US Solar Fund to check out potential sale, other options

• US Solar Fund Plc (LON: USF) announced today it has employed monetary consultants to assist it take into consideration all possible critical alternatives to increase shareholder value, including the launch of a formal sale process for the entire firm.

In a bourse filing on Monday, US Solar Fund explained that the move reflects its inability to grow its asset base because of "structural obstacles in the United States solar sector alongside a current continual discount rate of the share cost to its net asset value."

The board of the company has, thus, appointed Jefferies International Ltd and KeyBanc Capital Markets as joint monetary advisers. At the same time, Cenkos Securities will certainly act as a joint corporate broker.

USF's declaration claims that the business is now taken into consideration to be in an "offer period" as specified in the Takeover Code, but pointed out that, at this moment, it has not been approached with a proposition.

The company was set up in 2019 and provided on the premium segment of the London Stock Exchange in April of that year. It has and operates solar energy assets in North America and various other OECD nations in the Americas.

The existing portfolio of USF contains 42 functional solar parks with a consolidated direct current (DC) capacity of 543 MW, all situated in the US. This consists of the 128-MW DC Milford solar farm in Utah.

As of June 30, 2022, the net asset value of the firm totaled up to USD 321.2 million (EUR 330.6 m).

United States Solar Fund is taken care of, along with New Energy Solar Ltd (ASX: NEW), by New Energy Solar Manager Pty Ltd (NESM), which is possessed by the fund management division of E&P Financial Group Ltd (ASX: EP1).