21st Nov 2022 12:23
(Alliance News) - US Solar Fund PLC on Monday said its net asset value increased in the third quarter of 2022, due to an increase in working capital and cash balances.
US Solar Fund said this drove an increase in the fair value of underlying solar investments in its portfolio.
London-based US Solar Fund owns and operates solar power assets in North America.
Its NAV was up 0.3% to USD322.2 million at September 30, representing USD0.97 per ordinary share. This is up from USD321.2 million and USD0.967 per share in June 2022.
US Solar Fund declared an interim dividend of USD1.52 for the quarter, up 1.3% from USD1.50 a year prior. The company said it confirms its target of USD5.58 per ordinary share target for 2022, up 1.5% from USD5.50.
In October, US Solar Fund launched a strategic review of the business to maximise value for shareholders. The board is considering all options, including a formal sales process, as it said structural challenges in the US solar sector and a recent sustained discount of the share price to its NAV have "impeded" the company's ability to grow its asset base.
US Solar Fund shares were up 0.2% to USD0.83 at midday on Monday in London.
By Jaskeet Briah; [email protected]
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