December 23 (Renewables Now) - US Solar Fund Plc (LON:USF) has closed the purchase of six solar power projects with a combined direct current (DC) capacity of 39 MW in North Carolina, the London-listed investment company said Monday.
The company announced the binding agreements for the projects with developer Cypress Creek Renewables on December 10 and has achieved financial close in the two weeks since the announcement.
It was earlier disclosed that solar installer Horne Brothers Construction would begin constructing the projects this month and all of them are expected to be completed in the second half of 2020. All six projects have a power purchase agreement (PPA) with Duke Energy Corp (NYSE:DUK) with a weighted average term of 13.2 years.
US Solar Fund's total investment in the acquisition and construction of the projects will amount to USD 35 million (EUR 32m) in cash.
(USD 1.0 = EUR 0.909)