US Solar Fund Plc · LSE:USF
US Solar Fund — FY2025 Earnings Presentation
34 slides from US Solar Fund's earnings presentation, Mar 19, 2026
Slide 1: US Solar Fund plc Annual Results Presentation 2025
US Solar Fund plc ANNUAL RESULTS PRESENTATION FOR THE YEAR ENDED 31 DECEMBER 2025 19 MARCH 2026 Granger (Heelstone portfolio), California
Slide 2: Disclaimer
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Disclaimer The information in this document has been prepared at the direction of US Solar Fund PLC (“USF” or the "Company") solely Where the Statements are graphical such words are implied in that information through the shape and size of graphed f
Slide 3: Contents
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Contents Overview Pages 4-11 Financial Performance Pages 12-19 Operational Performance Pages 20-25 Responsible Investment Pages 26-27 Outlook Pages 28-29 Q&A Page 30 Appendices Pages 31-33 Contacts Page 34
Slide 4: Overview
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Overview County Home (Heelstone Portfolio), North Carolina
Slide 5: Key messages
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Key messages 1 Continued to improve financial flexibility and remove risk The refinancing, tax-equity buyouts and reviews of insurance and property tax completed during the period removed near-term refinancing risk and established a simplified capit
Slide 6: 2025 performance: financial highlights
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 2025 performance Financial highlights $186.2m $104.7m $0.60 (13.4%) Net Asset Value (NAV) Market capitalisation NAV per share NAV total return1 31 December 2024: $194.2m 31 December 2024: $132.4m 31 December 2024: $0.63 31 December 2024: (13.4%) $7.
Slide 7: 2025 performance continued: operational and environmental highlights
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 2025 performance continued Operational highlights Environmental highlights 41 443MWDC 434,100 Operating solar assets Total capacity tCO2 emissions avoided 31 December 2024: 41 31 December 2024: 443MWDC 31 December 2024: 448,600t 676GWh 9.9years 65,6
Slide 8: Financial flexibility and removing risk
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Financial flexibility and removing risk Portfolio refinancing New portfolio-level financing was secured, eliminating refinancing requirements across 2026, 2027 and 2028. This removed a significant near-term refinancing risk and was executed in con
Slide 9: 2025 technical outages by cause
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 2025 technical outages by cause 2025 saw the emergence of issues that had not previously been significant contributors to underperformance, including increased grid outages, supply chain (OEM) issues and theft-related incidents. Performance in relat
Slide 10: 2025 unplanned outages
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 2025 unplanned outages Unscheduled outages contributed materially to the 11.3% non-weather-related variance. These included grid-related outages and incidents of theft-related damage, both of which affected asset availability during the period. % of
Slide 11: Changes to US energy, trade and economic policy
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Changes to US energy, trade and economic policy 2025 was a year of significant transition and heightened uncertainty across the US energy market, driven by a rapidly evolving federal policy environment and a broad reset of energy, trade, and economi
Slide 12: Financial Performance
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Financial Performance Milford, Utah
Slide 13: NAV movements (US$m)
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION NAV movements (US$m) Dividends paid Changes in tax assumptions Changes in macroeconomic Changes in merchant curves Dividends of $7.9m were paid Includes changes to property tax assumptions Over the course of the year, third party during the year. as
Slide 14: Revised generation assumptions
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Revised generation assumptions In light of 2025 operating performance and the status of ongoing remediation activities, the Investment Manager, in consultation with the Board, has updated generation assumptions for purposes of portfolio valuation. P
Slide 15: NAV movements (US$m)
REPEAT OF PAGE 13 US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION NAV movements (US$m) Dividends paid Changes in tax assumptions Changes in macroeconomic Changes in merchant curves Dividends of $7.9m were paid Includes changes to property tax assumptions Over the course of the year, third party d
Slide 16: Electricity price forecasts
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Electricity price forecasts Merchant energy, capacity and REC curves have increased in the current period when compared to 31 December 2024. Future energy, capacity and Merchant Electricity Power Price Forecast (Capacity Weighted) REC prices are p
Slide 17: NAV movements (US$m)
REPEAT OF PAGE 13 US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION NAV movements (US$m) Dividends paid Changes in tax assumptions Changes in macroeconomic Changes in merchant curves Dividends of $7.9m were paid Includes changes to property tax assumptions Over the course of the year, third party d
Slide 18: Portfolio discount rate
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Portfolio discount rate The discount rate is derived by the Independent Valuer based on various reference points including market transaction evidence and implied execution discount rates. 30 June 31 Dec 30 June 31 Dec 30 June 31 Dec Variable 2023 2
Slide 19: Dividend cover
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Dividend cover Dividends of $6.9 million were declared during the period, resulting in an operational dividend cover of 0.96x and total dividend cover of 1.20x. Illustrative Impact of On a dividends payable basis, Year ended Year ended $’m* improv
Slide 20: Operational Performance
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Operational Performance Progress Solar II (Granite Portfolio), North Carolina
Slide 21: Portfolio weather and non-weather-related performance
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Portfolio weather and non-weather-related performance Porfolio Generation Variance from Forecast due to Weather (Quarterly) 20.0% 15.0% % Variance to Forecast 10.0% 5.0% 0.0% Average: -1.2% -5.0% -10.0% -15.0% -20.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 22: 2025 portfolio performance
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 2025 portfolio performance Overall generation of the Company’s portfolio was 11.7% below budget, with 0.4% attributable to below forecast solar irradiance, and 11.3% attributable to unscheduled outages and other non-irradiance related factors. Quart
Slide 23: 2025 technical outages by asset
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 2025 technical outages by asset Technical outages were the primary driver of losses across the portfolio in 2025. Approximately half of the 11.3% variance was attributable to 7 assets. Approximately 70% of the 11.3% variance was attributable to 15 a
Slide 24: Capital investment initiatives
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Capital investment initiatives Underperformance associated with the seven assets previously identified for capital investment contributed approximately 2.4% to unplanned outages in 2025. The status of the proposed capital initiatives is summarised i
Slide 25: Revised generation assumptions
REPEAT OF PAGE 14 US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Revised generation assumptions In light of 2025 operating performance and the status of ongoing remediation activities, the Investment Manager, in consultation with the Board, has updated generation assumptions for purposes of port
Slide 26: Responsible investment
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Responsible investment Milford, Utah
Slide 27: Responsible investment
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Responsible investment The Company is focused on sustainability, both in its driving purpose as an investor in solar generation capacity and in the way it manages its investments The Company draws on the Sustainable Development Goals to demonstrate
Slide 28: Outlook
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Outlook Red Oak (Heelstone Portfolio), North Carolina
Slide 29: 2026 Priorities
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 2026 Priorities Deliver financial resilience and disciplined capital allocation Maintain a resilient balance sheet and liquidity flexibility within the simplified capital structure Allocate capital selectively toward initiatives that enhance ass
Slide 30: Q&A
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Q&A Cotton Farm (Heelstone Portfolio), North Carolina
Slide 31: Appendices
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Appendices West Hines (Euryalus Portfolio), Oregon
Slide 32: NAV sensitivity analysis
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION NAV sensitivity analysis The key assumptions the Directors believe would have a material impact on the fair value of the investments are set out below Changes in Cents Per Share Electricity production (P90/P10) (17.16%) (10.38) 9.15 15.13% Electrici
Slide 33: Historic NAV
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Historic NAV NAV* per share ($) since inception Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 $0.97 $0.96 $0.97 $0.94 $0.98 $0.97 $0.96 $0.86 $0.78 $0.75 $0.63 $0.65 $0.60 1 0.95 0.9 0.85 0.8 0.75 0.7 0.6
Slide 34: Contacts
US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION Contacts INVESTMENT MANAGER Amber Infrastructure Investment Advisor, LLC | info@ussolarfund.co.uk Investor Relations: Meredith Frost | Telephone: +44 207 939 0550 | Meredith.Frost@amberinfrastructure.com CORPORATE BROKER Cavendish Capital Markets Li