Interim Results to 30 June 2026

US Solar Fund PLC

28 September 2026

 

28 September 2026

US SOLAR FUND PLC

('USF', the 'Company')

INTERIM RESULTS TO 30 JUNE 2026

US Solar Fund plc (LON: USF (USD)/USFP (GBP)), the renewable energy fund invested in utility-scale solar power plants in the US, is pleased to announce its interim results for the six months ended 30 June 2026.

FINANCIAL HIGHLIGHTS AND CAPITAL MANAGEMENT

• Net Asset Value (NAV) of $185.9m (31 December 2025: $186.2m) and NAV per share of $0.60 (31 December 2025: $0.60 per share), down 0.2%.
• Total generation by the Company’s portfolio was 357GWh, 0.5% below forecast compared to the revised operating projections for the average level of production throughout FY2026 made at the time of the 2025 Annual Report and 8.2% below the long-term forecasts used in prior periods. 
• For the period the Company’s NAV benefitted from upward movements to energy price forecasts. An increase in discount rate and changes to long-term inflation assumptions offset the impact of increased energy price forecasts.
• During the period, assets remediated through the Company’s ongoing capital initiative plan began to contribute meaningfully to improvements in operational performance.
• A significant outage at the Milford asset led to 3% underperformance during the period. The outage has been rectified.
• Higher than forecast solar irradiance across the portfolio led to a 2.8% increase in performance.
• The Board’s priorities include preserving balance sheet strength and liquidity flexibility within the existing capital structure, continuing to pursue disciplined capital allocation, prioritising initiatives that support operational recovery and reliability, reassessing dividend capacity once cash flow visibility and operational stability have demonstrably improved.
• Based on the improvement in performance and reduced levels of market uncertainty, the Company will look to declare a modest Q4 dividend.
• 90-day exclusivity period granted in May 2026, to a prospective buyer for the Company’s portfolio, to enable further due diligence and related work towards a potential sale of the portfolio. Following tangible progress during that period by the prospective buyer, the Company announced a 60 day extension to the exclusivity period.

Gill Nott, Chair of US Solar Fund, said:

“During the first half of 2026, operational performance of the Company’s assets stabilised as implemented asset remediation plans start to demonstrate tangible results. This has been driven by completion of capital investment initiatives at projects in California, and the continued work with Operations and Maintenance subcontractors. The anticipated completion of additional remediation plans during the remainder of the year is expected to produce additional operational improvements by year-end.

The outlook for US renewable energy remains positive, supported by strong electricity demand growth forecasts and recent macro events highlighting the favourable attributes of solar to a diversified, resilient and cost-efficient energy supply system. Notwithstanding significant changes to US energy policy and legislation in 2025 to reduce available incentives and otherwise slow renewable energy development, market forecasts continue to project significant demand for renewable energy over the next decade, highlighting the criticality of renewable energy resources to the US system.

With this supportive market backdrop and tangible signs of improved operational performance, the Board remains confident in the long-term value of the Company’s portfolio. During the remainder of 2026, the Board will continue to prioritise financial discipline and will continue to work closely with the Investment Manager to progress and complete operational improvement initiatives in tandem with progressing the potential sale of the Company’s assets.”

OPERATIONAL HIGHLIGHTS

• Total generation was 357GWh (1H 2025: 350GWh), 0.5% below the revised operating projections made at the time of the 2025 Annual Report. 
• Generation was 8.2% below forecast when compared against long-term operating projections used in prior years, 11.1% attributable to unscheduled outages and other non-irradiance related factors, partly offset by 2.8% attributable to above forecast solar irradiance.

• The performance of the Company’s assets stabilised during the period, and steady improvements were achieved in the Company’s Heelstone and Euryalus portfolios as a result of the completion of capital initiatives at the Company’s California assets (within the Heelstone portfolio) and improvements to O&M practices and effectiveness.
• Further improvements in operating performance are expected during the remainder of the year with the anticipated completion of the capital investment initiative at the Chiloquin asset, returning the Milford asset to its typical performance level, and the completion of site recalibrations at Olympos portfolio sites to limit the impact from utility outages.
• Equipment order and technical support lead times remain a challenge, especially for older equipment designs and select equipment where equipment suppliers have deployed locking strategies, although the internal asset management team continues to formulate and deploy strategies to reduce the impact.
• Portfolio weighted average power purchase agreements (PPA) term of 9.4 years (31 Dec 2025: 9.9 years). All PPA counterparties are investment-grade with average credit rating of BBB+
• With a supportive market backdrop and tangible signs of improved operational performance, the Board remains confident in the long-term value of the Company’s portfolio.

GOVERNANCE

• Shareholders voted against discontinuation at the 2026 Annual General Meeting, confirming continuation of the Company.
• Preparatory work is underway to refresh the Board, enabling changes to its composition should a sale not proceed, enabling replacements for Gill Nott and Jamie Richards who have been Board Members since the Company’s IPO.

CHANGES TO US ENERGY POLICY AND OUTLOOK

In contrast to 2025, US energy policy and regulation related to solar assets remained relatively stable throughout the period. Market participants, and developers in particular, continued to work through the implications of rules and regulations now applicable following the enactment of the One Big Beautiful Bill and the associated executive actions under the federal government’s current energy agenda.

The continued potential for constrained generation build-out paired with strong forecast load growth from data centres and other electrification initiatives is expected to support long-term power price fundamentals.

The greater certainty in US energy policy and regulation during the period encouraged a steady rate of transactions for operational renewable assets, including acquisitions by large incumbents seeking further consolidation and financial investors seeking yield-oriented investments, and new energy IPOs.

INTERIM REPORT

In accordance with UK Listing Rule 6.4.1, copies of the Company's interim report 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 and for inspection from the National Storage Mechanism at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism

ENDS

US Solar Fund Meredith Frost (Amber)	[phone]
Cavendish Capital Markets Limited Tunga Chigovanyika	[phone]
KL Communications Charles Gorman Amy Levingston Smith	[phone] [e-mail]

About US Solar Fund plc

US Solar Fund plc, established in 2019, listed on the premium segment of the London Stock Exchange in April 2019. The Company's investment objective is to provide investors with attractive and sustainable dividends with an element of capital growth by owning and operating solar power assets in North America and other OECD countries in the Americas.

The solar power assets that the Company acquires or constructs 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). The Company's portfolio currently consists of 41 operational solar projects with a total capacity of 443MWDC, all located in the United States.

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

About Amber Infrastructure Group

Amber Infrastructure Investment Advisor LLC, a member of the Amber Infrastructure Group, was appointed as the Company’s Investment Manager on 1 December 2023.

Amber Infrastructure is an international infrastructure specialist, focused on investment origination, development, asset management and in Europe, fund management. Amber's core business focuses on infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.

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 and completed their previously announced strategic transaction with Boyd Watterson in August 2024. Amber is part of Boyd Watterson Global Asset Management Group LLC, a global diversified infrastructure, real estate and fixed income business with over $36 billion in assets under management and over 300 employees with offices in eight US cities and presence in twelve countries. Learn more at www.amberinfrastructure.com.

 

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