14 January 2025
US Solar Fund
PLC
("USF", or the
"Company)
UPDATE ON
REFINANCING
USF is pleased to provide an update
on the proposed refinancing of its senior debt facilities (the
"Proposed Refinancing"), further to previous
announcements.
The Investment Manager has conducted
a thorough process and reviewed a wide range of options which can
achieve the key objectives of the Proposed Refinancing (as outlined
below). Following the Board's review during Q4 2024, the Investment
Manager continues to take this process forward. Subject to market
conditions, the Company aims to complete the refinancing prior to
the release of its Annual Results for the year ending 31 December
2024 (expected in April 2025). Further details will be provided at
that time.
The key objectives of the Proposed
Refinancing remain as follows:
♦ extension of
the amortisation profile of existing debt to improve near-term
operational cash dividend coverage and financial returns to
shareholders;
♦ availability
of upfront proceeds to support the further return of capital to
shareholders;
♦ ensuring the
robustness of the Company's balance sheet and ability to meet its
future obligations; and
♦ enhancing the
profile of the portfolio for current and prospective
shareholders.
ENDS
For
further information, please contact:
|
US
Solar Fund
Meredith Frost (Amber)
|
+44 20 7939 0550
|
|
Cavendish Capital Markets Limited
Tunga Chigovanyika
|
+44 20 7397 8900
|
|
KL
Communications
Charles Gorman
Charlotte Francis
Amy Levingston Smith
|
+44 20 3882 6644
|
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 Americas.
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 41 operational solar projects with a total
capacity of 443MWDC, all located in the United States.
Further information on the Company
can be found on its website at http://www.ussolarfund.co.uk.
About Amber Infrastructure Group
Amber Infrastructure Investment
Advisor LLC, a subsidiary of the Amber Infrastructure Group, was
appointed as the Company's Investment Manager on 1 December
2023.
Amber Infrastructure (Amber) is an
international infrastructure specialist, focused on investment
origination, development, asset management and in Europe, fund
management. Amber's core business focuses on infrastructure assets
across the public, transport, energy, digital and demographic
infrastructure sectors that support the lives of people, homes and
businesses internationally.
Among other funds, Amber
Infrastructure advises International Public Partnerships, a FTSE
250-listed Company with a market cap of approximately £2.4 billion
and 15-year track record of long-term investment in infrastructure
assets globally. Amber is headquartered in London with offices in
Europe, North America and Australia and employs c.180
infrastructure professionals. Amber has had a strategic partnership
with the Hunt Companies, Inc. in the US since 2015 and completed
their previously announced strategic transaction with Boyd
Watterson in August 2024.
Learn more at
www.amberinfrastructure.com.