October 16 (Renewables Now) - London-listed investment company US Solar Fund Plc (LON:USF) said today it has signed an exclusivity agreement to buy a 39-MW DC solar portfolio in North Carolina from Greenbacker Renewable Energy Corp.
The particular portfolio, the given capacity of which is in Direct Current (DC), consists of eight photovoltaic (PV) parks operating under long-term power purchase agreements (PPAs) with investment-grade parties. If added to US Solar Fund’s existing portfolio, those assets will complement the UK firm’s under-construction plants and will start bringing revenues immediately, the investment fund said in a bourse filing.
New Energy Solar Manager, US Solar Fund’s investment manager, is completing due diligence and is working towards a binding agreement for the acquisition. Depending on its completion, the transaction is expected to be finalised in the second half of this year.
According to the press statement, more details about the transaction will be given once a binding agreement is sealed. The buyer did not provide any financial information.