Welcome to the new morningstar.co.uk! Learn more about the changes and how our new features help your investing success.

US Solar Fund Enters Exclusivity To Buy Power Project In Western US

(Alliance News) - US Solar Fund PLC on Friday said it has entered exclusivity to acquire a ...

Alliance News 14 June, 2019 | 5:24PM
Email Form

(Alliance News) - US Solar Fund PLC on Friday said it has entered exclusivity to acquire a utility-scale power project in the western US.

The company, which invests in solar power assets, entered exclusivity with a US-based solar developer for the 120 megawatt DC power project.

The project has a long-term power purchase agreement and investment-grade offtaker starting in the second half of 2020. US Solar Fund's acquisition is due to occur simultaneously with the start of construction "later in 2019".

The fund's investment manager, New Energy Solar Manager Pty Ltd, is completing due diligence working toward a binding agreement to acquire the project plus structuring debt and tax equity finance.

According to the company, the acquisition is firmly within US Solar Fund's investment policy. Details of the acquisition such as a the cost and exact location of the plant, have not been disclosed.

"We are delighted to have secured exclusivity on the first high-quality asset from our large, high quality pipeline within two months of our London Stock Exchange IPO. We look forward to updating investors on our progress as we continue to conduct due diligence on this high-quality asset," said New Energy Solar Manager Chief Investment Officer Liam Thomas.

Shares in US Solar Fund closed up 1.5% at USD1.04 on Friday.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
US Solar Fund Ord 0.98 USD 0.00 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation


By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites