(Alliance News) - US Solar Fund PLC on Tuesday reported its first annual report since listing in April, showing a slight decrease in assets.
At December 31, the solar power asset investor's NAV per share stood at USD0.972 compared to USD0.979 at June 30, a 0.7% drop.
US Solar Fund's net assets slipped 0.8% over the six-month period to USD194.4 million from USD196.0 million.
The fund listed in London in April.
"Since listing in April 2019, the investment manager, New Energy Solar Manager, has worked diligently to invest the proceeds of the fundraising within the first six to nine months from the Initial Public Offering, as indicated in the prospectus. On January 29, 2020, the company announced its fourth transaction and full commitment of the IPO proceeds," Chair Gill Nott said.
The chair continued: "The current portfolio, including the acquisition after December 31, is more than 50% operating and revenue generating for the company, in line with the strategy outlined in the Prospectus. The Board believe that this is an excellent outcome for USF at this early stage in its life."
As of March, US Solar Fund's total portfolio now consists of 37 projects across four states in the US and with a combined capacity of 382.4 megawatts.
The fund declared a fourth quarter dividend of USD0.50.
Looking ahead, Nott said the fund is monitoring the deadly spread of Covid-19 but noted the majority of the equipment the required to complete the investments under construction is either already in the US, or is being manufactured there.
"However, as governments of many countries implement controls to minimise the spread of the virus, delays to construction may yet still occur from other factors such as interruptions to the availability of labour. The investment manager continues to monitor the situation as it evolves," Nott added.
Shares in US Solar Fund were 2.0% lower in London on Tuesday at USD0.97 each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Us Solar Fund (USFP)