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
Meredith Frost (Amber)
|
+44 20 7939 0550
|
|
Cavendish Capital Markets Limited
Tunga Chigovanyika
|
+44 20 7397 8900
|
|
KL
Communications
Charles Gorman
Charlotte Francis
Amy Levingston Smith
|
+44 20 3882 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 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.