REG - US Solar Fund PLC US Solar Fund - USFP - First Quarter Update

Us Solar FundAnnouncement

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RNS Number : 8544M  US Solar Fund PLC  16 June 2025

16 June 2025

 

US Solar Fund PLC

("USF", or the "Company")

 

 

FIRST QUARTER UPDATE

 

US Solar Fund plc (LON:USF (USD)/USFP (GBP)), the renewable energy fund
investing in utility-scale solar power plants across North America, is pleased
to release its first quarter update for the period ended 31 March 2025.

 

Highlights for the quarter to 31 March 2025:

NAV update:

·    USF's unaudited NAV as of 31 March 2025 is $196.6 million ($0.64 per
share) which represents an increase of approximately 1.3% from the audited NAV
as of 31 December 2024

·    The movement in NAV reflects the roll-forward of the valuation models
and adjustments to portfolio working capital over the period

Dividend update:

·    Dividend of 0.56 cents per Ordinary Share for Q1 2025 to be paid by 4
July 2025, in line with the Company's existing annual dividend target of 2.25
cents per share

·    On 17 April 2025, the Board announced an increase in the annual
dividend target from 2.25 cents per share to 3.5 cents per share, which will
take effect in Q3 2025

Portfolio performance:

·    Generation by the Company's portfolio in the first quarter was 9.1%
below forecast (-11.6% for Q1 2024), with +2.2% attributable to favourable
weather and -11.3% attributable to technical (non-weather) factors

·    Performance during the first quarter was impacted by unplanned
outages, particularly at the Heelstone and Granite portfolios. This was
related to technical issues, as well as planned outages timed to allow
maintenance activities to be completed during the lowest production quarter of
the year and ensure equipment longevity

·    Ongoing initiatives to manage and remediate technical issues to
reduce the occurrence and length of unplanned outages continue to be
implemented as part of the remediation plan developed by the Investment
Manager's asset management team

 

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For further information, please contact:

 

 US Solar Fund                      +44 20 7939 0550

 Meredith Frost (Amber)
 Cavendish Capital Markets Limited  +44 20 7397 8900

 Tunga Chigovanyika

 KL Communications                  +44 20 3882 6644

 Charles Gorman

 Charlotte Francis

 Amy Levingston Smith

 

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 Americas.

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 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 (http://www.ussolarfund.co.uk) .

 

About Amber Infrastructure Group

Amber Infrastructure Investment Advisor LLC, a subsidiary of the Amber
Infrastructure Group, was appointed as the Company's Investment Manager on 1
December 2023.

Amber Infrastructure Group (Amber) is an international infrastructure
specialist, focused on investment origination, development, asset management
and in Europe, fund management. Amber's core business focuses on
infrastructure assets across the public, transport, energy, digital and
demographic infrastructure sectors that support the lives of people, homes and
businesses internationally.

Among other funds, Amber advises International Public Partnerships, a FTSE
250-listed Company with a market cap of £2.3 billion and 15-year track record
of long-term investment in infrastructure assets globally. Amber is
headquartered in London with offices in Europe, North America and Australia
and employs c.180 infrastructure professionals.

Amber has had a strategic partnership with the Hunt Group of Companies in
the US since 2015 and completed their previously announced strategic
transaction with Boyd Watterson in August 2024. Amber is part of Boyd
Watterson Global Asset Management Group LLC, a global diversified
infrastructure, real estate and fixed income business with over $36
billion in assets under management and over 300 employees with offices in
eight US cities and presence in twelve countries. Learn more at
www.amberinfrastructure.com (http://www.amberinfrastructure.com) .

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