US Solar Fund PLC MS2 SALE UPDATE (2911X)
25 April 2023 - 4:00PM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 2911X
US Solar Fund PLC
25 April 2023
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25 April 2023
US SOLAR FUND PLC (USF, the "Company")
MS2 SALE UPDATE
US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to
announce that it has executed a binding agreement to sell USF's 50%
interest in the 200MW(DC) Mount Signal 2 (MS2) asset to MN8 Energy
LLC (MN8), a renewable energy business formerly known as Goldman
Sachs Renewable Power LLC. This follows the January 2023 exercise
of the purchase option granted to MN8 in 2022 (Option).
The terms of the binding agreement are consistent with the terms
of the Option. MN8 will acquire USF's 50% interest in MS2 for
US$52.2 million excluding working capital plus the non-refundable
Option fee of $1 million paid in 2022. The 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 the transaction to close in the second quarter of
2023 subject to customary regulatory and financier consents. The
transaction 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 in May 2023.
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