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US Solar Fund PLC announced its annual results for the year ended 31 December 2025, reporting an audited Net Asset Value (NAV) of $186.2m or $0.60 per share. The Company declared total dividends of 2.25 cents per share for 2025, including 0.255 cents per share for Q4 2025, and will hold its AGM on 28 May 2026. At the AGM, a special resolution for winding up or reconstruction will be proposed, due to shares trading at an average discount to NAV exceeding 10% during 2025, which the Board recommends shareholders vote against.
| Date | 19 Mar 2026 |
| Time | 07:00:07 |
| Category | Results |
| ID | 2177X |
Annual Report and Financial Statement
19 March 2026
US SOLAR FUND PLC
(the 'Company')
FULL YEAR RESULTS TO 31 DECEMBER 2025
NOTICE OF AGM
US Solar Fund plc (LON: USF (USD)/USFP (GBP)), the renewable energy fund investing in utility-scale solar power plants across North America, announces its annual results for the year ended 31 December 2025.
FINANCIAL HIGHLIGHTS
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Audited Net Asset Value (NAV) of $186.2m or $0.60 per share (2024: $194.2m or $0.63 per share), down 4.1%, largely driven by: |
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Positive movements in forecast energy price assumptions, supported by strengthening electricity demand in the US and constraints on the development of new generation capacity |
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Offset by revisions to operating and generation assumptions, reflecting detailed discussions between Board and Investment Manager regarding the seven assets previously identified as requiring capital works, as well as a broader review of portfolio performance |
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Dividends of 2.25 cents per share for 2025. Operational dividend cover of 0.96x for 2025 (2024: 1.10x) |
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IFRS loss for the year of $0.05m (2024: ($34.9m)), primarily the result of the reduction in the overall unrealised fair value of the Company's assets due to changes to underlying asset cash flow forecasts and other factors |
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Gill Nott, Chair of US Solar Fund, said:
"In 2025, the Board's focus has been clear: to maintain financial strength, improve operational reliability and preserve strategic optionality. The Board and Investment Manager worked closely together to deliver on these priorities within the practical constraints of the portfolio and prevailing market conditions.
Balance sheet resilience and capital discipline drove decision-making throughout the year. The Company proactively eliminated near-term refinancing risk, simplified asset-level ownership structures and preserved financial flexibility through portfolio-level debt structured to remain with the underlying assets. In parallel, a structured remediation programme was advanced across underperforming assets, alongside broader operational initiatives to strengthen contractual oversight, improve spare parts planning and build technical capability.
While remediation initiatives aimed at improving operational reliability have not yet translated into sustained improvements in generation and cash flow, meaningful progress has been made in addressing the underlying issues. In this context, the Board determined that preserving liquidity and strengthening the balance sheet remain the Company's immediate financial priorities. Accordingly, and after careful consideration, the Board has decided to temporarily pause regular dividends. A dividend of 0.255 cents per share will be declared for Q4 2025, with the level of future distributions to be determined once performance and cash generation improve. The Board believes this reflects a prudent approach to capital allocation.
The Board will continue to reinforce financial resilience, work closely with the Investment Manager to restore operational reliability and maintain readiness to pursue value realisation opportunities where conditions support an appropriate outcome for shareholders."
OPERATIONAL HIGHLIGHTS
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Portfolio of 41 operating solar assets with a total capacity of 443 MWDC |
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Total generation of 676 GWh (2024: 698 GWh) |
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Electricity generated by the Company's portfolio equates to 434,100 tCO2e emissions displaced (2024: 448,600 tCO2e) and 103,400 equivalent US cars removed from the road (2024: 106,800) |
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Overall generation was 11.7% below budget, of which 0.4% was attributable to below forecast solar irradiance (versus 2.9% in 2024), and 11.3% attributable to unscheduled outages and other non-irradiance related factors (versus 6.1% in 2024) |
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Addressing underperformance caused by unplanned outages remains the Company's immediate operational priority. Targeted remediation initiatives continue across the portfolio, supported by clearly defined action plans to resolve identified issues and improve asset reliability. While many of these measures have been initiated, operational recovery requires time to deliver improved performance and financial outcomes. Delivering consistent improvements in asset performance is critical to strengthening cash generation and restoring stability across the portfolio |
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Portfolio weighted average PPA term of 9.9 years (2024: 10.9 years). All PPA counterparties are investment-grade (average offtaker credit rating remains BBB+) |
CAPITAL MANAGEMENT
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During the period, the Company secured new senior debt facilities, eliminating near-term refinancing risk, optimising the Company's capital structure, and preserving financial flexibility through portfolio-level debt structured to remain with the underlying assets |
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As at 31 December 2025, the Group's Gearing, calculated as total debt outstanding to Gross Asset Value (GAV), was approximately 40% (2024: 40%) |
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While remediation initiatives aimed at improving operational reliability have not yet translated into sustained improvements in generation and cash flow, meaningful progress has been made. In this context, the Board has made the decision to take a prudent capital management approach, to preserve liquidity and strengthen the balance sheet |
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Dividend of 0.255 cents per share declared for Q4 2025; reflecting a reduction from the previously announced dividend target in line with current generation and revenue performance, and set having regard to the Company's investment trust distribution requirements. The level of future distributions will be determined once there is sufficient visibility of improved portfolio performance and sustainability of cash generation |
OUTLOOK
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During 2025, a rapidly evolving federal policy environment following the US election drove a broad reset of energy, trade, and economic priorities, materially altering the outlook for renewable energy development |
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Collectively, these policy developments are expected to constrain US renewable energy development in the short to medium term, while expectations for sustained electricity demand growth remain. In this environment, supply constraints may support longer-term power price fundamentals, relevant for established operating assets such as those in the Company's portfolio. However, the practical impact on valuation trends, transaction activity and broader market dynamics is still emerging |
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In November, the Board engaged with select advisers to assess prevailing conditions in the US market for the sale and acquisition of operational solar assets. This formed part of the Board's ongoing monitoring of valuation trends, transaction activity and broader market dynamics |
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Based on available transaction data, feedback from advisers and discussions with shareholders, the Board did not observe sufficient evidence of market conditions that would support value realisation consistent with its assessment of the portfolio. Accordingly, while strategic opportunities were actively considered during the period, the Board did not advance actions in that direction |
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The Board continues to evaluate strategic options that may enhance or realise shareholder value and will pursue such opportunities as and when market conditions support appropriate value realisation |
NOTICE OF AGM AND OTHER INFORMATION
The Company's 2026 Annual General Meeting ("AGM") will be held on 28 May 2026 at 3:00pm at the offices of JTC (UK) Limited, The Scalpel, 18th Floor, 52 Lime Street, London EC3M 7AF.
Because the Company's shares traded at an average discount to NAV in excess of 10% during 2025, the Articles require that a special resolution be proposed at the AGM, at which shareholders will be asked to consider whether the Company should be wound up or otherwise reconstructed. If such a resolution were passed, the Articles provide the Board with up to four months to put forward a proposal to shareholders.
The Board believes that the underlying value of the portfolio is not currently reflected in the Company's share price. However, prevailing market conditions and available transaction data do not provide sufficient evidence of transaction conditions that would support value realisation. An accelerated or forced realisation would therefore risk producing an outcome that does not appropriately reflect the long-term fundamentals of the portfolio.
In light of this, and reflecting initial feedback from some shareholders, the Board does not consider a discontinuation to be in the shareholders' best interests and therefore recommends that shareholders vote against this resolution.
The Company's Annual Report and Financial Statements for the year ended 31 December 2025 and the formal Notice of the Annual General Meeting will be posted to shareholders. In accordance with UK Listing Rule 6.4.1, copies of the documents have been submitted to the UK Listing Authority and will shortly be available to view on the Company's corporate website at http://www.ussolarfund.co.uk and for inspection from the National Storage Mechanism at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism
ENDS
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US Solar Fund Meredith Frost (Amber)
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+44 20 7939 0550
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Cavendish Capital Markets Limited Tunga Chigovanyika Daniel Balabanoff |
+44 20 7397 8900
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KL Communications Charles Gorman Charlotte Francis Amy Levingston Smith
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+44 20 3882 6644 USF@kl-communications.com
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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: 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 £2.2 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.
Further information on Amber can be found on its website: http://www.amberinfrastructure.com.