US Solar Fund mulls further capital raises after IPO-funded PV acquisition spree

Facebook
Twitter
LinkedIn
Reddit
Email
US Solar Fund raised US$200 million at its IPO on the London Stock Exchange in April 2019. Source: Flickr, Elias Gayles

London-listed US Solar Fund (USF) has revealed that it has already fully committed the US$200 million raise from last year's initial public offering (IPO), with proceeds funding four US solar purchases totalling 383MW.

The solar investor is considering raising further funds, according to 2019 financial results published on Tuesday, now that all four acquisitions have closed.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Between April's IPO and the end of the year, USF acquired: A 128MW solar project in Utah with a 25-year PPA; a 39MW, 6-project portfolio of under-construction solar projects in North Carolina with 13-year PPAs; and a further 39MW portfolio of operating utility-scale PV plants in North Carolina, with 10-year PPAs.

On 31 December, the firm's acquisition pipeline “represented a potential cash equity investment of US$1.9 billion and total capacity of 2,036MW,” according to a release that accompanied the company's first ever year-end results.

In January, USF used the last of the IPO's proceeds to purchase a 177MW portfolio of 22 utility-scale solar projects in North Carolina, Oregon and California from Heelstone Renewable Energy.

Gill Nott, chair of the company, said: “With contracted cashflows for an average of more than 16 years with investment grade off-takers, the investment manager is fully focused on delivering the portfolio’s long-term, stable, income objectives.”

Nott noted that the company would be “closely monitoring” the spread of coronavirus, but that “the majority of the equipment required for in-construction assets is either already in the US or is being manufactured there.”

The solar investor's NAV per share stood at US$0.972 on 31 December, compared to US$0.979 on 30 June, a 0.7% drop.

The prospects and challenges of solar's new era in the US will take centre stage at Large Scale Solar USA 2020 (Austin, Texas, on 23-24 June 2020).

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

August 29, 2025
US-based climate insurance provider kWh Analytics has launched a new renewable energy insurance cover for extreme weather events.
August 29, 2025
US grid interconnection agreements grew by 33% in 2024, reaching 75GW, with three-quarters signed for solar PV and battery energy storage system (BESS) projects, according to a new report from energy market analyst Wood Mackenzie.
Premium
August 29, 2025
PV Tech Premium hears from Renewable Properties and Silicon Ranch about the new 'start of construction' rules for US solar projects.
Premium
August 28, 2025
US solar companies could potentially pay “tens of billions” of dollars in retroactive duties on products imported from Southeast Asia between June 2022 and June 2024, following a decision from the US Court of International Trade (CIT).
August 28, 2025
Boviet Solar has completed exterior construction work on its 3GW PV cell manufacturing facility in Greenville, Pitt County, North Carolina. 
August 27, 2025
The governor of New Jersey, Phil Murphy, has signed a new legislation that seeks to build 3GW of new community solar by 2029.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines