December 27 (Renewables Now) - London-listed investment company US Solar Fund Plc (LON:USF) today said it has signed binding agreements to buy 39 MW DC of operational solar power plants in North Carolina.
The current owner is Greenbacker Renewable Energy Corp.
The eight utility-scale solar farms sell their electricity under long-term power purchase agreements (PPAs) with subsidiaries of Duke Energy (NYSE:DUK). The assets have been put online between 2012 and 2015 and their offtake contracts have a weighted average term remaining of 10.2 years. The portfolio will start bringing revenues immediately upon completion of the acquisition, which is expected early next month.
USF will use available cash of about USD 36 million (EUR 32.4m) to fund the purchase. It said it may consider raising debt against the portfolio sometime in the future.
This is the fund’s third acquisition. The first two, of Milford and the Cypress Creek Portfolio, involved assets under construction. USF said it continues to due diligence opportunities from its pipeline.