US Solar Fund PLC Quarterly Trading & NAV Update (3462M)
May 23 2022 - 2:01AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 3462M
US Solar Fund PLC
23 May 2022
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.
23 May 2022
US SOLAR FUND PLC (USF, the "Company")
QUARTERLY TRADING AND NAV UPDATE
US Solar Fund plc (LON: USF (USD)/USFP (GBP)) announces that its
unaudited NAV at 31 March 2022 was $321.1 million or $0.967 per
ordinary share, a 0.9% decrease from the 31 December 2021 NAV of
$324.0 million or $0.975 per ordinary share.
Highlights for the quarter to 31 March 2022:
-- The marginal decrease in NAV over the quarter was due to a
reduction in cash balances arising from seasonally lower production
and associated cash flows over the winter months. There was no
change in the value of individual assets or any adjustment from
electricity price forecasts, which will be updated at the end of
the second quarter.
-- Despite seasonality in production levels, production for Q1
2022 was 2.6% above budget for the quarter, primarily due to better
than forecasted weather in California and Oregon.
-- The Company announced its Q4 2021 dividend of 1.50 cents per
ordinary share, paid on 29 April 2022, in line with the Company's
target full year dividend of 5.5 cents per ordinary share.
-- Dividend cash cover for the 12-months ended 31 March 2022 was
1.26x. Dividend cover in Q3 and Q4 is expected to trend higher due
to seasonality and cashflows received from operations during warmer
months.
-- All assets in the portfolio have power purchase agreements
(PPAs) with contracted prices for 100% of electricity generated.
The portfolio weighted average PPA term is 14.1 years as of 31
March 2022, and all PPA counterparties are investment-grade
(S&P rated A to BBB).
Highlights post period end:
-- This month, USF received the remaining regulatory consent to
close the acquisition of its second 25% interest in the 200MW(DC)
Mount Signal 2 project (MS2). USF has an existing 25% interest in
MS2 and exercised its option over the second 25% interest in
February 2022. Close is expected in coming weeks and will bring
USF's total operating portfolio to 543MW(DC) .
The NAV update and the Company's factsheet for Q1 2022 are
available on the Company's website at:
www.ussolarfund.co.uk/investor-centre .
For further information, please contact:
US Solar Fund
Whitney Voute +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 +44 20 7029 8000
KL Communications +44 20 3995 6673
Charles Gorman
Charlotte Francis
Millie Steyn
About US Solar Fund plc
US Solar Fund plc, established in 2019, is listed on the premium
segment of the London Stock Exchange in April 2019 with a 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 consists of 42 operational solar
projects with a total capacity of 543 MW(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 (NESM). NESM also
manages New Energy Solar, an Australian Securities Exchange
(ASX)-listed fund. 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
NAVZZGZKVZKGZZM
(END) Dow Jones Newswires
May 23, 2022 02:01 ET (06:01 GMT)
Us Solar (LSE:USF)
Historical Stock Chart
From Jul 2024 to Jul 2024
Us Solar (LSE:USF)
Historical Stock Chart
From Jul 2023 to Jul 2024