US Solar Fund PLC MS2 PROCEEDS AND STRATEGIC REVIEW UPDATE (4655F)
10 Julio 2023 - 1:00AM
UK Regulatory
TIDMUSF TIDMUSFP
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
Whitney Voute +1 718 230 4329
Cenkos Securities plc
James King
Tunga Chigovanyika
Will Talkington +44 20 7397 8900
Jefferies International Limited
Stuart Klein
Gaudi Le Roux +44 20 7029 8000
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 .
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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