US Solar Provides Dividend and NAV Update

Source: www.gulfoilandgas.com 11/30/2023, Location: Europe

US Solar Fund plc (GBP)) announces that its unaudited NAV at 30 September 2023 was $286.3 million or $0.862 per share.

Highlights for the quarter to 30 September 2023:
§ USF's NAV at 30 June 2023 was $284.2 million or $0.855 per Ordinary Share. Adjusting for cash flows during the period, the unaudited NAV at 30 September 2023 is $286.3 million or $0.862 per Ordinary Share, 0.7% higher than the 30 June 2023 NAV.

§ The Company announces its Q3 2023 dividend of 1.54 cents per Ordinary Share, in line with its annual dividend target of 5.66 cents per Ordinary Share. The dividend will be paid as timetabled below:
o Ex-Dividend Date: 7 December 2023
o Record Date: 8 December 2023
o Payment Date: 29 December 2023

§ Of this dividend declared of 1.54 cents per Ordinary Share, none of the dividend has been designated as an interest distribution.

§ The Company paid its Q2 2023 dividend of 1.29 cents per Ordinary Share on 27 October 2023.

§ Dividend cover for the twelve months to 30 September 2023 was 1.25x, inclusive of cash flow reserve carried forward and the gain on the sale of MS2. The forecast coverage for the full 2023 year is 1.09x.

Highlights post period end:
§ USF announced in August that Amber Infrastructure Investment Advisor, LLC, a member of the Amber Infrastructure Group (Amber) had been selected to replace New Energy Solar Manager (NESM) as the Company's Investment Manager. Amber is a specialist international infrastructure investment manager with approximately £5 billion of funds under management, including a leading track record built over the past 15 years in UK investment company management. On 17 November, a General Meeting was held and a resolution was passed approving changes to the Investment Policy. The Board also confirmed that the approval satisfied conditions to appoint Amber as the new Investment Manager. Amber and NESM are working together to ensure a smooth transition of the investment manager role, with a target transition date of 1 December 2023.

§ Prior to the publication of this update, six of USF's Oregon projects (Chiloquin, Turkey Hill, Merrill, Lakeview, Dairy and Tumbleweed) signed new long-term contracts to sell Renewable Energy Certificates (RECs). The cashflows resulting from the new REC contracts will be included in the calculation of USF's NAV as at 31 December 2023 and will be announced to the market following consultation with the Company's independent valuation consultant.


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