US Solar Fund completes acquisition of Milford solar project in Utah
US Solar Fund (USF) has completed the purchase of the 128 MW direct current Milford solar project from Longroad Energy Partners. The Fund has also achieved the financing of 100% of the cash equity interests in the project.
USF will develop the project using initial equity of US$30m along with non-recourse construction debt provided by Zions Bancorporation and KeyBank. WellsFargo has agreed to provide tax equity funding for the solar project.
The project will be built in Beaver County, which is six miles north of Milford. It will sell its energy produced to Berkshire Hathaway Energy subsidiary PacifiCorp.
The solar facility is expected to be completed by the end of 2020. Once operational, the project is expected to generate more than 277,500MWh of clean electricity annually, which will be sufficient to power 31,000 homes in the region, and offsets up to approximately 235,000t of carbon emissions.
First Solar Energy Services will offer operations and maintenance services under a separate long-term contract. First Solar will also provide the solar panels for the project.
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