07:00 Thu 27 Feb 2020
US Solar Fund PLC - EXCLUSIVITY TO ACQUIRE 61 MWDC SOLAR PORTFOLIO
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN
US SOLAR FUND ENTERS EXCLUSIVITY TO ACQUIRE 61 MWDC SOLAR PORTFOLIO
Construction of the Southern Current Portfolio is well-progressed and all projects have long-term power purchase agreements (PPA) with an investment-grade offtaker. The projects are expected to commence operations during the second and third quarters of 2020.
USF's investment manager is completing due diligence and is working towards a binding agreement to acquire the Portfolio. Subject to the completion of appropriate due diligence and documentation, USF expects to sign and complete the acquisition during the first half of 2020.
Should the transaction occur, USF will fund the equity purchase price with available cash from the approximately 30% of IPO proceeds left available before the potential refinancing of the Heelstone portfolio (as announced on
More detailed information will be provided once binding acquisition agreements are executed.
Further information on the Company can be found on its website at http://www.ussolarfund.co.uk.
For further information, please contact:
Whitney Voûte
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+1 718 230 4329 |
Cenkos Securities plc
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+44 20 7397 8900 |
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+44 20 3603 2803 |
Charlotte Stickings |
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About
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 Southern Current
Southern Current is a leading developer in the residential, commercial, and large scale solar markets with hundreds of systems currently providing power to customers across
About the Investment Manager
USF is managed by New Energy Solar Manager (NESM). NESM also manages New Energy Solar, an
NESM is owned by
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