US Solar Fund PLC Portfolio Fully Operational (0921G)
November 23 2020 - 1:00AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 0921G
US Solar Fund PLC
23 November 2020
23 November 2020
US SOLAR FUND PLC ("USF" or the "Company")
Portfolio Fully Operational
128MWDC Milford Plant reaches commercial operations date on 19
November
US Solar Fund plc ( LON:USF (USD) / USFP (GBP) ) is pleased to
announce that all 41 projects in the Company's portfolio, totaling
443MW(DC) , are now fully operating and generating revenue for the
Company. The final in-construction project, the 128MW(DC) Milford
plant in Utah, reached the commercial operations date (COD) under
its power purchase agreement (PPA) on 19 November, on-time and
under-budget.
USF will benefit from construction and development cost savings
of approximately $4 million, as well as the proceeds from
better-than-expected pre-COD electricity sales of approximately $1
million. The combined savings and increased electricity sales of
approximately $5 million, compared to assumptions at acquisition,
represent an expected net asset value (NAV) uplift of approximately
2.5 cents per share [1] .
All the projects in the USF portfolio have PPAs with contracted
prices for 100% of electricity generated for a weighted average PPA
term of 15 years; with strong diversification across geographies
and offtakers. All PPA counterparties are investment grade (S&P
rated A to BBB+). USF's portfolio produces enough electricity each
year to power approximately 74,000 US homes, effectively displacing
over 630,000 tonnes of CO(2) emissions annually.
Commenting on the Company's progress, Gill Nott, Chair of the
Company said:
"I am delighted that we have reached the point where all the
Company's solar plants are in operation and generating power. This
puts us firmly on track to pay and cash cover the full target
dividend of 5.5 cents per share in 2021. We look forward to growing
the Company and delivering on the investment mandate."
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.
[1] Based on $5 million over 200,192,361 shares. Final impact
per share may be different.
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