Third Binding Acquisition Agreement

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27 December 2019

UUS SOLAR FUND PLC U(USF, the "Company")

THIRD BINDING ACQUISITION AGREEMENT

USF TO ACQUIRE EIGHT OPERATING SOLAR PROJECTS (39 MWRDCR) IN NORTH CAROLINA

US Solar Fund plc (LON: USF (USD)/USFP (GBP)) is pleased to announce its third acquisition. Further to the announcement of exclusivity on 16 October 2019, the Company has executed binding agreements to acquire 100% of the cash equity interests in an approximately 39MWRDCR portfolio of eight operating utility-scale solar power projects located in North Carolina (Portfolio).

The Company will acquire the Portfolio from Greenbacker Renewable Energy Company LLC (Greenbacker). Greenbacker is a leading investor and sponsor focusing on income-producing renewable energy projects across the United States.

The projects commenced operations between 2012 and 2015 and all are selling 100% of their electricity output under fixed-price long-term power purchase agreements (PPAs). The PPAs are with subsidiaries of Duke Energy (S&P rating: A-) with a weighted average term remaining of 10.2 years.

USF will fund the Portfolio acquisition with cash of approximately US$36 million and does not anticipate using debt at this time. USF may consider raising debt against the Portfolio at a later date. The expected returns are in line with those anticipated in the Company's investment objective, as set out in its prospectus dated 26 February 2019. As it is operational, the Portfolio will generate revenue for USF immediately upon acquisition close, expected in early January once final diligence is complete.

Gillian Nott, Chairman of USF, said:

"We are pleased to have signed this third acquisition agreement for USF. The operating assets of the Portfolio provide an excellent complement to USF's first two acquisitions of Milford and the Cypress Creek Portfolio, which are currently in construction. It also brings geographic and offtaker diversification to USF's existing investment. The Company continues to have an excellent pipeline of attractive assets and is making strong progress toward committing the IPO proceeds within nine months of the IPO."

Liam Thomas, Chief Investment Officer of USF's investment manager New Energy Solar Manager, said:

"We are excited to acquire this operating portfolio from Greenbacker. The projects will provide the Company with immediate cash flow as all eight projects are operating and generating revenue from electricity sales under long term contracts with Duke. This acquisition further demonstrates USF's ability to execute on its stated investment strategy and validates the investment thesis. We look forward to making further announcements."

USF continues to due diligence opportunities from its pipeline and expects to announce further investments in due course.

Further information on the Company can be found on its website atU32T 32http://www.ussolarfund.co.uk

For further information, please contact:

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).

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.

About Greenbacker Renewable Energy Company

Greenbacker Renewable Energy Company LLC is a publicly registered, non-traded limited liability company that acquires and manages income -generating renewable energy and energy efficiency projects, and other energy-related businesses. The projects in which we invest, such as solar and wind facilities, sell power under long-term contracts to high credit worthy counterparties such as Utilities, Municipalities, and Corporations. For more information, please visit www.greenbackercapital.com