June 18 (Renewables Now) - Recently-listed investment company US Solar Fund Plc (LON:USF) has entered into exclusivity to buy a solar project in the western US with a direct current (DC) capacity of 120 MW.
USF did not mention the name of the project, but said it has a long-term power purchase agreement (PPA) with an investment-grade off-taker that will become effective in the second half of 2020. The investor expects to acquire this asset just as it enters the construction phase later this year.
The fund’s investment manager, New Energy Solar Manager Pty Limited, is currently finalising due diligence, while also working on securing debt and tax equity finance for the transaction.
This is expected to be the first purchase from USF’s identified pipeline of potential assets. The fund raised USD 200 million (EUR 179m) in proceeds from its listing on the London Stock Exchange in April.
(USD 1.0 = EUR 0.893)