Sixth Binding Acquisition Agreement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE, SUBSCRIBE FOR OR OTHERWISE ACQUIRE, ANY INVESTMENTS IN ANY JURISDICTION.

7 June 2022

US SOLAR FUND PLC (USF, the "Company")

SIXTH BINDING ACQUISITION AGREEMENT

Financial close on further 25% interest of 200MWDC Mount Signal 2

US Solar Fund Plc (LON:USF (USD) / USFP (GBP)) is pleased to announce financial close on its option to acquire a further 25% interest (Tranche 2) in the 200MWDC Mount Signal 2 (MS2). The acquisition takes USF's total ownership of MS2 to 50% or 100MWDC and was funded with available cash.

USF's portfolio now comprises 42 fully operational assets with a combined capacity of 543MWDC across five states in the US. The acquisition increases USF's weighted average investment-grade power purchase agreement (PPA) term from 14.1 years to 14.5 years and further enhances geographic diversification.

For further information, please contact:

About US Solar Fund plc 

US Solar Fund plc, established in 2019, is listed on the premium segment of the London Stock Exchange in April 2019 with a market capitalisation of approximately $310 million at 31 March 2022. 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). The Company's portfolio consists of 42 operational solar projects with a total capacity of 543MWDC, 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, an Australian Securities Exchange (ASX)-listed fund. 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.