US Solar Fund PLC NAV UPDATE AND FACTSHEET (6805C)
February 12 2020 - 1:00AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 6805C
US Solar Fund PLC
12 February 2020
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INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN
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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 +1 718 230 4329
Cenkos Securities plc
Will Rogers
Rob Naylor
Will Talkington +44 20 7397 8900
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 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
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Authority to act as a Primary Information Provider in the United
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END
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