US Solar Fund closes purchase of 177 MW solar projects
US Solar Fund Plc has closed the acquisition of a solar portfolio consists of solar projects installed in three US states with a combined capacity of 177 MW.
The portfolio, consists of 22 PV parks in North Carolina, Oregon, and California, was purchased from affiliates of Heelstone Renewable Energy LLC for a total equity price of US$38 million. The projects have been commissioned between 2016 and 2018.
The Fund closed the deal using the available cash from its initial public offering (IPO). Marathon Capital acted as the exclusive financial advisor in the transaction for Heelstone Renewable Energy.
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