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

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)

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