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(Alliance News) - US Solar Fund PLC on Wednesday said it will acquire a 177 megawatt portfolio of 22 operating utility-scale solar power projects located in the US states of North Carolina, Oregon, and California.
The fund will buy the solar power project portfolio from an affiliate of Heelstone Renewable Energy LLC. No financial details of the deal were disclosed.
The power projects commenced operations between 2016 and 2018 and sell 100% of their electricity output under fixed price long-term power purchase agreements to a variety of investment grade offtakers, US Solar Fund said. The power purchase agreements have a weighted average term remaining of 12 years.
US Solar Fund will fund the equity purchase price for acquisition with available cash, it said.
The expected returns from the power projects are in line with the company's investment objective, the investment fund said. The power projects are expected to generate revenue for US Solar Fund immediately upon acquisition close, expected in early February.
US Solar Fund shares were untraded in London on Wednesday afternoon, last closing at USD1.05.
By Tapan Panchal; tapanpanchal@alliancenews.com
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