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(Alliance News) - US Solar Fund PLC on Monday said it has completed the acquisition of the Milford solar project in Utah, US, from Longroad Energy Partners LLC.
The company will fund the acquisition and the construction of the project using USD30.0 million of its own cash and USD50.0 million of non-recourse construction debt provided by Zions Bancorporation NA and KeyBank NA. Wells Fargo Co will commit tax equity funding for Milford upon the completion of certain construction milestones.
Construction will begin immediately, US Solar said, and commercial operations are expected before the end of 2020.
Once operational, the company anticipates Milford to generate over 277,500 megawatts of electricity per year. US Solar will sell 100% of the power and renewable energy credits generated to American electric company PacifiCorp as part of a 25-year power purchase agreement.
Looking ahead, US Solar said it is currently assessing other investment opportunities in its pipeline.
Chair Gillian Nott said: "We are delighted to have reached financial close on our first high-quality solar asset. The 25-year power purchase agreement with PacifiCorp will provide stable long-term infrastructure cashflows to our investors, something that is particularly pleasing in this low interest rate environment."
Shares in US Solar closed 0.5% lower at USD1.01 each in London on Monday.