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10 Feb 2022 08:47
10 February 2022
US SOLAR FUND PLC (USF, the Company)
SIXTH BINDING ACQUISITION AGREEMENT
USF exercises option to acquire further 25% of 200MWDC Mount Signal 2
US Solar Fund Plc (LON:USF (USD) / USFP (GBP)) is pleased to announce it has exercised its option to acquire a further 25% interest in the 200MWDC Mount Signal 2 (MS2, the Project), taking its total ownership of the Project to 50%.
USF committed to acquire an initial 25% (Tranche One) of MS2 in December 2020 and had twelve months from Tranche One completion (which was in March 2021) to exercise its option over a second 25% (Tranche Two). The purchase price for Tranche Two is $21m, taking USF's total equity investment for 50% of the Project to $44m.
On completion of Tranche Two of the Transaction, which is subject to customary regulatory and financier approvals and consents, USF's total portfolio will be 543 MWDC across 42 fully operational assets in five states of the US, with a weighted average investment-grade power purchase agreement (PPA) term of 14.7 years.
USF will fund Tranche Two with available cash.
For further information, please contact:
US Solar Fund Whitney Voûte
| +1 718 230 4329 |
Cenkos Securities plc James King Tunga Chigovanyika Will Talkington
| +44 20 7397 8900 |
Jefferies International Limited Stuart Klein Gaudi le Roux Neil Winward
| +44 20 7029 8000
|
KL Communications | +44 20 3995 6673 |
Charles Gorman Will Sanderson Millie Steyn
|
About US Solar Fund plc
US Solar Fund plc, established in 2019, listed on the premium segment of the London Stock Exchange in April 2019 and has a current market capitalisation of approximately $340m. The Company's investment objective is to provide investors with attractive and sustainable dividends with an element of capital growth by owning and operating solar power assets in North America and other OECD countries in the America.
The solar power assets that the Company acquires or constructs 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). The Company's portfolio currently consists of 42 operational solar projects with a total capacity of 493MWDC, all located in the United States.
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 Pty Limited, which also manages Australian Securities Exchange (ASX)-listed New Energy Solar (www.newenergysolar.com.au). Combined, US Solar Fund and New Energy Solar have committed approximately US$1.3 billion to 57 projects totalling 1.2GWDC.
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.
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