Last checked at 27 Feb 2020 07:00
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27 February 2020
US SOLAR FUND PLC (USF, the "Company")
US SOLAR FUND ENTERS EXCLUSIVITY TO ACQUIRE 61 MWDC SOLAR PORTFOLIO
US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to announce it has entered exclusivity with Southern Current, LLC (Southern Current), a leading US solar developer, to acquire an approximately 61MWDC utility-scale solar power portfolio consisting of four in-construction projects located in Oregon (Portfolio).
Construction of the Southern Current Portfolio is well-progressed and all projects have long-term power purchase agreements (PPA) with an investment-grade offtaker. The projects are expected to commence operations during the second and third quarters of 2020.
USF's investment manager is completing due diligence and is working towards a binding agreement to acquire the Portfolio. Subject to the completion of appropriate due diligence and documentation, USF expects to sign and complete the acquisition during the first half of 2020.
Should the transaction occur, USF will fund the equity purchase price with available cash from the approximately 30% of IPO proceeds left available before the potential refinancing of the Heelstone portfolio (as announced on 29 January 2020). USF still intends to pursue the refinancing of the Heelstone portfolio but the flexibility in timing and quantum of that refinancing allows the Company to continue to pursue transactions that can be funded with available cash. Subject to Board approval, USF may also consider raising additional equity capital for the Heelstone refinancing to further enhance returns and for further acquisitions from its strong pipeline of investment opportunities.
More detailed information will be provided once binding acquisition agreements are executed.
Further information on the Company can be found on its website at http://www.ussolarfund.co.uk.
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 3603 2803 |
Charles Gorman Charlotte Stickings |
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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 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 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).
About Southern Current
Southern Current is a leading developer in the residential, commercial, and large scale solar markets with hundreds of systems currently providing power to customers across the United States. For more information, please visit https://southerncurrentllc.com/.
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.