Sky Solar to buy 22 MW of PV arrays in US

Sky Solar Holdings Ltd (NASDAQ:SKYS) said Monday it will purchase 22 MW of photovoltaic (PV) systems in the US from renewable energy asset management firm Greenleaf-TNX Management and SunPeak Universal Holdings Inc.

The Hong Kong-based company’s local unit Sky Capital America Inc entered into definitive agreements for all the acquisitions on May 6. The USD-56.9-million (EUR 50m) deal covers 22 operating solar arrays in the state of California and one PV installation in Massachusetts, according to the press release.

Sky Solar will pay USD 9 million of the purchase consideration in cash. The remainder will be settled through the issue of a bit over 29.6 million restricted ordinary shares.

The solar assets have a remaining combined average power purchase agreement (PPA) length of over 15 years, Sky Solar noted. Upon fulfilment of all closing conditions, consents and regulatory approvals, the transaction is expected to conclude by the third quarter of 2016.

“This acquisition marks our first step towards building a larger presence in the US market,” Sky Capital president Sanjay Shrestha said.

(USD 1.0 = EUR 0.878)

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