(Alliance News) - US Solar Fund PLC said Thursday it has entered exclusivity with solar developer Southern Current LLC for the acquisition of a 61 megawatt of direct current solar power portfolio.
The portfolio consists of four in-construction projects in Oregon, US, with all of them having long-term power purchase agreements with an unnamed investment-grade offtaker. The projects are expected to start operations in the second and third quarters of 2020.
US Solar Fund's investment manager is completing due diligence and is working on a binding agreement to acquire the portfolio, but expects the deal to be completed during the first half of the year.
The fund will purchase the portfolio using cash from the 30% of its IPO proceeds left before the potential refinancing of the Heelstone Renewable Energy LLC portfolio across the US states of North Carolina, Oregon, and California.
Shares in US Solar Fund were untraded on Thursday, last quoted at USD1.00 in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Us Solar Fund (USFP)