US Solar Fund enters agreement with Longroad Energy Partners for Milford Solar Project acquisition

US Solar Fund Plc has entered into an agreement with Longroad Energy Partners for the acquisition of the 128 MWdc solar project in Utah for an undisclosed amount. 

The Milford Solar Project has a 25-year power purchase agreement (PPA) with an unnamed investment-grade off-taker that will take effect in the second half of 2020. 

US Solar Fund will finance the project with a US$30 million cash equity contribution and US$50 million in non-recourse debt, while the balance will come from tax equity. 

The deal is expected to be completed by late 2019.