USF Us Solar Fund Plc

TIDMUSF TIDMUSFP

RNS Number : 4655F

US Solar Fund PLC

10 July 2023

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.

10 July 2023

   US SOLAR FUND PLC   ("USF", or the "Company") 

MS2 PROCEEDS AND STRATEGIC REVIEW UPDATE

Further to the announcement on 26 June 2023 confirming financial close on the sale of USF's 50% interest in Mount Signal 2 ("MS2"), the Board is pleased to confirm that it intends to undertake a share buyback programme using a portion of the MS2 sale proceeds, taking into account the cash needs of the Company, following the publication of the Company's interim results as at 30 June 2023. The Company's interim results are currently expected to be published in September.

Share buybacks will be carried out in accordance with the shareholder authorisation renewed at the Company's Annual General Meeting on 24 May 2023.

The Board announced a strategic review in October 2022. The Board has now concluded, given the extensive discussions with numerous parties over the last six months, that the current market backdrop is not conducive to a sale of the Company or its assets.

Accordingly, and given the mutual agreement of the Board of USF and USF's existing investment manager, New Energy Solar Manager ("NESM"), that USF's existing investment management agreement will not extend beyond the expiry of the initial five-year term in April 2024, the Board is continuing to progress discussions regarding a replacement investment manager and expects to appoint a replacement investment manager within a very short timeframe. A further announcement regarding the change of investment manager will be made in due course.

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, a fund previously listed on the Australian Securities Exchange (ASX). 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.

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

MSCMZGGNZLNGFZZ

(END) Dow Jones Newswires

July 10, 2023 02:00 ET (06:00 GMT)

Us Solar (LSE:USF)
Historical Stock Chart
From Apr 2024 to May 2024

Us Solar (LSE:USF)
Historical Stock Chart
From May 2023 to May 2024