Us Solar Fund Regulatory News (USFP)

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This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

31 January 2020

US SOLAR FUND PLC

(the "Company")

PAYMENT FRAUD UPDATE

Further to the announcement on 30 January 2019, the Board of US Solar Fund plc (LON:USF (USD)/USFP (GBP)) was advised this morning that its investment manager, New Energy Solar Manager (Investment Manager), has successfully recovered $3.6m of the $6.9m in contracted construction payments (Payments) that are the subject of an ongoing payment fraud investigation.

After market close on 30 January 2020, the account bank for the relevant USF US project company (Project Company) advised the Investment Manager that it, with the assistance of the recipient account bank, had successfully recovered $3.6m of the Payments. These funds have been returned to the Project Company's account and are available to fund ongoing construction. There is currently no impact to the relevant construction schedules or budgets.

The Board and Investment Manager will continue to further investigate the fraud and work with all parties to attempt to recover the remaining $3.3m. This includes the account banks, relevant US authorities, the EPC contractor, and insurers.

USF will continue to provide further information as it becomes available.

LEI: 2138007BIUWE7AHS5Y90

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