30 May 2024
US Solar Fund
PLC
("USF", or the
"Company")
Strategic
Transaction of Investment Manager with Boyd
Watterson
Strategic Transaction of Investment Manager with Boyd
Watterson Strategic combination creates
a leading global alternatives investment platform with assets under
management of approximately $35 billion
The Board of Directors is pleased to
note that Amber Infrastructure Group (Amber), the parent of the
Company's Investment Manager, Amber Infrastructure Investment Advisor, LLC
will combine with Boyd Watterson Asset Management (Boyd Watterson), a leading real estate
and fixed income investment manager in the United States, through a
strategic transaction. The transaction remains subject to Financial
Conduct Authority and other regulatory approvals.
Through its funds, Boyd Watterson is
a highly credible and well-established real estate investor with a
long-standing and strong track record in the United States. Amber,
an international infrastructure specialist, has been active in the
US since 2015 and has a presence in New York, Colorado, Maryland,
Michigan and Texas. Both Boyd Watterson and Amber have a keen focus
on delivering outstanding client service across the real asset
sectors. The combined platform will create opportunities for Amber
to build upon its growing presence in the US and globally.
Hunt Companies, Inc, (Hunt) which is
a common investor in Amber and Boyd Watterson will continue to be
an investor in the combined entity and no shareholders will exit as
a result of the merger. Amber Infrastructure Investment Advisor,
LLC will continue to act as the Company's Investment Manager and
there will be no changes to the management of USF. In addition,
Amber will continue to hold its 5 million shares in the
Company.
Commenting on the announcement,
Amber's Head of North America Tom O'Shaughnessy
said: "The platform
consolidates Amber's existing US infrastructure capabilities,
including a team of 26 specialists working on behalf of Amber's
existing funds and managed accounts. We are excited to combine with
Boyd Watterson to form a significant diversified investment
platform".
For further information, please
contact:
|
US
Solar Fund
Meredith
Frost (Amber)
|
+44 20 7939 0550
|
|
Cavendish Capital Markets Limited
Tunga Chigovanyika
James King
Will Talkington
|
+44 20 7397 8900
|
|
KL
Communications
Charles Gorman
Charlotte Francis
Patrick Lodge
|
+44 20 3382 6644
|
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.
About Boyd Watterson
Founded in 1928 by its predecessor firm, Boyd
Watterson Asset Management, LLC (Boyd) is a leading real estate and
fixed income investment manager. Headquartered in Cleveland, Ohio,
Boyd employs 130 employees in seven offices across the
US. Boyd manages c.US$18.2bn of AUM, through separately
managed accounts and a number of funds with real estate and fixed
income strategies. www.boydwatterson.com
About Amber Infrastructure Group
Amber is a specialist international
investment manager, focused on investment origination, asset
management and fund management. Amber currently manages or advises
9 funds (2 listed and 7 private) with over £5 billion (c.$6
billion) in funds under management. With a presence across 12
countries, Amber manages 175 infrastructure investments
representing total assets under management of £14 billion (c.$17.5 billion). Amber's core business focuses on managing infrastructure
assets across the public, transport, energy, digital and
demographic infrastructure sectors internationally. Amber is
headquartered in London with offices in Europe, North America,
Australia and New Zealand. Amber employs over 180 professionals
globally. www.amberinfrastructure.com
About Hunt Companies
Hunt Companies is a family-owned
principal investment firm founded in 1947 based in El Paso, TX with
interests in the real estate, infrastructure and financial services
sectors. As an owner operator with a strong investment platform and
financial structuring expertise, Hunt develops lasting
relationships to create value for its investors, clients, employees
and communities. The company and its affiliates are committed to
promoting community growth and a sustainable future through our
business practices, purpose driven investment and charitable
giving. www.huntcompanies.com