US Solar Fund widens investment policy

The £150m US Solar Fund has announced proposals to widen its investment policy following a strategic review.

In a circular published this morning (October 31), the trust has amended its policy to include “development stage assets” that the board believes will allow for greater diversification and facilitate further growth opportunities.

Meanwhile, the board said that after consideration in its strategic review, it has not and does not expect to receive any proposals for the sale of any of the trust’s assets.

Subject to shareholder approval at an EGM on November 17, Amber Infrastructure will take the reins of the trust in April 2024, replacing New Energy Solar Manager.

The trust named Amber Infrastructure Group as its ‘preferred candidate’ to replace New Energy Solar Manager as the trust’s investment manager in August.

Amber is a specialist infrastructure investment manager with approximately £5bn of funds under management.

The selection of Amber follows a ‘multi-phase competitive process’ conducted by the trust’s board as part of the strategic review initiated in October 2022.

According to the Association of Investment Companies, the trust is trading at a 34.9% discount to net asset value.

Over the last three years, the trust’s returns were down 30.1%, compared with the AIC Renewable Energy Infrastructure sector average, which fell 14.9%.

This article first appeared on ESG Clarity’s sister title Portfolio Adviser.

Leave a Comment