PAYMENT FRAUD UPDATE – FURTHER RECOVERY OF $2.7m

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24 February 2020

US SOLAR FUND PLC (USF, the "Company")

PAYMENT FRAUD UPDATE - FURTHER RECOVERY OF $2.7m

Further to the update on 21 February 2020, the Board of US Solar Fund plc (LON: USF (USD)/USFP (GBP)) and New Energy Solar Manager (the Investment Manager) have since been advised that the relevant banks had successfully recovered a further $2.7m which has been returned to USF-controlled accounts. Together with the $3.6m recovery announced on 31 January 2020, total recovery stands at $6.3m of the $6.9m transferred.

The Board does not expect the $0.6m not yet recovered to have any impact on the next, or any subsequent, estimate of Net Asset Value. Recovery and investigation activities involving all external stakeholders are continuing, as is the previously announced review of the Investment Manager's financial processes and controls. Further updates will be announced in due course.

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About US Solar Fund plc 

US Solar Fund plc listed on the premium segment of the London Stock Exchange in April 2019, following its successful US$200m IPO. The Company's investment objective is to provide investors with attractive and sustainable dividends with an element of capital growth by investing in a diversified portfolio of solar power assets in North America and other OECD countries in the Americas. 

The Company will acquire or construct, own and operate 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). 

Further information on the Company can be found on its website at http://www.ussolarfund.co.uk.

About the Investment Manager 

USF is managed by New Energy Solar Manager (NESM). NESM also manages New Energy Solar, an Australian Securities Exchange (ASX)-listed fund which has committed over US$900m to US and Australian solar plants since late 2015. 

NESM is owned by Walsh & Company, the funds management division of Evans Dixon, an ASX-listed company (ASX: ED1) with over A$20 billion of funds under advice and management.