US Solar Fund PLC NAV UPDATE AND FACTSHEET (6805C)

TIDMUSF TIDMUSFP

RNS Number : 6805C

US Solar Fund PLC

12 February 2020

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12 February 2020

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

NAV UPDATE AND FACTSHEET

US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to announce that its unaudited NAV at 31 December 2019 was $194 million or $0.971 per Ordinary Share.

In the quarter to 31 December 2019, USF:

-- Announced binding acquisition and financial close of a 39 MW(DC) portfolio developed by Cypress Creek Renewables (CCR). The portfolio includes six utility-scale solar power projects located in North Carolina, totaling $35 million of equity. They commenced construction simultaneously with close in December.

-- Entered exclusivity for a 39 MW(DC) operating portfolio in North Carolina. Subsequently, in December, USF announced it had entered binding acquisition agreement for the eight projects with Greenbacker (Greenbacker), committing $36 million of equity.

-- Commenced construction for the 128 MW(DC) Milford Project (Milford) located in Utah early September. The project is progressing well and is on track for completion as expected in 2H 2020.

-- Continued to review numerous high-quality construction-ready and operating investment opportunities. As at 31 December 2019, the Investment Manager's pipeline included 2,036 MW(DC) of assets with a cash equity value of $1.9 billion and an average PPA term of 14 years.

-- Announced its second dividend of 0.50 cents per ordinary share (paid on 7 February 2020). This represents an annualised dividend yield of 2% when measured against the initial issue price of $1 per share.

Subsequent to the quarter, on 29 January, USF announced it had entered into a binding acquisition agreement with Heelstone to acquire a 177 MW(DC) portfolio of 22 operating projects located in North Carolina, Oregon and California. Upon close, this would be USF's fourth acquisition and a potential refinancing of the existing project level debt for the acquisition would require the remainder of the IPO proceeds.

Also after the period, New Energy Solar Manager (the Investment Manager), was the victim of a fraud (Fraud); $3.3 million of the fraudulent payments (Payments) remains outstanding. The Board's investigation to date indicates that the Fraud is an isolated incident originating from outside the Investment Manager with no indication of collusion with any member of the Investment Manager's staff. The Board and the Investment Manager are working together and with all relevant external stakeholders with a view to recovering the remaining funds and otherwise ensuring the Company is made whole.

The Company's factsheet for Q4 2019 is available on the Company's website at: www.ussolarfund.co.uk/investor-centre.

For further information, please contact:

 
US Solar Fund 
 Whitney Voûte     [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 will acquire or construct, own and operate 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).

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

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 12, 2020 02:00 ET (07:00 GMT)