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(Alliance News) - US Solar Fund PLC on Thursday said it has completed the acquisition of 100% of the cash equity interests in five solar power projects located in the US state of North Carolina, totalling approximately 28 megawatts.
The five projects are part of the eight solar power projects totalling 39 megawatts, for which the London-listed investment fund signed an exclusivity agreement with Greenbacker Renewable Energy Corp. As part of the agreement, US Solar Fund said it would acquire the eight assets for a total of USD36 million.
US Solar Fund expects to complete the acquisition of the remaining three projects by the end of January.
As the projects are currently operational, the portfolio will generate immediate revenue for the company upon acquisition close.
These acquisitions form part of US Solar Fund's plan to invest "heavily" into solar power projects in the US with expected returns of at least 7.5% over the life of all its solar power assets.
Shares in the investment firm were trading 1.0% higher at USD1.06 each shortly after midday in London on Thursday.
By Ife Taiwo; ifetaiwo@alliancenews.com
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