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(Alliance News) - US Solar Fund PLC on Friday said it has entered exclusivity to acquire a utility-scale power project in the western US.
The company, which invests in solar power assets, entered exclusivity with a US-based solar developer for the 120 megawatt DC power project.
The project has a long-term power purchase agreement and investment-grade offtaker starting in the second half of 2020. US Solar Fund's acquisition is due to occur simultaneously with the start of construction "later in 2019".
The fund's investment manager, New Energy Solar Manager Pty Ltd, is completing due diligence working toward a binding agreement to acquire the project plus structuring debt and tax equity finance.
According to the company, the acquisition is firmly within US Solar Fund's investment policy. Details of the acquisition such as a the cost and exact location of the plant, have not been disclosed.
"We are delighted to have secured exclusivity on the first high-quality asset from our large, high quality pipeline within two months of our London Stock Exchange IPO. We look forward to updating investors on our progress as we continue to conduct due diligence on this high-quality asset," said New Energy Solar Manager Chief Investment Officer Liam Thomas.
Shares in US Solar Fund closed up 1.5% at USD1.04 on Friday.