(Alliance News) - US Solar Fund PLC on Tuesday said it has inked an exclusivity agreement to acquire a portfolio of utility-scale solar power projects located in the US states of North Carolina and Oregon.
The investment company focused on solar power assets has signed the exclusivity pact with US-based solar developer Cypress Creek Renewables.
The solar power projects under consideration have a total capacity of 90 megawatt-peak direct current, or MWDC. All projects have long-term power purchase agreements with investment-grade offtakers with energy delivery expected to commence in 2020 for all projects.
US Solar Fund said its investment manager, New Energy Solar Manager Pty Ltd, is completing due diligence and is working towards a binding agreement to acquire the portfolio as well as structuring debt and tax equity finance.
The fund expects to buy the portfolio progressively, as each project reaches a construction-ready stage, with the first four projects expected to commence construction early in the second half of this year.
Last week, US Solar Fund entered into an exclusivity agreement for a 120 MWDC project located in the western US.
Shares in US Solar Fund were untraded at USD1.04 per share in London on Tuesday.
Us Solar Fund (USFP)