US Solar Fund PLC Dividend, Quarterly Trading and NAV Update (8742A)
May 30 2023 - 1:00AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 8742A
US Solar Fund PLC
30 May 2023
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30 May 2023
US SOLAR FUND PLC (USF, the "Company")
Dividend, Quarterly Trading and NAV Update
US Solar Fund plc (LON: USF (USD)/USFP (GBP)) announces that its
unaudited NAV at 31 March 2023 was $318.1 million or $0.958 per
share.
Highlights for the quarter to 31 March 2023:
-- The Company announces its Q1 2023 dividend of 1.29 cents per
Ordinary Share, in line with its annual dividend target of 5.66
cents per Ordinary Share, a 1.5% increase on the 2022 annual
dividend of 5.58 cents per Ordinary Share. The dividend will be
paid as timetabled below:
o Ex-Dividend Date: 15 June 2023
o Record Date: 16 June 2023
o Pay Date: 7 July 2023
-- Of this dividend declared of 1.29 cents per Ordinary Share,
none of the dividend has been designated as an interest
distribution.
-- In line with previous years, the Company expects to declare
modestly lower quarterly dividends in the first and second quarters
and slightly higher quarterly dividends in the third and fourth
quarters due to the seasonal cash flow profiles of the assets.
-- USF's NAV at 31 December 2022 was $320.0 million or $0.963
per Ordinary Share. Adjusting for cash flows during the period, the
NAV at 31 March 2023 is $318.1 million or $0.958 per Ordinary
Share. As described in the Prospectus, every six months at 30 June
and 31 December, the Company engages an independent third-party
appraiser to value operational Solar Assets acquired by the Company
and its subsidiaries. At 31 March and 30 September of each year,
the Investment Manager calculates the fair market value of the
investments made by the Company and its subsidiaries, by rolling
forward the cash flows from the period.
-- The Company paid its Q4 2022 dividend of 1.52 cents per
Ordinary Share on 28 April 2023. The dividend was consistent with
the Company's target full year dividend of 5.58 cents per Ordinary
Share.
-- Dividend cover for the twelve months to 31 March 2023 was
0.90x reflecting lower than expected portfolio generation in the
first quarter, with poor weather the largest driver of the
underperformance. Including the gain on the sale of MS2, the
Company still expects to cash cover the 2023 dividend.
For further information, please contact:
US Solar Fund
Whitney Voute +1 718 230 4329
Cenkos Securities plc
James King
Tunga Chigovanyika
Will Talkington +44 20 7397 8900
Jefferies International Limited
Stuart Klein
Gaudi Le Roux +44 20 7029 8000
KL Communications +44 20 3995 6673
Charles Gorman
Charlotte Francis
Millie Steyn
About US Solar Fund plc
US Solar Fund plc, established in 2019, listed on the premium
segment of the London Stock Exchange in April 2019. The Company's
investment objective is to provide investors with attractive and
sustainable dividends with an element of capital growth by owning
and operating solar power assets in North America and other OECD
countries in the America.
The solar power assets that the Company acquires or constructs
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). The Company's portfolio currently (including the
Company's 50% interest in MS2) consists of 42 operational solar
projects with a total capacity of 543MW(DC) , all located in the
United States.
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. Combined, US Solar Fund and New Energy Solar
have committed approximately US$1.3 billion to 57 projects
totalling 1.2GW(DC) .
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.
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