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(Alliance News) - London-listed investment fund US Solar Fund PLC on Tuesday said it has agreed to buy a 39 megawatt solar power portfolio of six projects located in the US state of North Carolina.
The acquisition, from a subsidiary of Cypress Creek Renewables, is expected to be completed in 2019 with construction commencing soon thereafter. The construction, which is being undertaken by solar installer Horne Brothers Construction, is expected to be finalised in the second half of 2020.
US Solar Fund says the acquisition and construction of the portfolio will be funded with about USD35 million in cash. The company does not currently expect to use debt but may consider raising debt against the portfolio during construction or once it is operational.
Liam Thomas, chief investment officer of New Energy Solar Manager, said: "All projects have fixed price power purchase agreements, for an average of 13.2 years."
New Energy Solar Manager is US Solar Fund's investment manager.
US Solar Fund said it "continues to progress other opportunities from its pipeline and expects to announce further investments in due course".
The stock was untraded at USD1.01 each in London on Tuesday afternoon.
By Ife Taiwo; ifetaiwo@alliancenews.com
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