(Alliance News) - US Solar Fund PLC on Wednesday said it has entered into a preliminary agreement to buy a solar power portfolio consisting of eight projects located in the US state of North Carolina.
The investment fund has signed an entered an exclusivity agreement with Greenbacker Rebewable Energy Corp to acquire 39 megawatt of direct current operating utility-scale solar power portfolio. No financial details of the deal were disclosed.
Subject to the completion of appropriate due diligence and documentation, US Solar Fund expects to complete the acquisition in the second half of 2019.
The London-listed company said all projects have long-term power purchase agreements with investment-grade offtakers, and all projects are currently operating and selling electricity.
Liam Thomas, chief investment officer of US Solar Fund's investment manager New Energy Solar Manager, said: "As the portfolio is already operating and will generate revenue for US Solar Fund upon acquisition, it will complement US Solar Fund's existing asset which is currently under construction."
US Solar Fund shares were untraded at USD0.98 each in London on Wednesday afternoon.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Us Solar Fund (USFP)