Us Solar Fund Regulatory News (USF)

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29 March 2021

US SOLAR FUND PLC (USF, the "Company")

SIXTH ACQUISITION UPDATE

FINANCIAL CLOSE ON 25% INTEREST IN 200MWDC PROJECT IN CALIFORNIA

US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to announce that it has reached completion on the first tranche ("Tranche One") of an acquisition representing a 25% interest in a 200MWDC operating solar plant located in the Imperial Valley of Southern California, Mount Signal 2 (MS2). The Company previously announced binding terms to acquire Tranche One of MS2 for $23 million on 31 December 2020. With the completion of Tranche One, USF's total portfolio will now consist of 493MWDC of fully operational assets in four states of the US, with a weighted average investment-grade PPA term of 15.4 years.

As previously announced, MS2 was built during 2018 and 2019 by Swinerton Renewable Energy, a leading US constructor. The Project uses First Solar Series 6 modules, with operations and maintenance services provided by First Solar Energy Services under a long-term contract. MS2 has a 20-year PPA with Southern California Edison (SCE), that commenced in June 2020. Under the PPA, 100% of the electricity generated by MS2 is sold to SCE at an annually escalating price. SCE (S&P: BBB), a subsidiary of Edison International, serves a population of more than 15 million people and is the primary electricity provider for central, southern and coastal California.

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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 $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 acquires or constructs, owns and operates 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 US Solar Fund 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. NESM manages over US$1.4bn of invested capital across US and Australian solar plants. 

NESM is owned by E&P Funds, the funds management division of E&P Financial Group, an ASX listed company (ASX: EP1) with over A$20 billion of funds under advice.