REG - US Solar Fund PLC US Solar Fund - USFP - Purchase of Management Fee Shares

Us Solar FundAnnouncement

14/06/2023 10:30

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RNS Number : 6902C  US Solar Fund PLC  14 June 2023

14 June 2023

US SOLAR FUND PLC

("USF", the "Company")

 

Purchase of Management Fee Shares

In accordance with the terms of the investment management agreement (IMA)
between the Company and New Energy Solar Manager Pty Limited (Investment
Manager), the key terms of which were outlined in the Company's Prospectus
published on 13 April 2021 (Prospectus), ten per cent of the investment
management fee (Management Share Amount) shall be received by the Investment
Manager, or an Associate, in Ordinary Shares of the Company
(Management Fee Shares).

The Company will apply an amount equal to the Management Share Amount to the
purchase on behalf of the Investment Manager or an Associate (as directed by
the Investment Manager) of Ordinary Shares for cash in the secondary market.
In making, or directing a broker or other agent of the Company to make any
such purchases, the Company shall act as the agent of the Investment Manager
or the relevant Associate (as directed by the Investment Manager) and not as
principal.

The Investment Manager purchased 329,495 Management Fee Shares on 8 June 2023
at an average price of $0.73, reflecting the Management Share Amount due to
the Investment Manager for the period from 1 July 2022 to 31 March 2023.

Combined with previous Management Fee Share purchases, the Investment Manager
or the relevant Associates will hold a total of 1,155,719 Management Fee
Shares.

The Management Fee Shares are subject to a minimum lock-in period of 36 months
from the Payment Date.

Unless the context otherwise requires, capitalised terms used in this
announcement have the meanings in the Prospectus.

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). The Company's portfolio currently
(including the Company's 50% interest in MS2) consists of 42 operational solar
projects with a total capacity of 543MW(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, 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 1.2GW(DC).

 

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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