US Solar Fund PLC FIFTH ACQUISITION COMMENCES OPERATIONS (7504T)
July 23 2020 - 2:00AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 7504T
US Solar Fund PLC
23 July 2020
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23 July 2020
US SOLAR FUND PLC (USF, the "Company")
FIFTH ACQUISITION COMMENCES OPERATIONS
FOUR SOLAR PROJECTS (61MW(DC) ) IN OREGON OPERATING AND SELLING
ENERGY UNDER POWER PURCHASE AGREEMENTS
US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to
announce the commissioning of its 61MW(DC) portfolio of four
utility-scale solar plants in Oregon ("the Oregon Portfolio").
USF announced the acquisition of the Oregon Portfolio on 2 June
2020, with plant commissioning subject to the interconnecting
utility re-starting work following COVID19 restrictions. That work
is now complete, and the Oregon Portfolio is fully operational,
with all four projects selling 100% of their electricity output
under long-term power purchase agreements (PPAs) to Portland
General Electric (S&P rating: BBB+). The PPAs have an average
term of 11.2 years with fixed annual percentage increases.
With the commissioning of the Oregon Portfolio, the Company has
276MW(DC) of operating utility-scale solar plants, and a further
167MW(DC) in advanced stages of construction expected be completed
on schedule before the end of the year.
As announced in April 2020, and in line with the targets set out
at IPO, USF remains in a strong position to commence and fully cash
cover a full 5.5 cent per share dividend in 2021, representing a
5.5% yield on the IPO issue price of $1.00 per share.
Further information on the Company can be found on its website
at U32T 32 http://www.ussolarfund.co.uk
For further information, please contact:
US Solar Fund
Whitney V oûte +1 718 230 4329
Cenkos Securities plc
Will Rogers
Rob Naylor
Will Talkington +44 20 7397 8900
Jefferies International Limited
Stuart Klein
Neil Winward
Gaudi le Roux +44 20 7029 8000
KL Communications +44 20 3995 6673
Charles Gorman
Charlotte Stickings
About US Solar Fund plc
US Solar Fund plc listed on the premium segment of 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.
The Company acquires or constructs, owns and operates solar
power assets that 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).
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$1bn 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$20 billion of funds under advice and management.
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
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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