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.

25 April 2023

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

MS2 SALE UPDATE

US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to announce that it has executed a binding agreement to sell USF's 50% interest in the 200MW_DC Mount Signal 2 (MS2) asset to MN8 Energy LLC (MN8), a renewable energy business formerly known as Goldman Sachs Renewable Power LLC. This follows the January 2023 exercise of the purchase option granted to MN8 in 2022 (Option).

The terms of the binding agreement are consistent with the terms of the Option. MN8 will acquire 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 will imply a gross return of approximately 11% per annum[1] since USF announced the agreement to acquire up to 50% of MS2 from New Energy Solar in December 2020.

USF expects the transaction to close in the second quarter of 2023 subject to customary regulatory and financier consents. The transaction has no impact on the Strategic Review and Formal Sale Process (Strategic Review) announced on 17 October 2022. The Company will update shareholders regarding use of proceeds at the conclusion of the Strategic Review (or the financial close of the MS2 sale if earlier).

For further information, please contact:

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 1.2GWDC.

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.