March 13 (Renewables Now) - US Solar Fund Plc (LON:USF) said today it has finalised the acquisition of a 177-MW portfolio of solar parks located in three US states.
The London-listed infrastructure investment fund has acquired the assets from affiliates of Heelstone Renewable Energy LLC. The equity purchase price stands at USD 38 million (EUR 34.2m), which the buyer funded with available cash from its initial public offering (IPO). The deal also includes the assumption of existing project-level debt.
The specific portfolio, with a given capacity in direct current (DC), consists of 22 photovoltaic (PV) parks in North Carolina, Oregon and California that were commissioned between 2016 and 2018. All of them operate under fixed-price power purchase agreements (PPA) with investment-grade offtakers, US Solar Fund said when it agreed to buy the assets at end-January.
Marathon Capital was Heelstone Renewable Energy’s exclusive financial advisor in the transaction.
(USD 1.0 = EUR 0.890)