US Solar Fund completes acquisition of 28 MW of PV plants in N Carolina

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

January 2 (Renewables Now) - London-listed investment company US Solar Fund Plc (LON:USF) on Thursday said it has closed the purchase of five operational solar power plants with a combined capacity of around 28 MW in North Carolina from Greenbacker Renewable Energy Company LLC.

The five solar parks are part of the deal announced last week, which includes eight solar projects with a total capacity of about 39 MW in direct current (DC). The acquisition of the other three solar parks is expected to close later in January after completing final diligence, the fund said.

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. USF's third acquisition is being funded with available cash of about USD 36 million (EUR 32.7m), it was announced earlier.

(USD 1.0 = EUR 0.909)

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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.

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