- Press Releases
July 23 (Renewables Now) - US Solar Fund Plc (LON:USF) today announced the commissioning of 61 MW of solar projects that it recently acquired in the state of Oregon.
The four photovoltaic (PV) parks, with a given capacity in direct current (DC), are fully operational and are selling electricity under long-term power purchase agreements (PPAs) with utility Portland General Electric. The commissioning of the plants was subject to the restart of operation of the interconnection company after restrictions related to the COVID-19 pandemic were lifted.
The PPAs have an average term of 11.2 years with fixed annual percentage increases.
US Solar Fund bought the particular portfolio at the beginning of June from US solar developer Southern Current LLC and simultaneously closed tax equity financing and a binding loan commitment with its long-term debt provider. After bringing it online, the infrastructure investment fund now has 276 MW DC of utility-scale solar capacity in operation and some 167 MW DC of projects in advanced construction that are due to go live by end-2020.