US Solar Fund completes acquisition of 11 MW of solar in N Carolina

Millfield solar park, North Carolina. Author: PRNewsFoto/Duke Energy

January 13 (Renewables Now) - London-listed investment company US Solar Fund Plc (LON:USF) on Monday said it has closed the purchase from Greenbacker Renewable Energy Company LLC of three operational solar power facilities in North Carolina with a combined direct current (DC) capacity of 11 MW.

Earlier this month, the company announced it had closed the acquisition of cash equity interests in five operational utility-scale solar farms in North Carolina with a total capacity of 28 MW, also part of the deal.

The agreement for the eight solar parks with а total DC capacity of about 39 MW was announced at the end of December.

The eight 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 off-take contracts have a weighted average term remaining of 10.2 years. USF's third acquisition is being funded with available cash of about USD 36 million (EUR 32.4m), it was announced earlier.

(USD 1.0 = EUR 0.899)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author

Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription