REG - US Solar Fund PLC US Solar Fund - USFP - Investment Manager Update

Us Solar FundAnnouncement

21/08/2023 07:00

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RNS Number : 8435J  US Solar Fund PLC  21 August 2023

21 August 2023

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

Investment Manager Update

Further to the announcements on 10 July 2023 and 7 August 2023, the Board of
Directors of USF (Board) is pleased to announce its selection of Amber
Infrastructure Group (Amber) as the preferred candidate to replace New Energy
Solar Manager Pty Limited (NESM) as Investment Manager to the Company.

 

Amber is a specialist international infrastructure investment manager with
approximately £5 billion of funds under management, including a leading track
record built over the past 15 years in UK investment company management.
Supported by its affiliate Hunt Companies, Inc, Amber's US team is
headquartered in New York with offices throughout the US including Colorado,
Maryland, Michigan, and Texas, and has collectively been responsible for over
3GW of US solar projects including acquisitions, greenfield development, asset
management, and divestments. This includes the asset management of large-scale
commercial rooftop arrays, utility-scale installations, and co-located battery
storage projects.

 

The selection of Amber to progress to exclusivity follows a multi-phase
competitive process conducted by the Board as part of the Strategic Review
initiated in October 2022. The Board and its advisers received multiple
responses from highly qualified investment managers for this role.

 

The Board and Amber will now consult with the Company's shareholders over the
coming weeks. Further announcements will be made in due course as these
discussions progress.

 

NESM will continue to act as the Company's Investment Manager until a
replacement is appointed.

 

For further information, please contact:

 US Solar Fund                    +1 718 230 4329

 Whitney Voute

 Cenkos Securities plc            +44 20 7397 8900

 James King

 Tunga Chigovanyika

 Will Talkington

 Jefferies International Limited  +44 20 7029 8000

 Stuart Klein

 Gaudi Le Roux

 KL Communications                +44 20 3995 6699
 Charles Gorman                   +44 7795 977967

 Charlotte Francis                +44 7738 099560

 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
cash flows by selling electricity to creditworthy off-takers under long-term
PPAs. Following the sale of the Company's 50% interest in Mount Signal 2, the
Company's portfolio currently consists of 41 operational solar projects with a
total capacity of 443MW(DC), 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 NESM

 

USF is managed by New Energy Solar Manager (NESM). NESM also manages New
Energy Solar Limited, 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 totaling 1.2GW.

 

NESM is owned by E&P Funds, the funds management division of E&P
Financial Group Limited, an ASX listed company (ASX: EP1) with over A$20
billion of funds under advice.

 

About Amber

 

Amber Infrastructure 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 manages International Public Partnerships, a FTSE
250-listed company with a market cap of approximately £2.5 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 over 180 infrastructure professionals. Amber
has had a strategic partnership with the Hunt Group of Companies in the US
since 2015. Learn more at www.amberinfrastructure.com
(http://www.amberinfrastructure.com) .

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