US SOLAR FUND PLC

Legal Proceedings Report • Jan 31, 2020

National Storage Mechanism | Additional information

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RNS Number : 5661B

US Solar Fund PLC

31 January 2020

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE, SUBSCRIBE FOR OR OTHERWISE ACQUIRE, ANY INVESTMENTS IN ANY JURISDICTION.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

31 January 2020

US SOLAR FUND PLC

(the "Company")

PAYMENT FRAUD UPDATE

Further to the announcement on 30 January 2019, the Board of US Solar Fund plc (LON:USF (USD)/USFP (GBP)) was advised this morning that its investment manager, New Energy Solar Manager (Investment Manager), has successfully recovered $3.6m of the $6.9m in contracted construction payments (Payments) that are the subject of an ongoing payment fraud investigation.

After market close on 30 January 2020, the account bank for the relevant USF US project company (Project Company) advised the Investment Manager that it, with the assistance of the recipient account bank, had successfully recovered $3.6m of the Payments. These funds have been returned to the Project Company's account and are available to fund ongoing construction. There is currently no impact to the relevant construction schedules or budgets.

The Board and Investment Manager will continue to further investigate the fraud and work with all parties to attempt to recover the remaining $3.3m. This includes the account banks, relevant US authorities, the EPC contractor, and insurers.

USF will continue to provide further information as it becomes available.

LEI: 2138007BIUWE7AHS5Y90

For further information, please contact:                         

US Solar Fund Investor Relations Whitney Voûte	+1 718 230 4329
Cenkos Securities plc Will Rogers Rob Naylor Will Talkington	+44 20 7397 8900
KL Communications	+44 20 3995 6673
Charles Gorman Charlotte Stickings

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