US Solar Fund PLC EXCLUSIVITY TO ACQUIRE 120 MWDC SOLAR ASSET (3802C)
June 14 2019 - 11:37AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 3802C
US Solar Fund PLC
14 June 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN
THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER
JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO WOULD
BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE
OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY SOLICITATION OF
ANY OFFER TO PURCHASE, SUBSCRIBE FOR OR OTHERWISE ACQUIRE, ANY
INVESTMENTS IN ANY JURISDICTION.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 ("MAR").
14 June 2019
US SOLAR FUND PLC
US SOLAR FUND ENTERS EXCLUSIVITY TO ACQUIRE 120 MWDC SOLAR
ASSET
US Solar Fund plc (LSE:USF, or the Company), a newly established
investment company focused on investing in solar power assets
primarily in the United States, is pleased to announce it has
entered exclusivity with a US-based solar developer to acquire an
approximately 120 MWDC utility-scale solar power project located in
the western United States (Project).
In keeping with the Company's investment policy. the Project has
a long-term power purchase agreement with an investment-grade
offtaker beginning in the second half of 2020, while USF's
acquisition is expected to be simultaneous with construction
commencement later in 2019. USF's investment manager, New Energy
Solar Manager Pty Limited, is completing due diligence and is
working expeditiously towards a binding agreement to acquire the
project as well as structuring debt and tax equity finance.
The Board is pleased that the Project fits squarely in its
investment policy and is reflective of the quality and scale of the
opportunities currently available in the US solar market.
Liam Thomas, Chief Investment Officer for New Energy Solar
Manager, USF's investment manager, said:
"We are delighted to have secured exclusivity on the first
high-quality asset from our large, high quality pipeline within two
months of our London Stock Exchange IPO. We look forward to
updating investors on our progress as we continue to conduct due
diligence on this high-quality asset. The US is a leading global
solar market and is expected to experience continued strong growth,
now largely driven by the improving cost competitiveness of solar
PV and supportive policy."
The transaction is currently subject to disclosure limitations,
but more detailed information will be provided once binding
acquisition agreements are executed.
For further information, please contact:
US Solar Fund Investor Relations
Whitney Voûte +1 718 230 4329
Fidante Capital (Corporate Broker)
John Armstrong-Denby / Nick Donovan +44 207 832 0900
About US Solar Fund plc
US Solar Fund plc listed on the London Stock Exchange in April
2019, following its successful US$200m IPO. The Company's
investment objective is to provide investors with attractive and
sustainable dividends, with an element of capital growth, by
investing in a diversified portfolio of solar power assets in North
America and other OECD countries in the Americas.
USF is aiming to deliver:
-- an annual dividend yield target of 5.5% once all Solar Power
Assets are operational with an average growth rate of 1.5 -2.0% per
annum (on a fully invested and geared basis)
-- initial target annual dividend yield of 2 to 3% until all
Solar Power Assets are fully operational
-- target net total return over the life of the Solar Power
Assets of at least 7.5% per annum
Initial proceeds are expected to be invested or committed within
six to nine months of Admission, with most plants expected to be
operational within the following 12 months.
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 which has committed over US$800m to US and
Australian solar plants since late 2015.
NESM is owned by Walsh & Company, the funds management
division of Evans Dixon, an ASX listed company (ASX: ED1) with over
A$18 billion of funds under advice and management.
Further information on the Company can be found on its website
at www.ussolarfund.co.uk.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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END
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