22nd Aug 2022 11:52
US Solar Fund PLC - owns and operates solar power assets in North America - Sells a purchase option for a 50% interest in its 200 megawatt DC Mount Signal 2 to MN8 Energy LLC for a non-refundable option fee of USD1 million and an additional USD52.2 million excluding working capital. Believes this is an "attractive" opportunity to realise the value in its MS2 investment.
MS2 is the only jointly-owned asset in its portfolio.
"We're pleased to agree this option with a high-profile renewable energy business like MN8, and we believe it is a win-win for USF. If exercised, it will monetise a significant existing asset at its current carrying value. If not exercised, it delivers an incremental USD1 million of value in the current financial year. Should the sale proceed, USF will use the proceeds for new investments, working capital, and/or future capital management. A further announcement will be made at the point when the Option is exercised or expires," Chief Executive Liam Thomas says.
Current stock price: USD0.89
12-month change: down 14%
By Abby Amoakuh; [email protected]
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