US Solar Fund PLC NAV UPDATE AND FACTSHEET (0518F)
November 12 2020 - 1:00AM
UK Regulatory
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 +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.
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