USF and the COVID-19 Pandemic

As at 16 September 2020.

We continue to assess the current and potential impact of the various COVID-19 measures implemented by government on USF’s investment strategy and operations.

  • USF’s Investment Strategy
    USF has long-term contracted cashflows across a diversified portfolio of solar plants. The IPO proceeds have been invested across five transactions, including 41 power plants in four states, totalling over 443 MWDC. Almost 70% of USF’s assets are now operating. Its cashflows are 100% contracted with investment-grade off takers for an average remaining term of 15 years, decreasing the Fund’s exposure to near-term power price volatility.
  • Running USF and the Investment Manager
    The Investment Management team continues to work well in the current circumstances. The New York office remains closed and the US team continues to work remotely. The Sydney office has implemented staggered access arrangements to enable staff to work from the office while adhering to social distancing guidelines. Already geographically diverse, our team members are no strangers to cross-border communication. We are in close regular contact with scheduled calls and use existing reporting and site monitoring processes and practices, including virtual communication and videoconferencing with remote site personnel, to ensure continuity of operations.
  • Operating Solar Plants
    The Investment Manager has a capable and experienced internal asset management team that remotely streams and analyses performance data from each of our operating plants. We also work closely with the third-party operations and maintenance providers who manage the day-to-day operations of our assets both from remote control centers and locally at the sites.
  • In-Construction Solar Plants
    For assets in construction, key risks relate to the supply chain for plant equipment and the ability to keep workforces on the ground to continue construction.
    • Of the total 41 projects in the current portfolio, three projects remain under construction, one project in Acquisition One and two in Acquisition Two:
      1. Acquisition One: By the end of August 2020, approximately 50% of modules were installed, with 100% of modules delivered to site. The project is on schedule to reach full commercial operations in Q4 2020.
      2. Acquisition Two: As of 30 June 2020, all construction materials required for the build were delivered and stored on site. Of the six projects, four projects had reached commercial operations by end of August. are expected to achieve commercial operations during September 2020.

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US Solar Fund

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IMPORTANT NOTICE:  Due to restrictions under applicable securities laws, access to this website is not permitted in certain jurisdictions. 

The information contained in this website does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities of US Solar Fund plc in any jurisdiction in which, or to any person to whom, such offer or solicitation would be unlawful.

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