US Solar Fund PLC MS2 SALE - FINANCIAL CLOSE (8096D)
June 26 2023 - 1:00AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 8096D
US Solar Fund PLC
26 June 2023
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26 June 2023
US SOLAR FUND PLC (USF, the "Company")
MS2 SALE - FINANCIAL CLOSE
US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to
announce that it has reached financial close on the sale of USF's
50% interest in the 200MW(DC) Mount Signal 2 (MS2) asset to a
subsidiary of MN8 Energy LLC, a renewable energy business formerly
known as Goldman Sachs Renewable Power LLC (MN8). This follows the
January 2023 exercise of the purchase option granted to MN8 in 2022
(Option) and the signing of a binding sale agreement in April
2023.
MN8 has acquired USF's 50% interest in MS2 for US$52.2 million
excluding working capital plus the non-refundable Option fee of $1
million paid in 2022. The sale implies a gross return of
approximately 10% per annum[1] since USF announced the agreement to
acquire up to 50% of MS2 from New Energy Solar in December
2020.
No adviser success fees were payable for the sale. Approximately
$4.5m of the proceeds has been used to repay the full drawn balance
of the Company's revolving credit facility. In conjunction with the
ongoing strategic review the Board is considering the use of the
remaining proceeds and expects to advise shareholders of the use of
those remaining proceeds within the next two weeks.
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). Following the sale of the 50% interest in MS2, the
Company's portfolio currently consists of 41 operational solar
projects with a total capacity of 443MW(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 1.2GWDC.
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.
[1] Before taxes and transaction costs.
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END
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