Last checked at 10 Jul 2023 07:00
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10 July 2023
US SOLAR FUND PLC ("USF", or the "Company")
MS2 PROCEEDS AND STRATEGIC REVIEW UPDATE
Further to the announcement on 26 June 2023 confirming financial close on the sale of USF's 50% interest in Mount Signal 2 ("MS2"), the Board is pleased to confirm that it intends to undertake a share buyback programme using a portion of the MS2 sale proceeds, taking into account the cash needs of the Company, following the publication of the Company's interim results as at 30 June 2023. The Company's interim results are currently expected to be published in September.
Share buybacks will be carried out in accordance with the shareholder authorisation renewed at the Company's Annual General Meeting on 24 May 2023.
The Board announced a strategic review in October 2022. The Board has now concluded, given the extensive discussions with numerous parties over the last six months, that the current market backdrop is not conducive to a sale of the Company or its assets.
Accordingly, and given the mutual agreement of the Board of USF and USF's existing investment manager, New Energy Solar Manager ("NESM"), that USF's existing investment management agreement will not extend beyond the expiry of the initial five-year term in April 2024, the Board is continuing to progress discussions regarding a replacement investment manager and expects to appoint a replacement investment manager within a very short timeframe. A further announcement regarding the change of investment manager will be made in due course.
For further information, please contact:
US Solar Fund Whitney Voute
| +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
| +44 20 7029 8000
|
KL Communications | +44 20 3995 6673 |
Charles Gorman Charlotte Francis 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. 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). Following the sale of the 50% interest in MS2, the Company's portfolio currently consists of 41 operational solar projects with a total capacity of 443MWDC, 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, a fund previously listed on the Australian Securities Exchange (ASX). 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.