US Solar Fund PLC NAV UPDATE AND FACTSHEET (0518F)

TIDMUSF TIDMUSFP

RNS Number : 0518F

US Solar Fund PLC

12 November 2020

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12 November 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 September 2020 was $192 million or $0.961 per ordinary share, a slight decrease from the 30 June 2020 NAV of $193 million and $0.964 per ordinary share. The reduction was due to normal operating expenses, however the 0.5 cent dividend for the quarter ended 30 June 2020 was fully covered by revenue and receivables from power sales at the project company level.

Highlights for the quarter to 30 September:

-- At the start of the quarter, seven of the 41 total projects in USF's portfolio remained in construction. During the quarter, five projects reached completion and one was completed after quarter-end in October.

-- USF's only remaining in-construction project, Acquisition One, is progressing well toward completion in November. This brings USF's total operating assets to 315 MW(DC) or more than 70% of the total 443 MW(DC) portfolio.

-- In the operating portfolio (Acquisitions Three, Four, and Five, with capacity totaling 276MW(DC) ) most assets performed well, however overall performance was 4.2% below weather adjusted expectations during the quarter. This was largely due to storm-related grid outages in North Carolina (1.1%), inverter-related availability issues (0.8%), unscheduled maintenance (0.6%), and soiling (0.1%). Performance is expected to return to normal this quarter as equipment issues are resolved, and the Asset Management Team is also analyzing data to determine how much of the 4.2% could be attributable to smoke and dust from wildfires in California and Oregon.

-- USF's 41 solar plants all have power purchase agreements ( PPAs ) with contracted prices for 100% of electricity generated. The portfolio weighted average PPA term is 15 years, and all PPA counterparties are investment-grade (S&P rated A to BBB+).

-- On 14 August, USF paid a dividend of 0.50 cents per share for the quarter ended 31 March 2020. USF also announced its fifth dividend of 0.50 cents per share for the period ended 30 June (to be paid in November 2020). USF expects to cover the remaining 2020 dividends with operating cashflows and continues to be in a strong position to meet its 2021 annual dividend target of 5.5 cents per Ordinary Share.

   --     COVID-19 continues to have no material impact on USF's operational assets. 

The update as well as the Company's factsheet for Q3 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              [phone] 
Cenkos Securities plc 
 Will Rogers 
 Rob Naylor 
 Will Talkington                  [phone] 
Jefferies International Limited 
 Stuart Klein 
 Neil Winward 
 Gaudi le Roux                    [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).

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.

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