Us Solar Share Discussion Threads

[bench2] 15/1/2024 10:54

Good to see the Chair and one other NED buying shares @ 55c and 41.8p respectively .

[rambutan2] 18/12/2023 21:26

Newton exit, down from 10% to 1.5%. Plenty of big trades on 14th at $0.51.

[hugepants] 18/12/2023 16:00

Yes not bad.
Would like to see some clarity on dividend going forward though.

[jonwig] 18/12/2023 15:06

Positive RNS today. very positive say Citywire:

[jonwig] 11/12/2023 08:31

Looking at Ecofin US Renewables Infrastructure Trust [RNEP} that one is also having operational problems, and has decided to wind up and return capital to shareholders.

USF is by no means an outlier.

[hugepants] 10/12/2023 22:57

NAV and dividend update for Q3 announced on 30 Nov.

[cousinit] 09/11/2023 16:09

HP - I do concur on this one and have nibbled at 40p.

Waiting for share buy backs to start with the cash on hand

[jonwig] 09/11/2023 12:36

Waiting for more on the corporate restructuring. I'd have thought the IRA would have been positive for this one.

[hugepants] 09/11/2023 12:11

Amidst the absolute cacophony here the discount is now 39% and yield 10.5%. 40p ask price.

[hugepants] 28/9/2023 08:13

Divi maintained and NAV down 11%. So 9.2% yield and 28% discount to NAV

[hugepants] 28/9/2023 08:13

Divi maintained and NAV down 11%. So 9.2% yield and 28% discount to NAV

[hugepants] 06/9/2023 15:25

At the risk of getting completely drowned out here amidst the relentless posts I bought some of the sterling denominated a bit higher up. On the face of it yield is 9.1% and discount is 35%

However it sounds like the dividend and NAV will be cut at next results this month. Question is by how much?


On the positive side they are going to implement a share buyback.

[jonwig] 15/5/2023 17:00

That might be the sticking point in their negotiations, yes. But it's average 13.8 years remaining, not 20-plus.

The base case may be that merchant prices will fall with increased capacity, whilst maintenance costs are, I believe, fairly low.

I can't muster up much enthusiasm, though!

EDIT: they're still managing regular dividend increases: current yield is 7.5%.

[apollocreed1] 15/5/2023 16:14

But can any of their cash flows improve if they are locked into fixed price contracts of greater than 20 years?

[jonwig] 14/5/2023 06:47

Sale process abandoned.

QD comment: [“It is always encouraging to see boards proactively trying to improve shareholder value; it is a key reason for why they exist in the first place.

However, while acknowledging USF has developed a persistent discount (it has been on a downward trajectory since 2022), we have struggled to understand why the board was considering throwing in the towel at this stage.

The US renewables market is well established and well understood and the US solar sector is also facing clear, near-term tailwinds thanks to a renewed focus on renewables under the current administration – President Biden’s inflation reduction act offers some US$370bn in renewable tax credits, and funds such as USF should be well positioned to benefit from this.

The board says that the discount reflects recent difficulties in the US solar sector, which is possibly why it has struggled to find private buyers willing to pay above the market price for USF’s assets currently. Given this, we are pleased to see that USF is off the market for now.

We think the board should now focus its efforts on getting the message out about the scale of the opportunity in the US and making investors aware of USF, which should hopefully help bring down its discount in time.”]

[jonwig] 25/4/2023 08:13

MS2 sale exercised:



Company sale process still ongoing.

[jonwig] 27/3/2023 07:26

FY results look fine, though nav making no progress;



This is the bit I'm interested in:

· In October 2022, USF's Board announced that it was undertaking a strategic review of the options available to the Company to maximise value for shareholders (Strategic Review) and that it expected to conclude the Strategic Review by the end of Q1 2023. The Strategic Review is considering all options available to the Company including a sale of the entire Company, a sale of the Company's portfolio assets, or changing the Company's investment management arrangements.

· Since the Strategic Review commenced the Board and its advisors have engaged with a significant number of parties and, following receipt of indicative proposals, have shortlisted several parties who have proceeded to the next phase of the Strategic Review process. In order to provide the shortlisted parties with the requisite time to finalise their due diligence and submit binding proposals, the Board now expects to update shareholders on the Strategic Review within the next six to eight weeks.
Closing the nav gap would be enough for me.

[2wild] 08/2/2023 21:01

Price continues to drift lower. Added a few more in my SIPP at 82.08 cent this morning. Yielding 6.8% Or 8.5% Including the 25% sipp uplift.

[jonwig] 23/1/2023 07:16

MS2 option agreement exercised:



Although in line with current valuation, replacing an asset with $53.2m in cash ought to narrow the discount and lower the cost to a potential bidder.

[2wild] 10/1/2023 12:30

NAV 30 September 96.7 US Cent.
Annual dividend 5.58c
At current 0.84 usd offer price, div yield 6.6% and 13% discount to NAV.

[jonwig] 17/10/2022 11:35

Well covered divis I think. But I haven't good access to data on the train today.

[petewy] 17/10/2022 11:09

I read it Jon. Good news for me is the dividend. I bought into Renewables a while ago
for the dividends and future investment. Profits have been cut with the CAP but I'm still in profit but will dividends get cut as well?

[jonwig] 17/10/2022 07:16

Strategic review and formal sale process:



NAV 97p. Hope for discount to close, but these measures seem to draw a blank more often nowadays,

[jonwig] 26/9/2022 07:28

Interims -



This is doing very well, and the dollar assets are a gift.
NAV $0.967 so discount 9%.
Forward dividend 5.58c so yield 6.3%, cash covered.