US Solar Fund PLC SIXTH ACQUISITION UPDATE (7199T)
March 29 2021 - 1:00AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 7199T
US Solar Fund PLC
29 March 2021
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.
29 March 2021
US SOLAR FUND PLC (USF, the "Company")
SIXTH ACQUISITION UPDATE
FINANCIAL CLOSE ON 25% INTEREST IN 200MW(DC) PROJECT IN
CALIFORNIA
US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to
announce that it has reached completion on the first tranche
("Tranche One") of an acquisition representing a 25% interest in a
200MW(DC) operating solar plant located in the Imperial Valley of
Southern California, Mount Signal 2 (MS2). The Company previously
announced binding terms to acquire Tranche One of MS2 for $23
million on 31 December 2020. With the completion of Tranche One,
USF's total portfolio will now consist of 493MW(DC) of fully
operational assets in four states of the US, with a weighted
average investment-grade PPA term of 15.4 years.
As previously announced, MS2 was built during 2018 and 2019 by
Swinerton Renewable Energy, a leading US constructor. The Project
uses First Solar Series 6 modules, with operations and maintenance
services provided by First Solar Energy Services under a long-term
contract. MS2 has a 20-year PPA with Southern California Edison
(SCE), that commenced in June 2020. Under the PPA, 100% of the
electricity generated by MS2 is sold to SCE at an annually
escalating price. SCE (S&P: BBB), a subsidiary of Edison
International, serves a population of more than 15 million people
and is the primary electricity provider for central, southern and
coastal California.
For further information, please contact:
US Solar Fund +61 2 8622 9123
Liam Thomas
Cenkos Securities
plc +44 20 7397 8900
James King
Tunga Chigovanyika
Will Talkington
Jefferies International
Limited +44 20 7029 8000
Stuart Klein
Gaudi le Roux
Neil Winward
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 $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 US Solar Fund 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. NESM manages over US$1.4bn of invested capital
across US and Australian solar plants.
NESM is owned by E&P Funds, the funds management division of
E&P Financial Group, an ASX listed company (ASX: EP1) with over
A$20 billion of funds under advice.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQUWVARANUOUAR
(END) Dow Jones Newswires
March 29, 2021 02:00 ET (06:00 GMT)
Us Solar (LSE:USF)
Historical Stock Chart
From Mar 2024 to Apr 2024
Us Solar (LSE:USF)
Historical Stock Chart
From Apr 2023 to Apr 2024