연간 실적 및 주주총회 공고
월 25 2024
미국 태양광 기금 PLC
('USF', '회사')
31년 2023월 XNUMX일까지의 연간 결과
AGM 공지
US Solar Fund plc (LON: USF (USD)/USFP (GBP)), the renewable energy fund investing in utility-scale solar power plants across North America, is pleased to announce its annual results for the year ended 31 December 2023.
재무 하이라이트
· | Audited Net Asset Value (NAV) of $258.2m or $0.78 per share (31 December 2022: $320.0m or $0.96 per share), down c.20%, largely driven by: | |
| o | Contributions including improvements in macroeconomic assumptions ($6.4m), changes in the merchant curve ($28.5m) and the new Renewable Energy Certificates (REC) Agreements ($7.9m); offset by |
| o | Reductions including discount rate widening ($36.7m), updates to operating cost assumptions ($41.9m) and dividend payments ($18.7m) |
· | Dividends of 5.66 cents per share for 2023. Dividend cash cover of 0.95x for 2023 (31 December 2022: 1.20x) | |
| o | Adjusting for carried forward reserves, the gain on sale of MS2 and non-recurring strategic review payments, the underlying operational dividend cover for the year was 0.50x (December 2022: 0.74x) |
| o | The decrease in operational dividend cover was the result of a number of factors including a reduction in revenues generated by the portfolio following the sale of MS2 and an increase in the operational costs resulting from inflation |
· | IFRS loss for the year of $43.1m (31 December 2022: $14.5m profit), primarily driven by the reduction in overall unrealised fair value of the Company's assets due to factors including increased discount rates and changes to underlying asset cash flow forecasts |
Gill Nott, Chair of US Solar Fund, said:
"The last 12 months will be remembered as a challenging year for financial markets. Higher inflation and interest rates have weighed on infrastructure companies generally, particularly impacting discount rates used to calculate net asset values, and the costs of operating assets. The end of 2023 sees the Company in a stronger position having secured a new Investment Manager, Amber.
With USF on a firmer footing following these events, we continue to be optimistic about the outlook for performance of the operating portfolio. We are analysing options available to return capital to shareholders, including a share buyback, and a debt refinancing to optimise the Company's capital structure and improve the operational cash flows. We will report on these by the end of April.
The US states in which the Company's assets are located continue to provide a supportive backdrop for renewable generation, which we expect will continue irrespective of the outcome of the 2024 US federal election."
운영 하이라이트
· | Portfolio of 41 operating solar assets with a total capacity of 443MWDC, following sale of 50% share of Mount Signal 2 during 2023 (31 December 2022: 543MWDC) |
· | Total generation of 816GWh including MS2, and 715GWh for the Company's current portfolio (excluding MS2) |
· | Electricity generated by USF's portfolio equates to 480,900 tCO2e emissions displaced (31 December 2022: 618,000 tCO2e) and 104,500 equivalent US cars removed from the road (31 December 2022: 134,000) |
· | Overall generation (excluding MS2) of 7.2% below budget, of which 2.0% attributable to below forecast solar irradiance, and 5.2% attributable to below forecast plant availability, unscheduled outages and other non-irradiance related factors |
· | Moving forward, the Investment Manager intends to implement a disciplined approach to asset management focused on decreasing unplanned outages and using generation data to inform Operation & Maintenance priorities |
· | Portfolio weighted average PPA term of 11.9 years (31 December 2022: 13.8 years). All PPA counterparties are investment-grade (Average offtaker credit rating of BBB+) |
· | Sale of RECs for Oregon projects agreed, contributing $7.9m to NAV and additional operational cash and dividend coverage for 2024 onwards |
· | Sale of 50% stake in Mount Signal 2 completed, with approximately $29m of remaining proceeds following revolving credit facility repayment and tax equity buy-out settlements |
CAPITAL MANAGEMENT AND OUTLOOK
· | The Board and Investment Manager are currently analysing options available to it to return capital to shareholders (including through a share buyback) and refinancing of the Company's existing debt as a means to optimise the Company's capital structure and improve the operational cash flows. A further update on the outcome of this options analysis will be provided by the end of April 2024 |
· | The Company's operating solar assets remain well-located, within host states which remain committed to renewable energy targets and progressive policies which are compatible with renewable generation |
· | The outlook remains positive as utilities and corporates continue to aim to meet their renewable energy objectives in line with state mandated targets and corporate sustainability objectives |
NOTICE OF AGM AND OTHER INFORMATION
USF's 2024 Annual General Meeting will be held on Tuesday, 21 May 2024 at 3pm at the offices of JTC (UK) Limited, The Scalpel, 18th Floor, 52 Lime Street, London EC3M 7AF.
As required by the Company's Articles of Association, because the Company has traded at an average discount to NAV in excess of 10% during 2023, a special resolution will be proposed at the Company's forthcoming AGM, for shareholders to vote to wind up or otherwise reconstruct the Company. If such a discontinuation resolution is passed, the Company's Articles provide the Board with four months to put forward a proposal. The strategic review conducted throughout 2023 demonstrated that prevailing market conditions are not conducive to the Company realising the value of its assets. For these reasons, the Board recommends that shareholders vote against the discontinuation of the Company at the Company's forthcoming AGM.
The Company's Annual Report and Financial Statements for the year ended 31 December 2023 and the formal Notice of the Annual General Meeting will be posted to shareholders. In accordance with Listing Rule 9.6.1, copies of the documents have been submitted to the UK Listing Authority and will shortly be available to view on the Company's corporate website at http://www.ussolarfund.co.uk National Storage Mechanism의 검사를 위해 다음 주소를 방문하세요. https://data.fca.org.uk/#/nsm/nationalstoragemechanism
자세한 내용은 문의하시기 바랍니다 :
미국 태양광 펀드 메러디스 프로스트(앰버)
| +44 20 7939 0550
|
캐번디시 캐피털 마켓 리미티드 툰가 치고바니카 제임스 킹 윌 토킹턴
| +44 20 7397 8900
|
JTC(영국) 제한 루스 라이트
| +44 207 409 0181 |
KL 커뮤니케이션즈 찰스 고먼 샬롯 프랜시스 패트릭 로지
| +44 20 3995 6673
|
US Solar Fund plc 소개
2019년에 설립된 US Solar Fund plc는 2019년 XNUMX월 런던 증권 거래소 프리미엄 부문에 상장되었습니다. 회사의 투자 목표는 투자자들에게 태양광 발전 자산을 소유 및 운영함으로써 자본 성장 요소와 함께 매력적이고 지속 가능한 배당금을 제공하는 것입니다. 북미 및 미주 지역의 기타 OECD 국가.
회사가 인수하거나 건설하는 태양광 발전 자산은 최소 30년의 자산 수명을 가지며 장기 전력 구매 계약(또는 PPA)에 따라 신용도가 높은 구매자에게 전기를 판매함으로써 안정적이고 상관관계가 없는 현금 흐름을 창출할 것으로 예상됩니다. 회사의 포트폴리오는 현재 미국에 위치한 총 용량 41MWDC의 443개 운영 태양광 프로젝트로 구성되어 있습니다.
회사에 대한 자세한 내용은 웹 사이트에서 확인할 수 있습니다. http://www.ussolarfund.co.uk.
앰버 인프라 그룹 소개
Amber Infrastructure(Amber)는 투자 유치, 개발, 자산 관리 및 유럽의 펀드 관리에 중점을 둔 국제 인프라 전문가입니다. Amber의 핵심 사업은 국제적으로 사람, 가정 및 기업의 삶을 지원하는 공공, 운송, 에너지, 디지털 및 인구통계학적 인프라 부문 전반의 인프라 자산에 중점을 두고 있습니다.
Among other funds, Amber Infrastructure advises International Public Partnerships, a FTSE 250-listed Company with a market cap of approximately £2.5 billion and 15-year track record of long-term investment in infrastructure assets globally. Amber is headquartered in London with offices in Europe, North America and Australia and employs c.180 infrastructure professionals. Amber has had a strategic partnership with the Hunt Group of Companies in the US since 2015. Learn more at www.amberinfrastructure.com.
LEI : 2138007BIUWE7AHS5Y90
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