US Solar Fund negotiating 90-MW buy from Cypress Creek Renewables

Source: Cypress Creek Renewables (www.ccrenew.com).

June 19 (Renewables Now) - Recently-listed investment company US Solar Fund Plc (LON:USF) is in exclusive talks to acquire a 90-MW DC solar project portfolio in North Carolina and Oregon from developer Cypress Creek Renewables.

USF said in a statement on Wednesday that its investment manager, New Energy Solar Manager Pty Limited, is currently conducting due diligence on the assets and, at the same time, is working to structure debt and tax equity finance.

The fund anticipates to acquire each individual project within the portfolio as it becomes shovel-ready. The first four are seen to enter construction early in the second half of 2019.

All projects within the portfolio have long-term power purchase agreements (PPAs) with investment-grade off-takers. They are expected to enter into service in 2020.

Last week, USF announced that it had entered exclusivity to buy a 120-MW DC solar project in the western US as well. Combined with the newly targeted assets, these projects will represent a commitment of more than 50% of the available equity from USF’s recent initial public offering (IPO) in London.

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