US Solar Fund shareholders approve new manager and policy changes

Motions were passed with 89.6% of votes in favour


US Solar Fund has named Amber Infrastructure Investment Advisor as its investment manager after shareholders approved changes to the trust’s investment policy.

In a stock exchange announcement this morning (17 November), the £136.3m trust’s board announced the amendments to the investment policy had been passed by 89.6% of votes.

In October, the trust outlined amendments to its policy to include “development stage assets” which the board believes will allow for greater diversification and facilitate further growth opportunities.

See also: US Solar Fund widens investment policy

Amber’s appointment to replace New Energy Solar Manager as investment manager was reliant on shareholders approving the policy changes.

Commenting on the vote, US Solar chair Gill Nott said: “Following extensive 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.

 “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, added: “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 advisors.”

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