US Solar Fund PLC Investment Manager Update (8435J)
August 21 2023 - 1:00AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 8435J
US Solar Fund PLC
21 August 2023
21 August 2023
US SOLAR FUND PLC ("USF", or the "Company")
Investment Manager Update
Further to the announcements on 10 July 2023 and 7 August 2023,
the Board of Directors of USF (Board) is pleased to announce its
selection of Amber Infrastructure Group (Amber) as the preferred
candidate to replace New Energy Solar Manager Pty Limited (NESM) as
Investment Manager to the Company.
Amber is a specialist international infrastructure investment
manager with approximately GBP5 billion of funds under management,
including a leading track record built over the past 15 years in UK
investment company management. Supported by its affiliate Hunt
Companies, Inc, Amber's US team is headquartered in New York with
offices throughout the US including Colorado, Maryland, Michigan,
and Texas, and has collectively been responsible for over 3GW of US
solar projects including acquisitions, greenfield development,
asset management, and divestments. This includes the asset
management of large-scale commercial rooftop arrays, utility-scale
installations, and co-located battery storage projects.
The selection of Amber to progress to exclusivity follows a
multi-phase competitive process conducted by the Board as part of
the Strategic Review initiated in October 2022. The Board and its
advisers received multiple responses from highly qualified
investment managers for this role.
The Board and Amber will now consult with the Company's
shareholders over the coming weeks. Further announcements will be
made in due course as these discussions progress.
NESM will continue to act as the Company's Investment Manager
until a replacement is appointed.
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 6699
Charles Gorman
Charlotte Francis +44 7795 977967
Amy Levingston Smith +44 7738 099560
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 Americas.
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 cash flows by selling electricity
to creditworthy off-takers under long-term PPAs. Following the sale
of the Company's 50% interest in Mount Signal 2, 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 NESM
USF is managed by New Energy Solar Manager (NESM). NESM also
manages New Energy Solar Limited, 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 totaling 1.2GW.
NESM is owned by E&P Funds, the funds management division of
E&P Financial Group Limited, an ASX listed company (ASX: EP1)
with over A$20 billion of funds under advice.
About Amber
Amber Infrastructure is an international infrastructure
specialist, focused on investment origination, development, asset
management and in Europe, fund management. Amber's core business
focuses on infrastructure assets across the public, transport,
energy, digital and demographic infrastructure sectors that support
the lives of people, homes and businesses internationally.
Among other funds, Amber manages International Public
Partnerships, a FTSE 250-listed company with a market cap of
approximately GBP2.5 billion and 15-year track record of long-term
investment in infrastructure assets globally. Amber is
headquartered in London with offices in Europe, North America and
Australia and employs over 180 infrastructure professionals. Amber
has had a strategic partnership with the Hunt Group of Companies in
the US since 2015. Learn more at www.amberinfrastructure.com .
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