US Solar Fund PLC FOURTH ACQUISITION UPDATE (0751G)
March 13 2020 - 5:09AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 0751G
US Solar Fund PLC
13 March 2020
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13 March 2020
US SOLAR FUND PLC (USF, the "Company")
FOURTH ACQUISITION UPDATE
FINANCIAL CLOSE ON TWENTY-TWO OPERATING SOLAR POWER PROJECTS IN
NORTH CAROLINA, OREGON, AND CALIFORNIA
US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to
announce it has closed the acquisition of 100% of the cash equity
interests in a portfolio of twenty-two operating utility-scale
solar power projects totalling approximately 177MW(DC) in North
Carolina, Oregon, and California (Portfolio). USF announced signing
of the binding transaction on 29 January 2020 with closing subject
to customary conditions and consents which have now been satisfied.
USF has acquired the Portfolio for an equity purchase price of
US$38 million from affiliates of Heelstone Renewable Energy, LLC
and, as part of the acquisition, will also assume existing
project-level debt. The equity purchase price was funded with
available cash from the initial IPO proceeds. Marathon Capital
acted as the exclusive financial advisor to Heelstone Renewable
Energy, LLC.
The completion of the transaction, in combination with the prior
three completed acquisitions, brings total equity deployed or
committed across the four acquisitions to approximately US$140
million and total debt to US$200 million(1) with a total portfolio
size of 382MW(DC.) USF intends to use the remaining IPO proceeds to
refinance the Heelstone Portfolio's existing project level debt
(Refinancing) at which point the Company will be fully committed.
Prior to the Refinancing, if some or all of the remaining IPO
proceeds can be committed to new investments such as the Southern
Current opportunity announced on 27 February 2020, then USF may
consider raising additional equity for the Refinancing.
Notes:
1. Debt figures represent balances once all projects are
operational. Equity and debt figures exclude remaining uncommitted
cash on hand which may be used for the refinancing of the Heelstone
Portfolio.
For further information, please contact:
US Solar Fund
Whitney V oûte +1 718 230 4329
Cenkos Securities plc
Will Rogers
Rob Naylor
Will Talkington +44 20 7397 8900
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).
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$1bn to US and
Australian solar plants since late 2015.
NESM is owned by Walsh & Company, the funds management
division of Evans Dixon, an ASX-listed company (ASX: ED1) with over
A$20 billion of funds under advice and management.
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END
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