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

Us Solar FundAnnouncement

17/11/2023 12:45

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RNS Number : 8689T  US Solar Fund PLC  17 November 2023

17 November 2023

US SOLAR FUND PLC

("USF", or the "Company")
Investment Manager Update

Further to the Company's announcement on 31 October 2023 and announcement
today regarding the resolution passed by shareholders approving changes to the
Company's Investment Policy, the Board of USF ("Board") is pleased to confirm
that this approval satisfies a condition to the appointment of Amber
Infrastructure Investment Advisor, LLC, a member of the Amber Infrastructure
Group ("Amber") to replace New Energy Solar Manager Pty Limited ("NESM") as
the Company's investment manager.

Amber and NESM are working together to ensure a smooth transition of the
investment manager role, with a target transition date of 1 December 2023.

Commenting on today's announcement, Gill Nott, Chairman, said:

"Following extensive shareholder consultation, the shareholder vote marked the
final stage of a robust and extensive process pursued by the Board over the
past 12 months to consider all options to protect shareholder value against a
challenging backdrop.

 

With its 15-year track record in UK investment company management and
substantial experience acquiring, developing, managing and divesting utility
scale solar projects in the US, the Board believes Amber has all the necessary
expertise to maximise shareholder value and will put USF on a stronger footing
for the future."

 

Tom O'Shaughnessy, Head of North America at Amber, commented:

 

"We are pleased that our proposal and vision for the future of USF has been
selected by the Board and supported by shareholders. We look forward to
working with the Board, Shareholders and the Company's advisors."

 

 

For further information, please contact:

 US Solar Fund                    +1 718 230 4329

 Whitney Voute

 Cavendish Securities Plc         +44 20 7397 8900

 Tunga Chigovanyika

 James King

 Will Talkington

 Jefferies International Limited  +44 20 7029 8000

 Stuart Klein

 Gaudi Le Roux

 KL Communications                +44 20 3995 6673
 Charles Gorman

 Charlotte Francis

 

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
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 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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