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25 July 2019
US SOLAR FUND PLC (USF, the "Company")
NAV UPDATE AND FACTSHEET
US Solar Fund plc (LON: USF (USD)/USFP (GBP)), a newly established investment company focused on investing in solar power assets primarily in the United States, is pleased to announce that its unaudited NAV at 30 June 2019 was $196 million or $0.979 per Ordinary Share.
The Company's key updates for Q2 2019 are:
• April 2019: listing on the premium segment of the London Stock Exchange, raising gross proceeds of $200m with significant support from leading UK institutional investors.
• June 2019: agreed exclusivity to acquire a 128 megawatt (MWDC) utility-scale solar power project. The project is located in Utah, in the western United States, and has a 25-year power purchase agreement (PPA) with an investment-grade (S&P rating: A) offtaker, beginning in the second half of 2020. USF executed an acquisition agreement for this project following quarter-end, in July 2019.
• June 2019: agreed exclusivity with US-based solar developer Cypress Creek Renewables to acquire a portfolio of utility-scale solar power projects located in North Carolina and Oregon, with total capacity of approximately 90MWDC.
The Company's factsheet for Q2 2019 is linked to this announcement http://www.rns-pdf.londonstockexchange.com/rns/6441G_1-2019-7-24.pdf and available on the Company's website at: www.ussolarfund.co.uk/investor-centre.
For further information, please contact:
US Solar Fund Whitney Voûte |
+1 718 230 4329 |
Cenkos Securities plc Alex Collins Sapna Shah Tom Scrivens |
+44 20 7397 8900 |
Macquarie Capital (Europe) Limited Stephen Taylor Nick Stamp |
+44 20 3037 2000 |
KL Communications |
+44 20 3603 2803 |
Charles Gorman Josie Workman |
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About US Solar Fund plc
US Solar Fund plc listed on the premium segment of the London Stock Exchange in April 2019, following its successful US$200m IPO. The Company's investment objective is to provide investors with attractive and sustainable dividends with an element of capital growth by investing in a diversified portfolio of solar power assets in North America and other OECD countries in the Americas.
The Company will acquire or construct, own and operate solar power assets that 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).
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 which has committed over US$800m to US and Australian solar plants since late 2015.
NESM is owned by Walsh & Company, the funds management division of Evans Dixon, an ASX-listed company (ASX: ED1) with over A$18 billion of funds under advice and management.
