US Solar Fund (LSE:USFP), the renewable energy fund investing in utility-scale solar power plants across North America, has granted a prospective buyer a 90-day exclusivity period following receipt of a revised non-binding letter of intent in respect of a proposed acquisition of its entire portfolio.
For the three months to 31 March the Company's portfolio generated 8.8% below the long-term forecasts used in prior years and 0.9% below the revised forecasts for 2026, with technical (non-weather) factors driving a 9.3% shortfall partly offset by a 0.5% favourable weather contribution.
Remediation work on the Chiloquin asset and other repairs related to issues that arose in 2025 were included in the revised 2026 forecasts and are expected to depress first-half output before performance improves in the second half once works are completed.
Two Californian assets that underwent significant capital works in 2025 showed improved performance during the quarter while lead times on parts and technical support and utility grid outages continued to affect output, albeit to a lesser extent than over the prior 12 months.
The company said additional disclosures on first-quarter portfolio performance and on interest payable on senior debt facilities will be posted to its website in the Key Documents section, and that the potential transaction remains subject to due diligence and the negotiation of definitive legal documentation.
"We look forward to continuing to monitor the performance of the portfolio and the impact that sustained improved performance would have on our ability to restart the dividend," Gill Nott, Chair of USF, said.
