30 May 2024

US Solar Fund PLC

("USF", or the "Company")

                        Strategic Transaction of Investment Manager with Boyd Watterson

Strategic Transaction of Investment Manager with Boyd Watterson Strategic combination creates a leading global alternatives investment platform with assets under management of approximately $35 billion

The Board of Directors is pleased to note that Amber Infrastructure Group (Amber), the parent of the Company's Investment  Manager, Amber Infrastructure Investment Advisor, LLC will combine with Boyd Watterson Asset Management (Boyd Watterson), a leading real estate and fixed income investment manager in the United States, through a strategic transaction. The transaction remains subject to Financial Conduct Authority and other regulatory approvals.

Through its funds, Boyd Watterson is a highly credible and well-established real estate investor with a long-standing and strong track record in the United States. Amber, an international infrastructure specialist, has been active in the US since 2015 and has a presence in New York, Colorado, Maryland, Michigan and Texas. Both Boyd Watterson and Amber have a keen focus on delivering outstanding client service across the real asset sectors. The combined platform will create opportunities for Amber to build upon its growing presence in the US and globally.  

Hunt Companies, Inc, (Hunt) which is a common investor in Amber and Boyd Watterson will continue to be an investor in the combined entity and no shareholders will exit as a result of the merger. Amber Infrastructure Investment Advisor, LLC will continue to act as the Company's Investment Manager and there will be no changes to the management of USF. In addition, Amber will continue to hold its 5 million shares in the Company.

Commenting on the announcement, Amber's Head of North America Tom O'Shaughnessy said: "The platform consolidates Amber's existing US infrastructure capabilities, including a team of 26 specialists working on behalf of Amber's existing funds and managed accounts. We are excited to combine with Boyd Watterson to form a significant diversified investment platform".

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​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 cashflows by selling electricity to creditworthy offtakers under long-term power purchase agreements (or PPAs). The Company's portfolio currently consists of 41 operational solar projects with a total capacity of 443MWDC, all located in the United States.

Further information on the Company can be found on its website at http://www.ussolarfund.co.uk.

About Boyd Watterson

Founded in 1928 by its predecessor firm, Boyd Watterson Asset Management, LLC (Boyd) is a leading real estate and fixed income investment manager. Headquartered in Cleveland, Ohio, Boyd employs 130 employees in seven offices across the US. Boyd manages c.US$18.2bn of AUM, through separately managed accounts and a number of funds with real estate and fixed income strategies. www.boydwatterson.com

About Amber Infrastructure Group

Amber is a specialist international investment manager, focused on investment origination, asset management and fund management. Amber currently manages or advises 9 funds (2 listed and 7 private) with over £5 billion (c.$6 billion) in funds under management.  With a presence across 12 countries, Amber manages 175 infrastructure investments representing total assets under management of £14 billion (c.$17.5 billion).  Amber's core business focuses on managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors internationally. Amber is headquartered in London with offices in Europe, North America, Australia and New Zealand. Amber employs over 180 professionals globally. www.amberinfrastructure.com

About Hunt Companies

Hunt Companies is a family-owned principal investment firm founded in 1947 based in El Paso, TX with interests in the real estate, infrastructure and financial services sectors. As an owner operator with a strong investment platform and financial structuring expertise, Hunt develops lasting relationships to create value for its investors, clients, employees and communities. The company and its affiliates are committed to promoting community growth and a sustainable future through our business practices, purpose driven investment and charitable giving. www.huntcompanies.com