February 27 (Renewables Now) - US Solar Fund Plc (LON:USF) has signed an exclusivity agreement to acquire a 61-MW utility-scale solar photovoltaic (PV) portfolio in Oregon, the infrastructure investment fund said today.
The deal with Southern Current LLC will cover the so-called Southern Current Portfolio that includes four solar parks that are currently under construction. The power plants, with a given capacity in direct current (DC), are slated to begin operations in the second and third quarters of this year and sell their output under long-term power purchase agreements (PPA) with an investment-grade offtaker.
Financial terms of the exclusivity agreement were not disclosed.
US Solar Fund will look to sign a binding agreement for the purchase once due diligence is completed and expects the deal to be finalised during 2020’s first half. Equity funding for the acquisition will come from cash on hand left from the company’s initial public offering (IPO). Those proceeds were targeted for the refinancing of its Heelstone portfolio, while the flexibility of timing of this transaction allows the pursuit of other deals with the available cash, US Solar Fund noted, adding that it may consider raising additional equity for the refinancing.