(Alliance News) - US Solar Fund PLC said on Monday that it intends to undertake a share buyback programme, taking into account the company's cash needs.
US Solar Fund, a London-based investment company focusing on owning and operating solar power assets in North America, said that this share buyback plan followed the close of the sale of the company's 50% interest in Mount Signal 2 on June 26.
"The board announced a strategic review in October 2022. The board has now concluded, given the extensive discussions with numerous parties over the last six months, that the current market backdrop is not conducive to a sale of the company or its assets," said US Solar Fund.
US Solar Fund said that its existing investment management agreement will not extend beyond the expiry of the initial five-year term in April 2024.
The company said it is continuing to progress discussions regarding a replacement investment manager and appoint a replacement manager in a short time frame.
Shares in US Solar Fund were flat at USD0.68 in London on Monday morning.
By Will Neill, Alliance News reporter
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Us Solar Fund (USFP)