Last checked at 
12 May 2020 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE, SUBSCRIBE FOR OR OTHERWISE ACQUIRE, ANY INVESTMENTS IN ANY JURISDICTION.
12 May 2020
US SOLAR FUND PLC (USF, the "Company")
NAV UPDATE AND FACTSHEET
US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to announce that its unaudited NAV at 31 March 2020 was $193 million or $0.96 per Ordinary Share.
Highlights for the period
In the quarter to 31 March 2020 (Q1 2020), USF has:
• Financially closed on 39 MWDC across eight operating projects from Greenbacker Renewable Energy Company LLC (Greenbacker), committing $36 million of equity. The projects commenced operations between 2012 and 2015 and all are selling 100% of their electricity output under fixed-price PPAs with subsidiaries of Duke Energy (S&P rating: A-).
• Announced binding acquisition and financial close with affiliates of Heelstone Renewable Energy LLC (Heelstone) to acquire a 177 MWDC portfolio of 22 operating projects located in North Carolina, Oregon and California. Including a potential refinancing of the acquisition, this transaction marked commitment of the IPO proceeds.
• Entered exclusivity with Southern Current LLC (Southern Current), for a 61 MWDC in-construction portfolio in Oregon. Should the transaction occur, USF will fund the equity purchase price with available cash from the remaining approximately 30% of IPO proceeds before the potential refinancing of the fourth acquisition.
• No direct impact on day to day operations of operational assets from COVID-19. USF's in-construction assets are well-progressed with the remainder of work not requiring personnel to work at close distance.
• Continued to review numerous high-quality construction-ready and operating investment opportunities. As at 31 March 2020, the Investment Manager's pipeline included 2,133 MWDC of assets with a cash equity value of $2.1 billion and a weighted-average PPA term of 15 years.
• Fully recovered all of the $6.9m of fraudulent payments. There was no impact on the Company's Net Asset Value (NAV), and no impact to the relevant construction schedules or budgets.
• Announced its third dividend of 0.50 cent per Ordinary Share (to be paid on 22 May 2020). This represents an annualised dividend yield of 2% when measured against the initial issue price of $1 per Ordinary Share.
Highlights post period end
USF released an update on 23 April, covering the progress to date and also confirming that:
• the Company is in a strong position to commence the full 5.5% (annualized) dividend from Q1 2021 in line with the target set out at IPO.
• USF expects to fully cash cover the remaining ramp-up dividend of 2-3% (relating to the remainder of this financial year to 31 December 2020) with cashflows from operating projects.
The update as well as the Company's factsheet for Q1 2020 is 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 Will Rogers Rob Naylor Will Talkington
| +44 20 7397 8900 |
KL Communications | +44 20 3995 6673 |
Charles Gorman Charlotte Stickings |
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).
Further information on the Company can be found on its website at http://www.ussolarfund.co.uk.
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$900m 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$20 billion of funds under advice and management.