US Solar Fund PLC NAV UPDATE AND FACTSHEET (5410O)
10 February 2021 - 6:00PM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 5410O
US Solar Fund PLC
10 February 2021
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10 February 2021
US SOLAR FUND PLC (USF, the "Company")
NAV UPDATE AND FACTSHEET
US Solar Fund Plc (LON:USF (USD) / USFP (GBP)) is pleased to
announce that its unaudited NAV at 31 December 2020 was $194.2
million or $0.970 per ordinary share, a 1.1% increase from the 30
September 2020 unaudited NAV of $192 million and $0.961 per
ordinary share. All 41 operating assets were externally valued with
the increase in NAV due to construction cost savings on the Milford
project, strong operational performance, and discount rate
reductions as the portfolio moved to a fully operational state.
These positive impacts were more than sufficient to offset
long-term electricity price forecast reductions.
Highlights for the quarter to 31 December:
-- USF completed its final construction project, the 128MW (DC)
Milford plant ( Milford ) in Utah, on-time and under budget. The
entire portfolio is now operating and generating revenue, with 100%
of revenues contracted with investment grade offtakers.
-- USF's operating portfolio performed strongly in the quarter
with the Utah and Oregon plants (60% of MW(DC) capacity) offsetting
underperformance in California and North Carolina (40% of MW(DC)
capacity). Total portfolio performance for the quarter was 19%
above weather-adjusted expectations (driven by earlier than
expected generation and strong performance from Milford). The
strong final quarter resulted in full year 2020 performance of 4%
above weather-adjusted expectations.
-- In accordance with Company policy, all 41 of the Company's
operating assets were externally valued at 31 December 2020
(construction assets were held at cost in previous periods).
-- USF announced it has executed binding agreements to acquire
up to a 50% interest in a 200MW(DC) operating solar plant located
in the Imperial Valley of Southern California, Mount Signal 2 ( MS2
). The transaction is structured in two tranches with the first
tranche comprising of an immediate acquisition of an initial 25%
interest, expected to be completed during the first quarter of
2021, bringing USF's portfolio to a total of 493MW(DC) of fully
operating assets.
-- All assets in the portfolio have power purchase agreements (
PPAs ) with contracted prices for 100% of electricity generated.
Including MS2, the portfolio weighted average PPA term is 15.4
years as at 31 December 2020, and all PPA counterparties are
investment-grade (S&P rated A to BBB).
-- USF announced its sixth dividend (for the period ended 30
September 2020) of 0.50 cents per ordinary share, to be paid on 12
February 2021.
-- USF expects to cover the remaining 2020 dividend with
operating cashflows and confirms its 2021 annual dividend target of
5.5 cents per ordinary share.
-- COVID-19 continues to have no material impact on USF's operational assets.
-- With 100% of USF's IPO proceeds now invested or committed to
operational projects the Board is assessing debt and equity
fundraising options for refinancing existing projects and financing
future acquisitions from the Company's investment pipeline.
The update and the Company's factsheet for Q4 2020 are available
on the Company's website at: www.ussolarfund.co.uk/investor-centre
.
For further information, please contact:
US Solar Fund
Liam Thomas +61 2 8622 9123
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
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).
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 which has committed over US$900m to US and
Australian solar plants since late 2015.
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$21 billion of funds under advice.
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