(Alliance News ) - US Solar Fund PLC on Monday said its annual net asset value dropped marginally as its dividend increased by 1.5%.
US Solar Fund is an investment company focusing on owning and operating solar power assets in North America and other Organisation for Economic Co-operation & Development countries in the Americas.
NAV per share as at December 31 amounted to USD0.963 per share, down slightly from USD0.975 per share on the same date a year ago.
For 2022, NAV at December 31 was USD320.0 million, down from USD324.0 million on the same date in 2021. The company said while the portfolio experienced an overall fair value uplift, this was offset by "dividends paid, operating costs at the plc level, and US tax losses".
US Solar added that the fair value increase was driven by a modest uplift in electricity price forecasts and improved operating cost assumptions.
NAV total return was 10%, compared to 5.6% a year earlier.
Chair Gill Nott said: "2022 was a significant year for the company. The portfolio grew to over half a gigawatt, we increased the dividend and continued to cash cover the payments. However, with the sustained share price discount to net asset value impeding the ability of the company to grow, we also announced that the company was conducting a strategic review in the interest of all shareholders."
The portfolio comprised of 543 megawatt direct current, up 10% from 493, across 42 projects at December 31.
It declared a final dividend of 1.52 cents per share, taking the total dividend to 5.58 cents per share, up 1.5% from 5.5 cents a year prior.
Looking ahead, Chair Gill Nott said 2023 "seems to be dominated by volatility and concerns about potential economic recession," but noted a positive outlook for renewable energy in the US.
Shares were flat at UD0.80 each in London on Monday morning in London.
By Xindi Wei, Alliance News reporter
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Us Solar Fund (USFP)