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(Alliance News) - US Solar Fund PLC on Tuesday said it has executed an acquisition agreement for the Milford solar project in the western US, from Longroad Energy Partners LLC.
The investment firm said the projects is a utility-scale solar power project located in Utah.
US Solar Fund expects to complete the acquisition later in 2019. The project will be constructed on a fixed-time and fixed-cost basis, the company said, by a leading engineering procurement and construction contractor, using First Solar Inc's series 6 solar panels.
First Solar Energy Services, meanwhile, is expected to provide operations and maintenance services under a separate long-term contract.
The project is expected to be funded with US Solar's cash equity contribution of USD30 million, USD50 million in non-recourse bank debt finance, and the balance from tax equity.
"We are delighted to have signed this acquisition agreement for the first of our pipeline investments within just over three months of our initial public offering," said US Solar Chair Gillian Nott.
Nott added: "The company has an extensive pipeline of high-quality assets in which we expect to continue deploying our IPO proceeds in the coming months."
US Solar shares were trading 0.3% lower on Tuesday in London at USD1.02 each.