Portfolio Debt Financing Completion & Dividend

17 April 2025

US Solar Fund (PLC)

("USF", or the "Company)

 COMPLETION OF PORTFOLIO DEBT FINANCING
AND CHANGE TO DIVIDEND Policy  

The Company is pleased to confirm that it has completed a non-recourse portfolio-level debt financing. The facilities provided by the refinancing total approximately USD$166 million.

As previously announced, the Investment Manager has undertaken a thorough review of options available to the Company in relation to the refinancing of existing senior debt facilities that were due to mature between June 2026 and June 2028.  After due consideration, the Board determined that a bank debt solution provided the optimal outcome for the Company.  The refinancing is expected to improve near-term operational cash dividend coverage, enhance the robustness of the Company's balance sheet and retain sufficient flexibility within the capital structure to accommodate a sale of the portfolio if suitable circumstances prevail. As previously announced by the Company, the Board and Investment Manager are committed to analysing the market and presenting solutions to enhance shareholder value. The refinancing is believed to achieve that objective. 

The new senior debt facilities, secured with existing and new lenders, comprise the following:

Updated dividend policy

In light of the forecast improvements to operational cash dividend coverage resulting from the lower amortisation of debt over the near term, the Board has determined it prudent to increase the target dividend from $0.0225/share to $0.035/share. This change will take effect in Q3 2025. 

Gill Nott, Chair of the Company:

"The Board believe this refinancing positions the Company strongly moving forward.  We are delighted to deliver this outcome to our shareholders, who have remained patient and supportive of our endeavours.

The success of this refinancing demonstrates the strong support for our portfolio from US lenders and reflects the underlying strength of the Company's assets.  The new financing optimises the Company's capital structure and improves near-term distributable cashflow, allowing for an increase to the dividend target. Importantly, the new financing provides structural flexibility which will benefit the Company as it seeks future opportunities to maximise shareholder value.

The Board ensured, through their own contacts and those of the Investment Manager, that they were presented with a number of options for this refinancing. This led to the additional time necessary to complete the refinancing, which we believe was time well spent. In spite of challenging market conditions we were able to transact due to the experience of the Investment Manager's team and the support of our lenders."    

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 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 Amber Infrastructure Group

Amber Infrastructure Investment Advisor LLC, a member of the Amber Infrastructure Group, was appointed as the Company's Investment Manager on 1 December 2023.

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 Infrastructure advises International Public Partnerships, a FTSE 250-listed Company with a market cap of approximately £2.5 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 c.180 infrastructure professionals.

Amber has had a strategic partnership with the Hunt Group of Companies in the US since 2015 and completed their previously announced strategic transaction with Boyd Watterson in August 2024. Amber is part of Boyd Watterson Global Asset Management Group LLC, a global diversified infrastructure, real estate and fixed income business with over $36 billion in assets under management and over 300 employees with offices in eight US cities and presence in twelve countries. Learn more at www.amberinfrastructure.com.