US Solar Fund plc (USF) has announced that it has closed the acquisition of 100% of the cash equity interests, alongside tax equity financing, in six utility-scale solar power projects. The projects, whose capacity totals 39MWDC, are located in North Carolina. The Company announced the acquisition on 10 December 2019 and has progressed to financial close over the course of two weeks. You can read our previous story on the acquisition here.
North Carolina assets fully operational
All six assets are already operating and so will generate revenue for USF from the point of acquisition. It is worth noting that, while the initial exclusivity arrangement, in relation to this purchase, covered approximately 90MWDC of installed capacity, USF’s managers decide not to proceed with the acuquisition of the entire portfolio and, instead, opted for USF to purchase a smaller subset of six projects that meet its investment strategy and timing requirements.
About US Solar Fund
USF listed on the premium segment of the London Stock Exchange in April 2019, following its US$200m IPO. The company’s investment objective is to provide investors with attractive and sustainable dividends with an element of capital growth by investing in a diversified portfolio of solar power assets in North America and other OECD countries in the Americas.
The company will acquire or construct, own and operate solar power assets that are expected to have an asset life of at least 30 years and generate stable and uncorrelated cashflows by selling electricity to creditworthy offtakers under long-term power purchase agreements (or PPAs).