- Solar power investor US Solar Fund swung to a first-half loss after its assets and California and North Carolina were hit by contract issues and utility outages.

Pre-tax losses for the six months through June amounted to $5.0 million, compared to a year-on-year profit of $0.45 million.

The company's net asset value per share fell to $0.943, down from $0.970 at the end of December.

It declared a dividend for the second quarter of 1.25c per share, bringing the first-half payout to 2.5p.

US Solar Fund said its operating portfolio performed well in the first half, with generation within 0.9% of budget.

Above-budget performance in Oregon and Utah was offset by underperformance due to contractual curtailment in California and utility outages and maintenance in North Carolina.

'The last six months represent the first full period that our solar power assets were fully operational, a significant milestone in our development,' chairman Gill Nott said.

'To that end, we're pleased to declare our second quarterly dividend, as part of our committed target of 5.5c per ordinary share per year.'

'Despite the headwinds of the pandemic, which are looking more favorable as we enter our second half, we continue to make strong progress towards future growth.'

'We made our sixth acquisition and completed an oversubscribed capital raise during the period, and would like to thank our existing and new investors for their ongoing support.'

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