US Solar Fund PLC MS2 OPTION AGREEMENT EXERCISED (4630N)
January 23 2023 - 2:00AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 4630N
US Solar Fund PLC
23 January 2023
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 January 2023
US SOLAR FUND PLC (USF, the "Company")
MS2 OPTION AGREEMENT EXERCISED
Further to the announcement on 22 August 2022, US Solar Fund plc
(LON: USF (USD)/USFP (GBP)) is pleased to announce that MN8 Energy
LLC (MN8), a renewable energy business formerly known as Goldman
Sachs Renewable Power LLC, has exercised its purchase option
(Option) over USF's 50% interest in the 200MW(DC) Mount Signal 2
(MS2) asset.
The Option gives MN8 the right to acquire USF's 50% interest in
MS2 for US$52.2 million excluding working capital plus a
non-refundable Option fee of $1 million. USF's total proceeds of
$53.2 million are consistent with the last published net asset
value for MS2 prior to the grant of the Option. The MS2 sale will
imply a gross return of approximately 11% per annum[1] since USF
announced the agreement to acquire up to 50% of MS2 from New Energy
Solar in December 2020.
USF expects to execute binding sale documents in the first
quarter of 2023, with financial close in the second quarter of 2023
subject to customary regulatory and financier consents. The Option
exercise and expected resultant MS2 sale has no impact on the
Strategic Review and Formal Sale Process (Strategic Review)
announced on 17 October 2022. The Company will update shareholders
regarding use of proceeds at the conclusion of the Strategic Review
(or the financial close of the MS2 sale if earlier).
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, 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 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 (including the
Company's 50% interest in MS2) consists of 42 operational solar
projects with a total capacity of 543MW(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 1.2GWDC.
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.
[1] Before taxes and transaction costs. Based on the MS2 sale
reaching financial close on 15 May 2023.
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END
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