REG - US Solar Fund PLC US Solar Fund - USFP - THIRD QUARTER UPDATE

Us Solar FundAnnouncement

25/11/2024 07:00

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RNS Number : 4121N  US Solar Fund PLC  25 November 2024

25 November 2024

 

US Solar Fund PLC

("USF", or the "Company")

 

 

THIRD 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 third quarter update for the period ended 30 September 2024.

 

Highlights for the quarter to 30 September 2024:

NAV update:

·    USF's unaudited NAV as of 30 September 2024 is $230.6 million ($0.75
per share) which represents an increase of approximately 0.1% from the audited
NAV as of 30 June 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 Q3 2024 to be paid by
27 December 2024, in line with the Company's dividend target of 2.25 cents per
share

·    The FY 2024 dividend target is forecast to be fully covered by cash
generated from operations

Portfolio performance:

·    Generation by the Company's portfolio in the third quarter was 11.8%
below forecast, with 2.4% attributable to weather and 9.4% attributable to
technical (non-weather) factors. Within these technical factors, 1.5% of
underperformance was attributable to uncompensated utility grid outages

·    Performance during the third quarter was materially impacted by
elevated levels of inverter outages and unscheduled maintenance as a result of
non-implementation of preventative maintenance plans in prior periods

·    Improved performance of the portfolio continues to be a key area of
focus for the Company's Board and Investment Manager. Specifically, through
the implementation and refinement of asset remediation initiatives and
preventative maintenance strategies. Resourcing related to the asset
management role also continues to be a key focus for the Investment Manager

 

Update following AGM

Following the Company's AGM in May 2024, the Board and Investment Manager have
engaged with shareholders and remain focused on improving the performance of
the assets and exploring all the appropriate options available to the Company
to maximise shareholder value. In addition, the Board has been strengthened by
the appointment of Mark Lerdal, a US-based director with over thirty years'
experience in the energy and renewables sectors.

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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 £2.4billion 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 Hunt Companies, Inc. in the US since 2015 and completed their
previously-announced strategic combination with Boyd Watterson in August 2024.

Learn more at www.amberinfrastructure.com (http://www.amberinfrastructure.com)
.

 

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