US Solar Fund PLC Dividend Declaration (2713Z)
May 20 2021 - 2:38AM
UK Regulatory
TIDMUSF TIDMUSFP
RNS Number : 2713Z
US Solar Fund PLC
20 May 2021
20 May 2021
US SOLAR FUND PLC (USF, the "Company")
Q1 2021 Interim Dividend Declaration
US Solar Fund Plc ( LON:USF (USD) / USFP (GBP) ) is pleased to
announce the interim dividend for the three month period ended 31
March 2021 ( First 2021 Interim Dividend ) of 1.25 cents per
Ordinary Share. The First 2021 Interim Dividend will be paid on 2
July 2021 to Shareholders on the register as at the close of
business on 11 June 2021. The ex-dividend date is 10 June 2021. Of
the First 2021 Interim Dividend 1.25 cents is declared as dividend
income with 0.00 cents treated as qualifying interest income.
USF generates income by selling power generated by its solar
power assets to its PPA counterparties. The highest power
generation, and therefore cashflow, is generally produced in the
summer months. Allowing for the time taken for electricity sales to
be converted to distributable cashflow at the Company level, the
profile of dividend payments throughout the year will reflect this
seasonality of the Company's underlying cashflows. Accordingly, the
Company expects to declare modestly lower quarterly dividends in
the first and second quarters and slightly higher quarterly
dividends in the third and fourth quarters. USF reaffirms its 2021
annual dividend target of 5.5 cents per Ordinary Share per annum
and expects to cover dividends paid in 2021 with operating
cashflows.
For further information, please contact:
US Solar Fund
Whitney V oûte +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 Stickings
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 currently
consists of 42 operational solar projects with a total capacity of
493MW(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. NESM manages over US$1.4bn of invested capital
across US and Australian solar plants.
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.
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END
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