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US Solar Fund PLC - London-based investment company focusing on owning and operating solar power assets in North America - Closes the sale of its 50% interest in the 200 megawatt Mount Signal 2 asset to MN8 Energy LLC. The company says that MN8 is a renewable energy business that was formerly known as Goldman Sachs Renewable Power LLC.
US Solar Fund says that MN8 Energy acquired its 50% interest in Mount Signal 2 for USD52.2 million, and a non-refundable option fee of USD1.0 million that it paid last year. The company says that around USD4.5 million of the proceeds have been used to repay the full drawn balance of the company's revolving credit facility.
The sale of Mount Signal 2 follows US Solar Fund's announcement in May that it had terminated its formal sales process, stating that it had received no offer it deemed suitable.
"In conjunction with the ongoing strategic review the board is considering the use of the remaining proceeds and expects to advise shareholders of the use of those remaining proceeds within the next two weeks," US Solar Fund says.
Current stock price: USD0.71
12-month change: down 20%
By Will Neill, Alliance News reporter
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