Bluefield Solar Income Fund's revenues to be hurt by scrap of climate levy exemption

9th Jul 2015 13:36

Bluefield Solar Income Fund fell on Thursday as it expects the removal of the Climate Change Levy exemption for renewable electricity generated after 1 August 2015, announced in Wednesday's Budget, to lead to a drop of revenues of 3% or 4%.However, the company said the decline will be "partially offset" by the reduction in corporate tax.It added the majority of its revenues come from the Renewable Obligation Scheme, which will remain unchanged, and from the sale of generated electricity under power purchase agreements.Bluefield also announced an independent valuation is taking place and the conclusions will be published at its annual report for the year ended 30 June 2015.The company's shares were down 2.69% to 105.1p at 1306 BST on Thursday.