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Fidante Capital, the investment fund specialist, announces the successful flotation of US Solar Fund PLC (“USF”) on the London Stock Exchange.

LONDON, UNITED KINGDOM, April 11, 2019 / -- Fidante Capital (“Fidante”), the investment company specialist, today announces the successful flotation of US Solar Fund PLC (“USF” or “the Company”) as a premium listing on the Official List of the FCA and to trading on the main market of the London Stock Exchange. Fidante acted as Sponsor, Global Co-ordinator and Bookrunner.

This represents the first premium listed investment fund flotation of 2019. The IPO raised US$200mln, by way of an Initial Placing and an Offer for Subscription of Ordinary Shares, with a Placing Programme of up to 1 billion Ordinary Shares and/or C Shares. The IPO closed on 10 April 2019 and dealings will commence on 16 April 2019.

USF is a solar infrastructure fund, structured as a UK Investment Trust, focused on generating attractive risk-adjusted returns through investment in an identified pipeline of Solar Power Assets in North America and other OECD countries in the Americas. Initial proceeds are expected to be invested within an identified pipeline of US$4.8bn worth of potential assets already comprising over 60 projects located across 13 US states. USF is targeting a growing annual dividend of 5.5% once all its assets are fully operational. USF has a diverse and talented Board of Non-executive Directors with experience of infrastructure and energy, chaired by Gillian Nott.

The Company is managed by New Energy Solar, a manager with a strong track record in the sector that currently runs a similar fund, New Energy Solar Ltd, listed on the Australian Stock Exchange (ASX:NEW).
This further adds to Fidante Capital’s credentials as a leading financial adviser and broker to the listed investment company sector. This has included being at the forefront of the growth of listed hedge funds, listed private equity and venture capital, credit and direct lending funds, alternative property REITs and renewable energy funds. Over the past decade it has raised over £9bn for listed investment companies1.

John Martin, CEO of the USF manager, New Energy Solar, said: "We are very pleased to have successfully raised the US Solar Fund. While market conditions have been challenging, the support of Fidante Capital and the strong familiarity of the UK market and institutions with renewable energy assets have been invaluable.”

John Armstrong-Denby, Head of Corporate Finance at Fidante Capital, commented: “We believe USF represents a unique opportunity for UK investors to access US solar investment. Solar power generation is a rapidly growing infrastructure investment area, particularly in the United States. We expect solar to become an increasingly important source of new electricity generation in the US. This in turn offers UK investors the potential for predictable, attractive, risk-adjusted returns and geographic diversification combined with the positive environmental impact of supporting the transition from fossil fuels to renewable energy. The fact that USF has chosen to list on the London Stock Exchange highlights that the UK has a well-established market in listed renewable energy funds with a knowledgeable and diverse institutional investor base. We believe USF has an exciting future in store, with the proceeds of the fundraising facilitating the opportunity to pursue some compelling investment opportunities.”

PeterPaul Pardi, Head of Fidante Partners EMEA and North America, added: “Investor demand for alternatives, especially in the renewable energy and infrastructure space, continues to grow apace. Fidante has long recognised the opportunities in these sectors and we are well positioned to meet the needs of investors. Our work with outstanding boutique asset managers, including Resonance Asset Management and Whitehelm Capital, combined with our support of New Energy’s US Solar Fund and Next Energy Solar Fund, means that investors can be reassured both by our impressive track record and the experience of our team.”



Fidante Capital supports the structuring, IPO and ongoing development of closed-end investment companies providing investors with access to alternative investment strategies in a listed fund structure. Fidante Capital offers a comprehensive range of services including corporate advisory and broking, research, distribution and market making.

Fidante Capital is a division of Fidante Partners, an international asset management business that partners with talented investment teams to deliver accelerated business growth. As a multi-boutique investment firm, Fidante builds successful alliances with traditional and alternative investment managers.

Gay Collins
Montfort Communications
+44 20 3770 7905
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