ridden out. We've actually thrived during the period of COVID through having a very sensible defensive contract strategy. Now the benefit of the higher strikes, so they're below, is almost GBP 57 per megawatt hour for the new contracts which will be coming on in 2022. You're going to see a big increase which obviously hasn't been reflected in the earnings so far. We've got, as we always do, we have a big chunk of contracts which are going to roll over in 2022. You're going to see obviously, if the market remains inflated. Let's be honest, we think it needs to come down. It needs to be more sustainable than it is at the moment. In terms of that market where you've got some inflationary pressure, then the company will be the beneficiary of that, and the shareholders will be the beneficiary. The final part is we just finished on a few sort of opportunities and challenges. We'll start with challenges and just going to that energy price inflation point. We've actually put it on both sides of this. Clearly, the situation that you've got at the moment is unsustainable. Apparently, we're going to be helped out by Putin, that's great. I think what we need to see, obviously, is that there is still very solid resolve in terms of a long-term energy strategy because there is no alternative in terms of needing to decarbonize. I think that on the sort of the flip side of this. Because as you do have that second point in terms of challenges, is that there have been widely reported that there's some concerns. Particularly from a sort of a note or a journal that was put out by Bloomberg New Energy Finance about what might happen to power prices in the 2030s and about the cannibalization of returns that you get increased renewables and they sort of eat themselves in terms of their returns. It's a fundamentally different forecast to any of the actual forecasters' views. While it's a very difficult science, let's be honest, or it's an art as much as a science, we don't buy that at all. In fact, we think that there's some very big flaws in terms of the concerns about long-term power. I think the good thing for shareholders today is that the valuations that you're seeing are baking in very significant drops, certainly from 2013. Particularly from sort of 2015, 2016 onwards, which have already been baked in. You've got a much lower long-term forecast already. I think there's a lot of caution already baked into those. A big issue which should be raised, which is not unique today to the solar industry, but is about supply chain. There have been issues around some of the labor practices from some regions about which are being addressed. We're a public signatory on our zero tolerance view about slave labor practices, but also working with some of the European and U.K. trade bodies in terms of looking at making sure that we're comfortable with the supply chain issues that are coming out of those countries. More, almost as immediate is also just supply chain inflation. There is, for the first time that I've experienced in almost 15 years being in the solar industry, there has been over the summer, very significant supply chain inflation. It's not clear at the moment how that will work out, although I'm a great believer in the solar industry's ability to create very cost-effective solutions. It's been proven year in, year out. The great thing about solar as a technology is it's very commoditized. One would believe if history were to go by, that the industry will deal with that. There will be a short-term inflation problem. It's not an issue for this particular fund at the moment because we're not looking to buy modules. I'll just finish up on the opportunities. I think it has never been more unified, the support politically and also from the general public about the desire to decarbonize. Obviously, we've got COP26, which is putting the current government in the spotlight to make some very bold statements, which they did on Monday about saying that we need 100% renewable energy by 2035. People have a very ambitious Ten Point Plan. Obviously the Bluefield business fits very neatly into that. You have very strong support broadly. There's also inflation is a big issue, and Neil touched on this. In an inflationary environment, the company does well. You have majority of revenues are directly linked to RPI. We have our capital structure. This won't be the same for every fund in the sector, but we have our majority of the debt is fixed amortizing, which you've seen being paid down in some of the earlier charts. In an inflation environment, there's an earnings boost. In that, obviously we all want it to be modest or sensitive to inflation. In that environment you are going to benefit, which is good. The other bit, which is just to finish on, is obviously the flip side of the energy price inflation, is that we have been saying for a couple of years. It's partly why it drove part of our mandate change, a consequence, is that is the only forecast that we made when we were talking about the future of these power markets was that they would be very volatile as you look to decarbonize. The markets are unlikely to be volatile because if you're getting base loads taken off through policy and you're replacing it with intermittent generators like wind and like solar, although solar is obviously more stable, is that you're going to have periods where you're going to have imbalances in the system. What's happening at the moment is not really to do with that per se. This is where you're coming at it from a very unusual position. You've had very low supplies coming into a period as we are now, so this is slightly separate. These structural imbalances are likely to remain. We said that for a while. We think obviously that is going to drive probably at times higher prices, but also more volatility, which is where we've obviously got the strategy around storage. Both of those things will be beneficial for both generators and obviously for our storage strategy. Overall, as ever, hopefully that's a reason to realistically look at the position in terms of what we see as some of the challenges. I think on balance, there are some very significant opportunities for the business. We've got some very good news which is obviously coming down the track in terms of our power strategy and the impact that will have on earnings. I think with that, Mark, I can hand back to you. Yeah, that's great. Thank you. Yeah. Thank you very much indeed to both James and Neil for updating investors this morning. Could I please ask investors to continue to submit your questions using the Q&A tab situated on the right-hand corner of the screen. Just while James and Neil take a few moments to review those investor questions submitted already, I'd like to remind you that a recording of this presentation along with a copy of the slides and the published Q&A can be accessed via your Investor Meet Company dashboard. We will notify you by email when they're ready for your review. I'd also like to remind you that your feedback is important to the company. Immediately after this presentation has ended, we'll redirect you for the opportunity to provide feedback in order that the company can better understand your views and expectations. James, Neil, investors did have the ability to pre-submit questions. Perhaps I could start off the Q&A with those that we received. It reads as follows: Will you give more detail about the forward PPAs so that investors get more visibility on the amount of electricity hedged into the future? I know you touched on it a little bit. Perhaps you could just give any further clarity. Yes. That's good. I think, if we just go back to the slides, I think Neil really spoke about that where, we as a business are largely hedged going into any period. A great example would be the 23rd of March 2020 when we all went into lockdown, and we had over 90% of our revenues were fixed and contracted. As Neil explained, we have a policy where you start with 65%, 66% regulatory revenue, so that's dealt with. Then of the power sales strategy, you're looking at, you've got a rolling process where we will be refixing contracts. If you wanted to do it, kind of interest, absolutely precise. You'd be looking at doing sort of circa 25% of the portfolio every three months. It's never quite as smooth as that. What it does is it means that you never have a large exposure for the ups and the downs as well. That's something which is very important in terms of this idea of giving a great deal of visibility to our shareholders about the revenues which are coming in. On any one day, someone could ring up. Obviously, this would need to be in the public domain, of course. The answer, but they could ring up and they could ask what the level of contracted revenues we have. We would typically be in that sort of level where we're going to have a very high level of fixes. Typically sort of circa 90%. There was one, if I could just answer- Yeah. ... two birds with one stone. There was a question about the duration of the contracts. There was a question from [Dave]. Okay, it said that how long is the average energy contract, and how is it fixed? What you do is that you typically bundle together. We deal with very large suppliers, which just to repeat what Neil said, so we have very good counterparts. They're big. You'll know them very well, counterparts. We typically bundle the ROCs and the electricity contracts. The power sale contract together. The range that we have, we have flexibility to do this in terms of, because of the capital structure. We will typically have, shortest would really be six months, but typically it's one to three years is the contract. What you're trying to do is you're trying to capture there the forward curve, which is going to be going up, and get as much value as you can for those contracts. They have the suppliers, so those are taking those contracts. We just supply everything to them. You have winter and summer prices. Everything we produce, they take. That's great, James. Perhaps I could just, yeah, as you're saying, you've got a number of questions that have come in throughout the live event. Thank you to all of those investors that have taken time to do so. Perhaps, if I just hand back to... I'm mindful of your time, but feel free, crack through these questions as you see fit. If I could ask you to read out the question, and where appropriate, give a response, and then I'll pick up from you at the end. Yeah. Fine. Okay, we'll take them in order just so that those who are very prompt in asking, they get the benefit. [Tim V]. Do you think the recent power price surge will translate into longer term PPA in the future? Are your customers already discussing this? Neil, I'll hand over to you in terms of, have you seen anything in talking to any of the PPA providers that they will change, the contracts are going to change? No, is the simple answer on that one. I think the current view, certainly from the people we're talking to, is that this power spike we're seeing is a short term, is a result of a number of events coinciding at the same time. The expectation is that power will come back to more reasonable and sensible levels. Probably very likely, the sort of blue line that is on the slide at the minute in the next one to two years. I don't think we're seeing a big structural shift. We're seeing a point-in-time effect. Yeah. Some are asking, some are hoping, I think, that possibly the power forecasters will adjust their long-term forecast. I think that might be sort of wishful thinking. You'll certainly see some sort of improvement in the short term. [Tim V] again. What is the current position with respect to Ofgem audits of your site? We're really very comfortable with this, [Tim]. I know there's been some issues with some companies. We're going through a usual process where we have some audits are ongoing, but we did a third-party evaluation with our portfolio management team, which started over 18 months ago, where we went through every single site. We've got over 100 in total, site by site, and did an evaluation. If there was any issues, checking that we were missing documents, and we got a clean bill of health across the whole portfolio, which we were very pleased about. Now we're just working through with Ofgem, on any of those sites. That's very much in hand. It's a very good question, but it's very much in hand. [Sanjay H.] has asked about the revenue cost ratio for solar versus wind on a per megawatt basis and which is the more profitable? What is the strategy to optimize this balance? Are there other factors at play? That's a big question. There are lots of factors at play in terms of the geography, the technology you're using. All I can say in terms of where you're getting to, I'll give you a snapshot, is that today solar is cost competitive against any other technology. The best two are solar and wind in terms of your cost dynamic, in terms of the revenue it can generate, and both are the most stable. It's quite a big answer in terms of the analysis you need. As I say, you have a number of factors that come in. What I would say is that if you look at solar on that sort of cost reduction dynamic and where it is today, in terms of the ability to deliver the most stable of the generation on a cost competitive basis. I'm assuming here as well, you're doing it on a subsidy- free basis, obviously. You're just doing it like for like. You have that low cost of installation basis then. Solar and wind track each other pretty closely. The only difference in, say, being is that solar has a more predictable generation. I'll go to [Dave M.] now. For any future battery storage technology, will you be considering vanadium flow batteries with their long-term benefits, an alternative to lithium? Yeah. Significant. It's a very good question. Neil's been looking at that. Yes. I think with anything with batteries, i t's a great question, i s that we are looking at all different technologies at the moment. We are initially still in terms of the modeling is looking at some lithium. It remains a very sensible option in terms of what we're trying to achieve with some of the standalone technologies, standalone sites that we've got. The market, [Dave], is moving very fast and the technology is changing. At the moment you're seeing very big cost reductions in the traditional sort of battery space, obviously then as a sector, it's going to be transformed in the next 5-10 years. What we need to make sure is that the type of battery solution that we have is fit for purpose and is durable. If new technologies come along, then we'll obviously assess them. The interesting thing is that, often new technologies are, if you look at the kind of solar market, find it difficult to break through because of the bankability of them. Certainly as a market, one feels that there will be very good going forward. [Dave] again is, can you comment on the useful life of the solar units in years? Secondly, how is the end of life decommissioning accounted for, and what is the quantum? Neil, do you want to just quickly answer that one? Yes, certainly. I guess there was a stat on the valuation slide in the presentation, which showed that the average weighted useful life left of the portfolio is 30 years from today. In terms of decommissioning, I guess there are a couple of ways that's generally assessed. One is that the recycle value of the material will be sufficient to cover the remediation of the land, and return to its original condition. I guess that's the standard approach. Within a number of the leases that we have within the portfolio, there are specific decommissioning requirements. On some projects, there are funds which need to be put in place in effective escrow accounts over the life of the assets. They vary in start time from at the beginning of the lease through to starting 5- 10 years from the end, through to a market assessment of the cost to decommission, as you get close to the end of life. There's a variety of ways that it's done. When we look in and apply that to our portfolio, we do it on the premise of assumptions as they stand today. Recycle value through to physical contractual position. Great. Thank you. We've got quite a few questions, so we're going to try and go through them. [Sanjay]. Do you buy or lease the land on which the developments are undertaking? What are the terms agreed with the landowners, if any, on cost increases over the lifetime of installs? Does anyone on the Board have interest in the land developed? I'll answer the last one first. No one has any interest from the Board in the land developed. There's no conflict. We very typically lease the land. Although a deal Neil recently did, for the first time, we bought a land. We like both, but typically it's leases. Overwhelmingly, it's leases. You tend to have initially a 25-year or nowadays it's normally a 30-year lease, which is either fixed and rises RPI. Sometimes there is some sort of share in terms of, there is some mechanisms where there can be some upside for the landowner. They are done on a fixed cost typically per acre from the starting point. It tends to be a very good and attractive deal for landowners because they can get some stable income over the long term. [Maurice]. Hope that is right, [Sanjay]. [Maurice L]. This is one for Neil, is please clarify on the IFRS EPS, so earnings per share, is at GBP 0.0625. This could be quite a long answer. How that roughly reconciles to the stated earnings per share of GBP 0.0916? Because, obviously this is the problem with the consolidated accounts and how we have to report. Are you able to answer it relatively quickly? Because we do have quite a lot of questions to go. I think the short answer is the IFRS number is essentially driven by valuation movements during the period. If you have a significant valuation uplift, the IFRS EPS number will be higher in the period. If you have a valuation shift down, then it will be lower. The EPS of GBP 0.0916 is the absolute earnings within the portfolio. It's the financial performance of the portfolio in the current period, absent of effective valuation movements. It's accounting versus cash, I guess you could say. Thank you, Neil. Great. [Alexander S]. We've got just three or four questions left. [Alexander] asks, any thoughts on bond issue to diversify funding and fix financing costs? It's a very good question as well. There's a huge, huge move with green bonds. Neil and I are sort of inundated by requests to look at it. Our job really, [Alexander], is simply to try and create the most cost-effective financing solutions. We do like structures, particularly where we've got amortization in them, particularly where we've got lots of regulated revenues. Yes, we will look at it because there is so much interest at the moment in terms of providing green bonds to companies like Bluefield Solar, then there could be benefits. We will only do it on the basis that it's the most cost-effective structure out there. There certainly is quite a lot of choice at the moment for sure. [Warren C]. Has the portfolio benefited from any short-term PPA pricing in excess of GBP 100 per watt hour what we've seen in the last few weeks? e.g., so one-year maturity. I have you locked in any power prices greater than that price? Is there any meaningful ability for you to do so over the portfolio the next few months? I'll answer the second bit. Neil can talk about Gladiator because that was in the public domain, because that was probably the highest strikes I think we probably got. Yes, we will have the ability. We're restriking quite a lot over the actual 2022. There is the ability to be able to track the market upwards, [Warren]. We think that, clearly, if it's as the market goes up... we haven't disclosed whether we struck any over GBP 100. I suppose we should say Gladiator, Neil, is something which is in the public domain. Well, the fix is achieved on Gladiator, wind portfolio and not in the public domain. They are getting close to that. Yeah. I think maybe the key distinction here is, when we're striking contracts, we're not striking for less than a year. We're generally striking between 24 months, 18 - 36 months. There is an element of a longer-term discount applied to the immediate spot price that you're seeing in the open market. That would be a reason why people who are fixing slightly longer-term contracts than day ahead or sub one year wouldn't be capturing the GBP 200+ pricing that's currently in the market if you went today. They're certainly improving, [Warren]. That's the trade-off we would make for the discount. Obviously, the certainty of the revenues that we can see for the shareholders. [Stuart W]. Can you expand on the funds likely to be needed to build out the current pipeline relative to the current size of the company? Whether the mix of equity and debt is likely similar to where it's going? Yeah. Very much so. Neil and I have stated this, and also the Board. We think that the debt level of circa 40% to gross assets is a good level to be at. If we raise more equity, it'll go down a bit. If we raise a bit of debt, it might go up a little bit. That kind of band of low 40s to gross asset value is where we want to go. What you need for the current pipeline. If you are looking at new build, just as an estimate, you can see at the moment it is roughly about GBP 500,000 per MW. So you can kind of work that out if we were going to put in a few hundred megawatts of new build, unsubsidized. But if you are buying, obviously, the subsidized assets, which you could see from the recent acquisitions that Neil spoke about. Ty pically, you are paying in excess of, obviously of GBP 1 million per MW, so GBP 1.2 million-GBP 1.3 million per MW would be a kind of reasonable range to think about. And sometimes, depending on the level of regulated revenue. If it is much higher, you can go above that. You can sort of track it quite easily. In terms of, obviously, that exposure to debt. We're very much, [Stuart], looking for it to stay fairly consistent to where it is at the moment. I think it's the final question is from [Warren C]. Can you say more about your move into battery? Are you seeking to develop, own, or buy operational assets? Co-location, how close are you to adding battery storage to your existing solar assets, grid connections? Neil, do you want to take that? Certainly, James. I guess just taking it in order. We're doing a mix. I guess success has many faces. There are agreements we have in place where we're looking to develop batteries direct. We're also in the market looking for secondary assets. In terms of buying operational assets, there aren't too many of those at the minute. We'd certainly be looking to acquire them should they become available. In terms of co-location, we have looked a lot at putting batteries alongside our current solar plants. There's certainly sufficient land to do so across the majority of the portfolio. The challenge tends to be around the grid arrangements, and whether there is an availability of ultimately import capacity and export, if you want to run them independently of the solar export connection. That can be very, very difficult to get on the existing portfolio. We continue to look. Grid is a little bit of a dynamic beast at the minute. I wouldn't want to steer people, that there's a significant opportunity in that area of the portfolio as of today. James, Neil, I might just take the liberty if I may just to jump in. Because for every single question you answer, you get another one or two back at you. Thank you firstly to everybody that's taken the time to submit questions today. Of course, we will make sure that the company can review all questions submitted and publish responses where it's appropriate to do so. Guys, I know investor feedback will be particularly important to you. I'll shortly redirect investors to let you have their thoughts and expectations. I guess before doing so, James, if I could just ask for a few closing remarks. Then, as I say, I'll redirect investors. Yeah. Thanks, Paul. Well, look, really appreciate it. Thank you so much, from Neil and I, for your time. Also the questions. That was very good workout. You got us thinking. Thank you for those. Also thank you for listening. We've been really pleased with the results. We think it's a great, really solid performance, based around obviously the backdrop of the pandemic. As we've indicated, we think there's some very positive news as well with both the development pipeline but also the earnings that we're going to drive out going forward. We look forward to speaking to you again soon. James, Neil, thank you so much for updating investors this morning. Could I please ask investors not to close this session as we'll now automatically redirect you for the opportunity to provide your feedback in order that the company can better understand your views and expectations. This may take a few moments to complete, but I'm sure will be greatly valued. On behalf of Bluefield Solar Income Fund Limited, we'd like to thank you for attending today's presentation. That now concludes today's session. Good afternoon to you all.