US SOLAR FUND PLC (Alliance News) - US Solar Fund PLC on Thursday said net asset value dropped marginally, as production fell 40% in the fourth quarter.
US Solar Fund is an investment company focusing on owning and operating solar power assets in North America and other Organisation for Economic Co-operation & Development countries in the Americas.
The company said NAV at December 31, the end of the fourth quarter, was USD320.0 million, down 0.7% from USD322.2 million at September 30. The company said it saw a portfolio fair value uplift, but it was offset by the payment of dividends, operating costs and US tax losses.
US Solar said total production during the fourth quarter was 168 gigawatt hours, down 40% from 281 in the third quarter, bringing the total production for 2022 to 908 gigawatt hours.
The company noted that the distribution of its assets across different locations meant that there were varying weather conditions, reducing the risk of production being impacted by any one event or local weather trend.
All of the firm's assets have power purchase agreements, with contracted prices for all electricity produced, with the average PPA term being 13.8 years as of the end of the fourth quarter.
US Solar is currently carrying out a strategic review, which it expects to completed by the end of the first quarter of 2023. The company said the review, to maximise value for shareholders, will consider all options including the sale of the company, the sale of portfolio assets, or changing its investment management arrangements.
US Solar Fund shares rose 0.1% to USD0.81 each in London on Thursday at midday.
By Harvey Dorset, Alliance News reporter
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