We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Us Solar Fund Plc | LSE:USF | London | Ordinary Share | GB00BJCWFX49 | ORD USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0055 | -1.20% | 0.452 | 0.435 | 0.48 | 0.4575 | 0.4305 | 0.4575 | 1,025,546 | 16:35:29 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 19.4M | 14.5M | 0.0436 | 10.55 | 152.81M |
TIDMUSF TIDMUSFP
RNS Number : 4718Y
US Solar Fund PLC
09 September 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.
9 September 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 30 June was $193 million or $0.964 per ordinary share, unchanged from its prior NAV released for 31 March 2020. The payment of a 0.5 cent dividend in May along with normal operating expenses was offset by a small gain in the fair value of operating projects.
In accordance with Company policy, operating assets held for the half year ending 30 June 2020 have been externally valued, with the Company recognizing a small gain across the Acquisition Three and Acquisition Four portfolios with electricity sales less expenses during the period resulting in a positive working capital adjustment. Other acquisitions continue to be held at cost but will be externally valued at 31 December 2020.
Highlights for the quarter to 30 June:
-- As announced in January, the Company has effectively committed all the funds raised in the IPO with the five acquisitions completed to date. Almost 70% of the assets are now operating, with the remainder on track to be fully operational by year-end.
-- The USF portfolio has PPAs with contracted prices for 100% of electricity generated for a weighted average PPA term of 15.3 years, and all PPA counterparties are investment grade (S&P rated A to BBB+).
-- USF acquired a 61 megawatt (MW(DC) ) portfolio of five mechanically-complete projects in Oregon from Southern Current LLC, in June 2020, and subsequently closed tax equity financing and a binding loan commitment from the long-term debt provider. The portfolio was commissioned during and after the quarter, in June and July, and is now fully operational.
-- As of 30 June, the Investment Manager's pipeline (Pipeline) included 3,379 MW(DC) of assets with a cash equity value of $3.2bn and a weighted-average PPA term of 17 years.
-- On 22 May, USF paid a dividend of 0.50 cents per share for the quarter ending 31 December 2019. USF announced its fourth dividend of 0.50 cents per share for the period ending 31 March (paid on 14 August 2020). As almost 70% of USF projects are now operating, USF expects to cover the remaining 2020 dividends with operating cashflows and continues to be in a strong position to commence the 5.5 cents target dividend in FY 2021.
-- The Company appointed Thomas Plagemann as an independent non-executive director. Thomas is based in New York and has almost 30 years of experience with renewables, energy and infrastructure assets in the US and globally.
-- Throughout the period of the pandemic there has been no material impact on USF's operational assets. USF's most recent fifth acquisition experienced a minor delay in plant commissioning due to COVID-19 work restrictions in Oregon however, due to the transaction structure, USF's purchase price was not fully funded until the utility work was completed, thus protecting USF against COVID delays. All four sites in this portfolio are now fully operational and selling power to their investment grade offtaker under their PPAs.
Highlights post period end
-- In July and August, four of the projects in the Acquisition Two portfolio began operating. USF's three remaining in-construction assets are well-progressed and USF expects these to be completed on schedule in the third and fourth quarters of 2020.
-- In early September, USF's largest asset, the 128MW(DC) Milford in Utah sent its first test power to the grid. Milford is on track to be completed in Q4 2020.
The Company's factsheet for Q2 2020 is available on the Company's website at: www.ussolarfund.co.uk/investor-centre .
For further information, please contact:
US Solar Fund Whitney V oûte +1 718 230 4329 Cenkos Securities plc Will Rogers Rob Naylor Will Talkington +44 20 7397 8900 Jefferies International Limited Stuart Klein Neil Winward Gaudi le Roux +44 20 7029 8000 KL Communications +44 20 3995 6673 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).
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$21 billion of funds under advice.
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 rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
NAVUKAWRRKUKRRR
(END) Dow Jones Newswires
September 09, 2020 04:22 ET (08:22 GMT)
1 Year Us Solar Chart |
1 Month Us Solar Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions