October 14 (SeeNews) - Landmark Infrastructure Partners LP (NASDAQ:LMRK) on Thursday announced a USD-73-million (EUR 66.2m) deal to buy 4,000 acres (1,619 ha) of land below solar projects in California.
The firm is acquiring the land from Recurrent Energy, a subsidiary of Canadian Solar Inc (NASDAQ:CSIQ).
The property consists of six renewable power generation tenant sites within four utility-scale solar projects developed by Recurrent Energy, Landmark Infrastructure said.
The portfolio has an average remaining lease term of about 34 years, including renewal options. It benefits from rental income derived from solar projects with power purchase agreements (PPAs) with duration of 15 to 20 years from off-takers including Pacific Gas & Electric (PG&E) and Southern California Edison (SCE).
Landmark Infrastructure expects "growing and secure" cash flows from the deal, which is seen to close in the fourth quarter of 2016.
(USD 1.0 = EUR 0.907)