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US Solar Fund to acquire up to 50% stake in US-based solar plant
StockMarketWire.com
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US Solar Fund said it had entered binding agreements to acquire an up to a 50% stake in a solar plant in Southern California, Mount Signal 2, for a price between $44 million and $46 million from New Energy Solar Fund.
The transaction of the 200MWDC operating solar plant would be structured in two tranches.
Tranche one comprises an immediate acquisition of an initial 25% interest for a fixed price of $23m and was expected to be completed during the first quarter of 2021.
Tranche two consisted of an option for the company to acquire a further 25% interest for $22 million, subject to a performance-based adjustment mechanism, which could adjust the price upwards or downwards by up to $1 million, the company said.
On completion of tranche One of the transaction, USF's total portfolio will be 493 MWDC of fully operational assets in five states of the US, with a weighted average investment-grade PPA term of 15.6 years, it added.
At 8:02am: (LON:USF) share price was 0p at 1p
Story provided by StockMarketWire.com
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