US Solar Fund looks for USD 105m from capitalists

Apr 13, 2021 11:53 AM ET
  • US Solar Fund plc (LON: USF) is looking for to increase regarding USD 105 million (EUR 88.2 m) to minimize borrowing costs and also fund a purchase.
US Solar Fund looks for USD 105m from capitalists
Image: Russ Ferriday

The London-listed solar financier is aiming to raise the funds by means of a first problem released today as part of a putting programme to be conducted over the next 12 months.

The first problem proceeds will be made use of for two deals, the company stated. Regarding USD 82.5 million will certainly be utilized to refinance the 177-MW Heelstone portfolio, lowering the business's overall tailoring. Concerning USD 22 million will be used for the purchase of an additional 25% stake in the 200-MW Mount Signal 2 solar energy plant in California. The fund recently got 25% of the solar park and has an option to get another 25%.

Since its initial public offering in 2019, the company has finished six bargains as well as developed a portfolio of 42 assets amounting to 493 MW of capability. Chair Gill Nott said that the United States remains among one of the most attractive financial investment markets for solar generation. "With a President deeply committed to financial plan backing climate modification pledges, the United States is now on a clear course to a fully carbon-free change within 14 years. Providing on bold and welcome plans in this short time suggests an urgent demand to create more utility scale solar," Nott commented.

As at end-March the fund had an acquisition pipeline of 3 GW of properties, two-thirds of which stand for near-term investment opportunities.

The first concern rate will be USD 1 per ordinary share, a discount of 4.3% to the closing mid market share rate on April 12 as well as a 3.1% costs to the net asset value at the end of 2020. Outcomes of the problem will be introduced on May 7.