US Solar Fund plc, the renewable energy fund investing in utility-scale solar power plants across North America, is pleased to release its first quarter update for the period ended 31 March 2025.
Highlights for the quarter to 31 March 2025:
NAV update:
· USF's unaudited NAV as of 31 March 2025 is $196.6 million ($0.64 per share) which represents an increase of approximately 1.3% from the audited NAV as of 31 December 2024
· The movement in NAV reflects the roll-forward of the valuation models and adjustments to portfolio working capital over the period
Dividend update:
· Dividend of 0.56 cents per Ordinary Share for Q1 2025 to be paid by 4 July 2025, in line with the Company's existing annual dividend target of 2.25 cents per share
· On 17 April 2025, the Board announced an increase in the annual dividend target from 2.25 cents per share to 3.5 cents per share, which will take effect in Q3 2025
Portfolio performance:
· Generation by the Company's portfolio in the first quarter was 9.1% below forecast (-11.6% for Q1 2024), with +2.2% attributable to favourable weather and -11.3% attributable to technical (non-weather) factors
· Performance during the first quarter was impacted by unplanned outages, particularly at the Heelstone and Granite portfolios. This was related to technical issues, as well as planned outages timed to allow maintenance activities to be completed during the lowest production quarter of the year and ensure equipment longevity
· Ongoing initiatives to manage and remediate technical issues to reduce the occurrence and length of unplanned outages continue to be implemented as part of the remediation plan developed by the Investment Manager's asset management team
