US Solar Fund PLC EXCLUSIVITY TO ACQUIRE 61 MWDC SOLAR PORTFOLIO (2676E)

TIDMUSF TIDMUSFP

RNS Number : 2676E

US Solar Fund PLC

27 February 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE, SUBSCRIBE FOR OR OTHERWISE ACQUIRE, ANY INVESTMENTS IN ANY JURISDICTION.

27 February 2020

US SOLAR FUND PLC (USF, the "Company")

US SOLAR FUND ENTERS EXCLUSIVITY TO ACQUIRE 61 MW(DC) SOLAR PORTFOLIO

US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to announce it has entered exclusivity with Southern Current, LLC (Southern Current), a leading US solar developer, to acquire an approximately 61MW(DC) utility-scale solar power portfolio consisting of four in-construction projects located in Oregon (Portfolio).

Construction of the Southern Current Portfolio is well-progressed and all projects have long-term power purchase agreements (PPA) with an investment-grade offtaker. The projects are expected to commence operations during the second and third quarters of 2020.

USF's investment manager is completing due diligence and is working towards a binding agreement to acquire the Portfolio. Subject to the completion of appropriate due diligence and documentation, USF expects to sign and complete the acquisition during the first half of 2020.

Should the transaction occur, USF will fund the equity purchase price with available cash from the approximately 30% of IPO proceeds left available before the potential refinancing of the Heelstone portfolio (as announced on 29 January 2020). USF still intends to pursue the refinancing of the Heelstone portfolio but the flexibility in timing and quantum of that refinancing allows the Company to continue to pursue transactions that can be funded with available cash. Subject to Board approval, USF may also consider raising additional equity capital for the Heelstone refinancing to further enhance returns and for further acquisitions from its strong pipeline of investment opportunities.

More detailed information will be provided once binding acquisition agreements are executed.

Further information on the Company can be found on its website at http://www.ussolarfund.co.uk .

For further information, please contact:

 
US Solar Fund 
 Whitney V oûte    [phone] 
Cenkos Securities plc 
 Will Rogers 
 Rob Naylor 
 Will Talkington        [phone] 
KL Communications       [phone] 
Charles Gorman 
 Charlotte Stickings 
 

About US Solar Fund plc

US Solar Fund plc listed on the premium segment of the London Stock Exchange in April 2019, following its successful US$200m IPO. The Company's investment objective is to provide investors with attractive and sustainable dividends with an element of capital growth by investing in a diversified portfolio of solar power assets in North America and other OECD countries in the Americas.

The Company acquires or constructs, owns and operates solar power assets that are expected to have an asset life of at least 30 years and generate stable and uncorrelated cashflows by selling electricity to creditworthy offtakers under long-term power purchase agreements (or PPAs).

About Southern Current

Southern Current is a leading developer in the residential, commercial, and large scale solar markets with hundreds of systems currently providing power to customers across the United States. For more information,

please visit   https://southerncurrentllc.com/ . 

About the Investment Manager

USF is managed by New Energy Solar Manager (NESM). NESM also manages New Energy Solar, an Australian Securities Exchange (ASX)-listed fund which has committed over US$900m to US and Australian solar plants since late 2015.

NESM is owned by Walsh & Company, the funds management division of Evans Dixon, an ASX-listed company (ASX: ED1) with over A$20 billion of funds under advice and management.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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February 27, 2020 02:00 ET (07:00 GMT)