US Solar Fund (USF) has appointed Amber Infrastructure Investment Advisor to replace New Energy Solar Manager (NESM) as its investment manager.
The London-listed solar infrastructure fund focused on the Americas said Amber and NESM are working together to ensure a smooth transition.
In July, USF announced it had mutually agreed with NESM that USF’s existing investment management agreement would not extend beyond the expiry of its initial five-year term in April 2024.
A month later, USF said it had granted a “potential new investment manager a period of exclusivity” during which the parties would seek to negotiate a new investment management agreement and obtain the necessary regulatory and shareholder approvals required for the potential new manager to replace NESM.
In the latest update, Gill Nott, chairman of USF, said that, following shareholder consultation, the shareholder vote marked the final stage of a “robust and extensive process pursued by the board over the past 12 months to consider all options to protect shareholder value against a challenging backdrop”.
Nott said: “With its 15-year track record in UK investment company management and substantial experience acquiring, developing, managing and divesting utility scale solar projects in the US, the board believes Amber has all the necessary expertise to maximise shareholder value and will put USF on a stronger footing for the future.”
Tom O’Shaughnessy, head of North America at Amber, said: “We are pleased that our proposal and vision for the future of USF has been selected by the board and supported by shareholders. We look forward to working with the board, shareholders and the company’s advisers.”
USF acquires, develops and operates solar power assets that are expected to have a life of at least 30 years. The company’s portfolio currently consists of 41 operational solar projects in the US with a total capacity of 443MWDC.
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