US Solar Fund PLC EXCLUSIVITY TO ACQUIRE 61 MWDC SOLAR PORTFOLIO (2676E)
February 27 2020 - 1:00AM
UK Regulatory
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 +1 718 230 4329
Cenkos Securities plc
Will Rogers
Rob Naylor
Will Talkington +44 20 7397 8900
KL Communications +44 20 3603 2803
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 rns@lseg.com or visit www.rns.com.
END
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