US Solar enters exclusivity talks to acquire 39 MWDC California solar portfolio – US Solar (USF) has entered exclusivity with Greenbacker Renewable Energy Corporation (Greenbacker), a company it describes as a leading investor and product sponsor focusing on income-producing renewable energy projects, to acquire an approximately 39 MWDC operating utility-scale solar power portfolio consisting of eight projects located in North Carolina.
In keeping with the company’s investment policy, all projects have long-term power purchase agreements (PPA) with investment-grade offtakers. USF says its manager is completing due diligence and is working towards a binding agreement to complete an acquisition. All projects are currently operating and selling electricity under their PPAs. Subject to the completion of appropriate due diligence and documentation, USF expects to complete the acquisition in the second half of 2019.
About USF
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).
USF: US Solar enters exclusivity talks to acquire 39 MWDC California solar portfolio