NEW YORK: US Solar Fund (USF) has entered exclusivity with Greenbacker Renewable Energy Corporation, a leading investor and product sponsor focusing on income-producing renewable energy projects, to acquire an approximately 39MWDC operating utility-scale solar power portfolio consisting of eight projects located in North Carolina.
In keeping with the Company’s investment policy, all projects have long-term power purchase agreements (PPA) with investment-grade offtakers. USF’s investment manager is completing due diligence and is working expeditiously towards a binding agreement to acquire the Portfolio.
All projects are currently operating and selling electricity under their respective PPAs. Subject to the completion of appropriate due diligence and documentation, USF expects to complete the acquisition in the second half of 2019.
Liam Thomas, Chief Investment Officer for New Energy Solar Manager, USF’s investment manager, said: “We are pleased to be making this announcement of exclusivity for another high-quality portfolio. As the Portfolio is already operating and will generate revenue for USF upon acquisition, it will complement USF’s existing asset which is currently under construction. We look forward to further updating investors as this, and other pipeline transactions, progress.”
Charles Wheeler, CEO of Greenbacker, said: “We are very pleased to demonstrate our ability to aggregate transactions into portfolios that are attractive to quality institutional investors such as US Solar Fund PLC. We continue to execute our disciplined strategy of acquiring renewable energy assets and bringing them full cycle for our investors when the time is appropriate.”
Edited by Kazim Rizvi