Last checked at 23 Jul 2020 07:00
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23 July 2020
US SOLAR FUND PLC (USF, the "Company")
FIFTH ACQUISITION COMMENCES OPERATIONS
FOUR SOLAR PROJECTS (61MWDC) IN OREGON OPERATING AND SELLING ENERGY UNDER POWER PURCHASE AGREEMENTS
US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to announce the commissioning of its 61MWDC portfolio of four utility-scale solar plants in Oregon ("the Oregon Portfolio").
USF announced the acquisition of the Oregon Portfolio on 2 June 2020, with plant commissioning subject to the interconnecting utility re-starting work following COVID19 restrictions. That work is now complete, and the Oregon Portfolio is fully operational, with all four projects selling 100% of their electricity output under long-term power purchase agreements (PPAs) to Portland General Electric (S&P rating: BBB+). The PPAs have an average term of 11.2 years with fixed annual percentage increases.
With the commissioning of the Oregon Portfolio, the Company has 276MWDC of operating utility-scale solar plants, and a further 167MWDC in advanced stages of construction expected be completed on schedule before the end of the year.
As announced in April 2020, and in line with the targets set out at IPO, USF remains in a strong position to commence and fully cash cover a full 5.5 cent per share dividend in 2021, representing a 5.5% yield on the IPO issue price of $1.00 per share.
Further information on the Company can be found on its website atU32T 32http://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 |
Jefferies International Limited Stuart Klein Neil Winward Gaudi le Roux
| +44 20 7029 8000
|
KL Communications | +44 20 3995 6673 |
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 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$1bn 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.