REG - US Solar Fund PLC US Solar Fund - USFP - MS2 PROCEEDS AND STRATEGIC REVIEW UPDATE

Us Solar FundAnnouncement

10/07/2023 07:00

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RNS Number : 4655F  US Solar Fund PLC  10 July 2023

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10 July 2023

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

MS2 PROCEEDS AND STRATEGIC REVIEW UPDATE

Further to the announcement on 26 June 2023 confirming financial close on the
sale of USF's 50% interest in Mount Signal 2 ("MS2"), the Board is pleased to
confirm that it intends to undertake a share buyback programme using a portion
of the MS2 sale proceeds, taking into account the cash needs of the Company,
following the publication of the Company's interim results as at 30 June 2023.
The Company's interim results are currently expected to be published in
September.

 

Share buybacks will be carried out in accordance with the
shareholder authorisation renewed at the Company's Annual General Meeting on
24 May 2023.

 

The Board announced a strategic review in October 2022. The Board has now
concluded, given the extensive discussions with numerous parties over the last
six months, that the current market backdrop is not conducive to a sale of the
Company or its assets.

 

Accordingly, and given the mutual agreement of the Board of USF and USF's
existing investment manager, New Energy Solar Manager ("NESM"), that USF's
existing investment management agreement will not extend beyond the expiry of
the initial five-year term in April 2024, the Board is continuing to progress
discussions regarding a replacement investment manager and expects to appoint
a replacement investment manager within a very short timeframe. A further
announcement regarding the change of investment manager will be made in due
course.

 

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 6673
 Charles Gorman

 Charlotte Francis

 Millie Steyn

 

 

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 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). Following the sale of the 50% interest in
MS2, 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 the Investment Manager

USF is managed by New Energy Solar Manager (NESM). NESM also manages New
Energy Solar, 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 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.

 

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