Last checked at 16 Sep 2020 10:32
US Solar Fund plc (USF/USFP)
16/09/2020
Interim results analysis from Kepler Trust Intelligence
US Solar Fund has made significant progress with the development of its portfolio, despite the challenges of the pandemic, and expects dividends to be fully covered by operational cashflow from now on…
US Solar Fund, which has a dollar (USF) and sterling (USFP) share class, released its interim results for the six months ending 30 June this week, during which time the development of the portfolio has continued to gather pace despite the challenges presented by the COVID-19 crisis.
Kepler View
COVID-19 has presented a number of challenges to industries globally, and the broader solar industry has not been entirely immune. With this said, US Solar's portfolio has largely been unaffected and continues to be in a strong position to meet construction deadlines, operating the generation sites and realise consistent predictable cashflows.
This has been demonstrated by their recent 0.5 cent dividend announcement, which will be paid from operating cash flow rather than capital and is at a level that will represent an annualised dividend of 2% when measured against the initial issue price of $1.00 per share. The managers have noted that they believe they remain on track to meet their initial target dividend yield of 5.5% of the IPO price in 2021.
It is heartening that USF/USFP has been relatively operationally unaffected by COVID-19. Although the yield is yet to reach the full potential, with assets still being developed, next year the trust seems likely to yield more…
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