Us Solar Fund Regulatory News (USFP)

20 May 2021

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

Q1 2021 Interim Dividend Declaration

US Solar Fund Plc (LON:USF (USD) / USFP (GBP)) is pleased to announce the interim dividend for the three month period ended 31 March 2021 (First 2021 Interim Dividend) of 1.25 cents per Ordinary Share. The First 2021 Interim Dividend will be paid on 2 July 2021 to Shareholders on the register as at the close of business on 11 June 2021. The ex-dividend date is 10 June 2021. Of the First 2021 Interim Dividend 1.25 cents is declared as dividend income with 0.00 cents treated as qualifying interest income.

USF generates income by selling power generated by its solar power assets to its PPA counterparties. The highest power generation, and therefore cashflow, is generally produced in the summer months. Allowing for the time taken for electricity sales to be converted to distributable cashflow at the Company level, the profile of dividend payments throughout the year will reflect this seasonality of the Company's underlying cashflows. Accordingly, the Company expects to declare modestly lower quarterly dividends in the first and second quarters and slightly higher quarterly dividends in the third and fourth quarters. USF reaffirms its 2021 annual dividend target of 5.5 cents per Ordinary Share per annum and expects to cover dividends paid in 2021 with operating cashflows.

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About US Solar Fund plc 

US Solar Fund plc, established in 2019, is listed on the premium segment of the London Stock Exchange in April 2019 with a 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 (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.