US Solar Fund PLC - solar power asset acquisition and operation in North America
Signs binding agreement for fifth acquisition. Will buy from Southern Current LLC a cash equity interest in a portfolio of four mechanically-complete, utility-scale solar power projects in the US state of Oregon. The projects will sell all of their electricity to a utility serving the city of Portland. US Solar Fund says it will fund the acquisition with USD23 million in cash on hand and USD43 million in long-term bank debt. Will use the 15% remaining from the USD200 million that US Solar Fund raised in its initial public offering to pay down the project-level debt of a previous acquisition.
Current stock price: USD0.96
12-month change: down 5.9%
By Tom Waite; thomaslwaite@alliancenews.com
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Us Solar Fund (USFP)