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23 January 2026

Bluefield Solar Income Fund Limited

('Bluefield Solar' or the 'Company')

Update on Grid Reform and Formal Sale Process

Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, is pleased to confirm that following the first stage of National Energy System Operator's ('NESO') grid reform process, the Company received Gate 2, Phase 1 offers on c. 660MW of its development pipeline.

NESO's grid reform process is a major overhaul of how energy projects connect to Britain's electricity grid, designed to clear a huge backlog, prioritise 'ready to go' projects, and align the system with the UK's Clean Power 2030 goals. It replaces the old first come - first served queue with a readiness and strategic alignment based system, removes stalled projects, and introduces a new process to accelerate delivery.

Receipt of a Gate 2, Phase 1 offer means that projects have had their connection date confirmed as being between 2026-2030 and so have attained a highly protected status in the queue of projects to be connected to the grid. The technology split across the Gate 2, Phase 1 offers for the Company's development pipeline is c. 540MW solar PV and c.120MW BESS.

Bluefield Solar is also pleased to confirm that it has received Gate 2, Phase 2 offers on c. 560MW of its development pipeline, split between c. 185MW PV and c. 370MW BESS. Receipt of a Phase 2 offer means projects have been allocated a grid connection date between 2031-2035.

This means of the Company's c. 1.34GW pipeline, over 90% has received Gate 2 offers. The remaining 9% of the pipeline that was allocated Gate 1 offers corresponds to 125MW BESS. Projects allocated Gate 1 offers will need to re-apply for new grid offers to re-enter the grid queue, upon which connection dates offered will depend on application of NESO's strategic alignment criteria. The Company is also able to confirm that projects which have been allocated Gate 1 offers have not been allocated any value within the Company's NAV to date.

The success of the grid reform process is testament to the strategy designed and implemented by the Investment Adviser in 2020 and has resulted in the Company having a highly valuable pipeline.

Update on Formal Sale Process

The Strategic Review and Formal Sale Process announced by the Company on 5 November 2025 continues in line with the Board's expectations. The Company will provide a further update when it issues its interim results in early March 2026 unless there are any material developments in the meantime.

- Ends -

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 850MW, comprising 792MW 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.

Notice related to financial advisers

Deutsche Bank AG is a joint stock corporation incorporated with limited liability in the Federal Republic of Germany, with its head office in Frankfurt am Main where it is registered in the Commercial Register of the District Court under number HRB 30 000. Deutsche Bank AG is authorised under German banking law. The London branch of Deutsche Bank AG (trading for these purposes as Deutsche Numis) ('Deutsche Numis') is registered in the register of the companies for England and Wales (registration number BR000005) with its registered address and principal place of business at 21 Moorfields, London, EC2Y 9DB, United Kingdom. Deutsche Bank AG is authorised and regulated by the European Central Bank and the German Federal Financial Supervisory Authority (BaFin). With respect to activities undertaken in the UK, Deutsche Numis is authorised by the Prudential Regulation Authority. It is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Deutsche Numis is acting for the BSIF and for no one else in connection with the subject matter of this announcement and will not regard any other person (whether or not a recipient of thereof) as its client and will not be responsible to anyone other than BSIF for providing the protections afforded to clients of Deutsche Numis or for advising any such person in connection with the subject matter of this announcement, or any transaction or arrangement referred to therein.

N.M. Rothschild & Sons Limited ('Rothschild & Co'), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for BSIF and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than BSIF for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

Publication on website

In accordance with Rule 26.1 of the Takeover Code, a copy of this announcement will be made available (subject to certain restrictions relating to persons resident in restricted jurisdictions) on the Company's website https://bluefieldsif.com/ promptly following its publication and in any event no later than 12 noon (London time) on the business day following the release of this announcement. Neither the content of any website referred to in this announcement nor the content of any website accessible from hyperlinks is incorporated into, or forms part of, this announcement.

Additional information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Any offer, if made, will be made solely by certain offer documentation which will contain the full terms and conditions of any offer, including details of how it may be accepted. The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of BSIF who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of BSIF who are not resident in the United Kingdom will need to inform themselves about, and observe any applicable requirements.