US Solar Fund PLC SIXTH BINDING ACQUISITION AGREEMENT (2836B)

TIDMUSF TIDMUSFP

RNS Number : 2836B

US Solar Fund PLC

10 February 2022

US SOLAR FUND PLC (USF, the Company)

SIXTH BINDING ACQUISITION AGREEMENT

USF exercises option to acquire further 25% of 200MW(DC) Mount Signal 2

US Solar Fund Plc ( LON:USF (USD) / USFP (GBP) ) is pleased to announce it has exercised its option to acquire a further 25% interest in the 200MW(DC) Mount Signal 2 (MS2, the Project), taking its total ownership of the Project to 50%.

USF committed to acquire an initial 25% (Tranche One) of MS2 in December 2020 and had twelve months from Tranche One completion (which was in March 2021) to exercise its option over a second 25% (Tranche Two). The purchase price for Tranche Two is $21m, taking USF's total equity investment for 50% of the Project to $44m.

On completion of Tranche Two of the Transaction, which is subject to customary regulatory and financier approvals and consents, USF's total portfolio will be 543 MW(DC) across 42 fully operational assets in five states of the US, with a weighted average investment-grade power purchase agreement (PPA) term of 14.7 years.

USF will fund Tranche Two with available cash.

For further information, please contact:

 
US Solar Fund 
 Whitney V oûte              +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 
 Neil Winward                     +44 20 7029 8000 
KL Communications                 +44 20 3995 6673 
Charles Gorman 
 Will Sanderson 
 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 and has a current market capitalisation of approximately $340m. 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). The Company's portfolio currently consists of 42 operational solar projects with a total capacity of 493MW (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 Pty Limited, which also manages Australian Securities Exchange (ASX)-listed New Energy Solar ( www.newenergysolar.com.au ). Combined, US Solar Fund and New Energy Solar have committed approximately US$1.3 billion to 57 projects totalling 1.2GW (DC) .

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.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

STRBKKBQFBKKQBD

(END) Dow Jones Newswires

February 10, 2022 03:46 ET (08:46 GMT)

Us Solar (LSE:USF)
Historical Stock Chart
From Jul 2024 to Jul 2024