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On 31 October 2025, the UK's Department for Energy Security and Net Zero published a consultation proposing two changes to the indexation of Renewable Obligation Certificates (ROCs) and Feed-in Tariffs (FiTs). These proposals include bringing forward the switch from RPI to CPI indexation from 2030 to 2026, or holding payment levels at current rates until historical CPI aligns with RPI. Bluefield Solar Income Fund Limited's Investment Adviser estimates these changes could negatively impact NAV per ordinary share by approximately 2% (2p) under the first proposal and 10% (11p) under the second, if applied to its portfolio.
| Date | 7 Nov 2025 |
| Time | 07:00:10 |
| Category | Corporate updates |
| ID | 5804G |
7 November 2025
Bluefield Solar Income Fund Limited
('Bluefield Solar' or the 'Company')
Potential Changes to UK ROCs and FiTs Regimes
On 31 October 2025, the UK's Department for Energy Security and Net Zero published a consultation regarding potential changes to the indexation of Renewable Obligation Certificates ('ROCs') and Feed-in Tariffs ('FiTs'). The consultation outlines two proposals:
1. To bring forward the switch from RPI to CPI indexation from 2030 to 2026
2. To hold ROC and FiT payment levels at current rates until historical CPI aligns with RPI, after which CPI indexation would apply
The estimated benefit to the average household bill for 2026-27 is £4 under Proposal 1 and £13 under Proposal 2, excluding any consequential impacts such as increased cost of capital.[1]
Bluefield Solar has exposure to ROC and FiT revenues, reflecting its established portfolio of UK solar assets developed under these schemes. The Board and Investment Adviser are actively engaging with the consultation process and with Government stakeholders, noting that retrospective changes of this nature risk undermining investor confidence at a time when private capital is essential to delivering the UK's clean power ambitions and securing long-term energy resilience.
The Investment Adviser estimates that, if applied to Bluefield Solar's portfolio, the negative impact on NAV per ordinary share is estimated to be c.2% (c.2p) under Proposal 1 and c.10% (c.11p) under Proposal 2. These figures remain subject to further modelling and will be updated as more clarity emerges.
Bluefield Solar remains committed to supporting the UK's energy transition and will continue to advocate for policy stability and fair treatment of renewable investments.
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For further information:
Bluefield Partners LLP (Company Investment Adviser)
Bluefield Solar Board To be contacted via Ocorian
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Tel: +44 (0) 20 7078 0020
Tel: +44 (0) 1481 742 742
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Deutsche Numis (Company Broker)
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Tel: +44 (0) 20 7260 1000 |
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Ocorian (Company Secretary & Administrator)
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Tel: +44 (0) 1481 742 742 |
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Media enquiries:
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Tel: +44 (0) 20 7466 5000
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Notes to Editors
About Bluefield Solar
Bluefield Solar is a London listed income fund focused primarily on acquiring and managing solar energy assets. Not less than 75% of the Company's gross assets will be invested into UK solar assets. The Company can also invest up to 25% of its gross assets into other technologies, such as wind and storage. Bluefield Solar owns and operates a UK portfolio of 883MW, comprising 825MW of solar and 58MW of onshore wind.
Further information can be viewed at www.bluefieldsif.com
About Bluefield Partners
Bluefield Partners LLP was established in 2009 and is an investment adviser to companies and funds investing in renewable energy infrastructure. It has a proven record in the selection, acquisition and supervision of large-scale energy assets in the UK and Europe. The team has been involved in over £6.3 billion renewable funds and/or transactions in both the UK and Europe, including over £1.9 billion in the UK since December 2011.
Bluefield Partners LLP has led the acquisitions of, and currently advises on, over 100 UK based solar photovoltaic assets that are agriculturally, commercially or industrially situated. Based in its London office, it is supported by a dedicated and experienced team of investment, legal and portfolio executives. Bluefield Partners LLP was appointed Investment Adviser to Bluefield Solar in June 2013.
[1] Changes to inflation indexation in the Renewables Obligation and Feed-in Tariff schemes
Analytical annex: Impact of indexation options" published by Department for Energy Security and Net Zero, The Scottish Government and Northern Ireland Executive dated 31 October 2025:
· Changing RO indexation from RPI to CPI is forecast to produce savings for the consumer of £80m (24/25 prices) in 26/27.
· Changing FiTs indexation from RPI to CPI is forecast to produce savings for the consumer of £20m (24/25 prices) in 26/27.
· Freezing the RO indexation is forecast to produce savings for consumers of £300m (24/25 prices) in 26/27.
· Freezing the FiTs indexation is forecast to produce savings for consumers of £60m (24/25 prices) in 26/27.
Assumption that there are 28.6 million households (Source: Families and households in the UK: 2024, published by ONS dated 23 July 2025).